                        TUNNY FISHERY (SHARES)  [ CAP. 129.        1
CHAPTER 129
TUNNY FISHERY (SHARES) ACT
To enable the Government of Malta to subscribe part of the capital of a
proposed tunny fishing commercial company and to make other provisions
in respect thereof.
(20th February, 1950) *
Enacted by ACT I of 1950, as amended by Ordinances: VI and VIII of
1959; Legal Notice 46 of 1965 and Acts XIII of 1983 and XVI of 1997.
Short title.
Power to be a party 
to constitution of a 
company. 
Amended by: 
L.N. 46 of 1965; 
XIII. 1983.5.
2. (1) The Minister responsible for industry is hereby
empowered to represent the Government of Malta in the
constitution by it together with others of a limited liability
company in accordance with the law of Malta which shall have as
its object the capture, marketing and preservation of fish, and such
other business activities as are germane thereto.
(2) The capital of the Company shall be of four thousand one
hundred and fifty liri divided into eighty three fully paid up shares
of fifty liri each. No increase of capital may be made unless prior
approval of the House of Representatives be obtained.
(3) The Government of Malta shall subscribe forty-two shares
of the initial capital, which shares shall be of the total nominal
value of two thousand one hundred liri; this amount is hereby
appropriated out of the Consolidated Fund for the purpose. The
Government shall offer for sale to the public such shares at best
after five years of exercise of the Company.
(4) The Government of Malta shall at all times retain a
controlling interest in the company and the ratio between the
number of shares which the Government will hold after an
augmentation of capital or the issue of new shares and the total
augmented number of shares shall in no case be less than that
which the said amount of two thousand one hundred liri bears to the
initial capital to be subscribed.
(5) The Minister responsible for industry shall at all times be
ex officio  the Chairman of the Company and of the Board of
Directors until such time as the Government remains a shareholder
in the Company.
Accountant 
General to hold 
shares. 
Amended by: 
VI.1959.3.
3. The Accountant General to the Government of Malta shall
receive and hold the shares aforesaid, on behalf of the Government
of Malta.
* See  Government Notice No 87 of 22nd February, 1950.
  2        CAP. 129. ]               TUNNY FISHERY (SHARES)
Dividends to be 
carried to 
Consolidated 
Fund. 
Amended by: 
L.N. 46 of 1965.
4. All moneys received by the Minister responsible for
industry as shareholder under the agreement to be entered into in
pursuance of this Act, or in respect of the shares aforesaid, shall be
paid into the Treasury, and be carried to the Consolidated Fund.
Audit of accounts. 
Amended by: 
V.1959.5; 
VIII. 1959.2: 
I. 1962;
XVI.1997.8. 
Cap. 174.
5 . Until the Government remains a shareholder in the
Company the books and accounts of the Company shall be audited
by the Auditor General who, in respect of such books and accounts,
shall have the same powers as are vested in him by the Financial
Administration and Audit Act.
Audited accounts 
to be laid before 
House of 
Representatives. 
Amended by: 
L.N. 46 of 1965.
6. The Minister responsible for industry shall cause to be laid
before the House of Representatives, within three months after the
31st March in each year, accounts showing the sums received under
the agreement to be entered into or in respect of the shares
aforesaid, and a duly audited balance sheet of the Company as on
the 31st March in each year.
