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NATIONAL HOUSING AND CONSTRUCTION CORPORATION ACT.

ARRANGEMENT OF SECTIONS

   Section

INTERPRETATION.

   1.   Interpretation.

ESTABLISHMENT AND FUNCTIONS OF THE CORPORATION.

   2.   Establishment and seal of the corporation.

   3.   Functions of the corporation.

   4.   Powers of the corporation.

THE BOARD.

   5.   The board.

   6.   Meetings of the board.

   7.   Committees of the board.

   8.   Remuneration of board members, etc.

STAFF.

   9.   General manager.

   10.   Secretary of the corporation.

   11.   Staff of the corporation.

FINANCIAL PROVISIONS.

   12.   Funds of the corporation.

   13.   Borrowing powers.

   14.   Guarantee by the Government.

   15.   Repayments by the corporation.

   16.   Estimates.

   17.   Corporation to operate on sound financial principles.

   18.   Investments.

   19.   Accounts and audit.

MISCELLANEOUS.

   20.   Transfer of property and assets.

   21.   Minister's power of direction.

   22.   Annual reports.

   23.   Byelaws of the corporation.

   24.   Regulations.

CHAPTER 313
NATIONAL HOUSING AND CONSTRUCTION CORPORATION ACT.

Commencement: 27 September, 1974.

   An Act to make provision for the establishment of a National Housing and Construction Corporation and for other matters connected therewith or incidental thereto.

INTERPRETATION.

1.   Interpretation.

   In this Act, unless the context otherwise requires—

   (a)   "chairperson" means the chairperson of the board appointed under section 5;

   (b)   "corporation" means the National Housing and Construction Corporation established by section 2;

   (c)   "local authority" means a local government as defined in the Local Governments Act;

   (d)   "Minister" means the Minister to whom functions under this Act are assigned.

ESTABLISHMENT AND FUNCTIONS OF THE CORPORATION.

2.   Establishment and seal of the corporation.

   (1) There is established a corporation to be known as the National Housing and Construction Corporation.

   (2) The corporation shall have perpetual succession and a common seal and may sue or be sued in its corporate name.

   (3) The corporation may, for and in connection with its functions under this Act, purchase, hold, manage and dispose of any property and may enter into such contracts and other transactions as may be expedient.

   (4) The application of the seal of the corporation on any document shall be authenticated by the signatures of the chairperson and the general manager, and in the absence of the chairperson two other members of the board designated in that behalf by the board shall sign in place of the chairperson.

   (5) Every document purporting to be an instrument issued by the corporation and to be sealed with the seal of the corporation authenticated in the manner provided by this section shall be received and be deemed to be such an instrument without further proof unless the contrary is shown.

3.   Functions of the corporation.

   (1) The functions of the corporation shall be—

   (a)   to develop, build and manage housing estates and to sell houses upon such terms of payment as the board may prescribe or to let houses at economic rents;

   (b)   to build, or permit or assist the building, on any land owned, leased or controlled by the corporation of any premises which are considered by the corporation to contribute to the improvement or development of a housing estate; and

   (c)   to undertake contracts of building and civil engineering works on behalf of the Government or any person.

   (2) Without pr

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