                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              IN exercise of the powers 
                                              conferred on the President by 
                                              sections 1 and 2 of the Statutory 
                                              Corporations Act, 1964 (Act 232) 
                                              this Instrument is made this 17th 
                                              day of December, 1970.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              PART 1&#8212;ESTABLISHMENT OF TEMA 
                                              SHIPYARD AND DRYDOCK CORPORATION</span></p>
                                              <p class="MsoNormal" style="text-align: justify">

                                              <span style="font-family: Arial">
                                              Section I&#8212;Establishment of 
                                              Corporation.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              The body known immediately before 
                                              the commencement of this 
                                              Instrument as the &quot;Tema Shipyard 
                                              and Drydock Interim Board&quot; is 
                                              hereby established as a body 
                                              corporate to be known as the &#8220;Tema 
                                              Shipyard and Drydock Corporation&quot; 
                                              in this Instrument referred to as 
                                              the &quot;Corporation&quot;.</span></p>

                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              PART II&#8212;OBJECTS OF THE CORPORATION</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              Section 2&#8212;Objects.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">

                                              <span style="font-family: Arial">
                                              (1) The objects of the Corporation 
                                              shall be the maintenance and 
                                              management of the Tema Shipyard 
                                              and Drydock and for that purpose 
                                              the performance of all or any of 
                                              the functions relating to 
                                              shipbuilding and drydocking in 
                                              accordance with the provisions of 
                                              this Instrument.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) Without prejudice to the 
                                              general effect of sub-paragraph 
                                              (1) of this paragraph the 
                                              Corporation shall have power under 
                                              that sub-paragraph to carry on&#8212;</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (a) ship building,</span></p>

                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (b) the repair and refitting of 
                                              ships,</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (c) the business of shipwrights, 
                                              and</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">

                                              (d) such other business or 
                                              activities whether in Ghana or 
                                              outside Ghana as may appear to the 
                                              Corporation to be incidental or 
                                              conducive to the attainment of all 
                                              or any of the objects specified in 
                                              sub-paragraph (1) of this 
                                              paragraph or which in the view of 
                                              the Corporation could conveniently 
                                              be carried on in combination with 
                                              the said objects.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) The Corporation may make 
                                              charges in connection with all or 
                                              any of its functions under the 
                                              foregoing provisions of this 
                                              paragraph.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (4) The Corporation shall as far 
                                              as possible insure itself and its 
                                              property against all risks 
                                              involved in the discharge of its 
                                              functions under this paragraph and 
                                              may also insure its employees (or 
                                              any of them) against such risks as 
                                              it may deem appropriate.</span></p>

                                              <p class="MsoNormal" style="text-align: justify">&nbsp;</p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              Section 3&#8212;Corporation to Conduct 
                                              its Affairs on Sound Commercial 
                                              Lines.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              It shall be duty of the 
                                              Corporation to conduct its affairs 
                                              on sound commercial lines.</span></p>

                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              PART III&#8212;THE BOARD</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              Section 4&#8212;The Board.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">

                                              <span style="font-family: Arial">
                                              (1) The governing body of the 
                                              Corporation shall be a Board.
                                              </span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) The Board shall consist of a 
                                              Chairman and not less than four 
                                              nor more than ten other members 
                                              appointed by the President acting 
                                              in accordance with the advice of 
                                              the Prime Minister and shall 
                                              include the Managing Director 
                                              referred to in paragraph 8 of this 
                                              Instrument.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              Section 5&#8212;Qualifications and 
                                              Vacation of Office of Members of 
                                              Board. </span></p>

                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) The members of the Board shall 
                                              be appointed from among persons 
                                              who have had experience of and 
                                              have demonstrated competence in 
                                              the following fields of endeavour 
                                              that is to say: shipping, law, 
                                              insurance, industry, commerce, 
                                              financial matters, business&nbsp; 
                                              management, engineering and the 
                                              organisation of workers.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) The members of the Board other 
                                              than the Managing Director shall 
                                              hold office for two years:</span></p>
                                              <p class="MsoNormal" style="text-align: justify">

                                              <span style="font-family: Arial">
                                              Provided that of the first such 
                                              members to be appointed, half (or 
                                              if their number is not divisible 
                                              by two, half of the next higher 
                                              number) shall hold office for one 
                                              year and such period shall be 
                                              stated in their instruments of 
                                              appointment.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) No person shall be qualified 
                                              to be a member of the Board who &#8212;</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (a) has been sentenced to death or 
                                              to a term of imprisonment 
                                              exceeding twelve months without 
                                              the option of a fine or has been 
                                              convicted of an offence involving 
                                              dishonesty or moral turpitude;</span></p>

                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (b) having been declared as an 
                                              insolvent or a bankrupt under any 
                                              law for the time being in force in 
                                              Ghana or any other country, is an 
                                              undischarged insolvent or 
                                              bankrupt, or</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (c) is adjudged to be a person of 
                                              unsound mind.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">

                                              (4) Any member of the Board may 
                                              resign his office by notice in 
                                              writing addressed to the Minister 
                                              and without prejudice to the 
                                              general effect of sub-paragraph 
                                              (3) of this paragraph, any such 
                                              member may be removed from office 
                                              by the President acting in 
                                              accordance with the advice of the 
                                              Prime Minister.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (5) Where the office of a member 
                                              of the Board becomes vacant the 
                                              Minister shall notify the Prime 
                                              Minister of the occurrence of such 
                                              vacancy and in the case of a 
                                              member other than the Managing 
                                              Director, where the vacancy occurs 
                                              before his term of office expires 
                                              under sub-paragraph (2) of this 
                                              paragraph a person shall be 
                                              appointed in accordance with 
                                              paragraph 4 of this Instrument to 
                                              hold that office for the unexpired 
                                              portion of the previous holder's 
                                              term of office. </span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (6) Subject to the provisions of 
                                              this Instrument, where any member 
                                              of the Board is incapacitated by 
                                              absence from Ghana, or illness or 
                                              any other sufficient cause from 
                                              performing the duties of his 
                                              office, the President acting on 
                                              the advice of the Prime Minister 
                                              may appoint another person to hold 
                                              office in his place until the 
                                              incapacity of that person has 
                                              terminated or until the expiry of 
                                              the term of office of such member, 
                                              whichever first occurs.</span></p>

                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (7) Every member of the Board 
                                              shall, on ceasing to be a member 
                                              be eligible for re-appointment.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              Section 6&#8212; Remuneration of Board 
                                              Members.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">

                                              <span style="font-family: Arial">
                                              Any member appointed to the Board 
                                              under sub-paragraph (2) of 
                                              paragraph 4 of this Instrument as 
                                              well as any person co-opted to the 
                                              Board under paragraph 7 of this 
                                              Instrument may be paid such 
                                              remuneration (if any) as the Board 
                                              may, with the approval of the 
                                              Minister determine in relation to 
                                              him.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              Section 7&#8212;Meetings of the Board.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">

                                              (1) The Board shall ordinarily 
                                              meet for the despatch of business 
                                              at such times and at such places 
                                              as the Board may determine but 
                                              shall meet at least once in every 
                                              month.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) A special meeting of the Board 
                                              shall be called upon a written 
                                              request signed by the Chairman or 
                                              by a majority of the members of 
                                              the Board addressed to the 
                                              Secretary of the Corporation.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) At every meeting of the Board 
                                              at which he is present, the 
                                              Chairman shall preside and in his 
                                              absence a member of the Board 
                                              appointed by the members present 
                                              from among themselves, shall 
                                              preside.</span></p>

                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (4) Questions proposed at a 
                                              meeting of the Board shall be 
                                              determined by a simple majority of 
                                              members present and voting and in 
                                              the event of any equality of votes 
                                              the person presiding shall have a 
                                              second or casting vote.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (5) The quorum at any meeting of 
                                              the Board shall be four, or half 
                                              the number of members of the Board 
                                              whichever is the greater so 
                                              however that if the number of 
                                              members of the Board is not 
                                              divisible by two the reference to 
                                              half the number of the members of 
                                              the Board shall be deemed to be a 
                                              reference to half the next higher 
                                              number.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">

                                              (6) The Board may, at any time 
                                              co-opt any person or persons to 
                                              act as an adviser or advisers at 
                                              any of its meetings so, however, 
                                              that no person so co-opted shall 
                                              be entitled to vote at any such 
                                              meetings on any matter for 
                                              decision by the Board.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (7) The validity of any 
                                              proceedings of the Board shall not 
                                              be affected by any vacancy among 
                                              its members or by any defect in 
                                              the appointment of any of them.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (8) Any member of the Board who 
                                              has any interest in any company or 
                                              undertaking with which the 
                                              Corporation proposes to make any 
                                              contract or who has any interest 
                                              in any contract which the 
                                              Corporation proposes to make shall 
                                              disclose in writing to the Board 
                                              the nature of his interest and 
                                              shall unless the Board otherwise 
                                              directs be disqualified from 
                                              participating in any deliberations 
                                              of the Board on the contract and 
                                              shall in any case be disqualified 
                                              from voting in any decision of the 
                                              Board on such contract and any 
                                              member who infringes the 
                                              provisions of this sub-paragraph 
                                              shall be liable to be removed from 
                                              the Board.</span></p>

                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              PART IV&#8212;MANAGEMENT AND STAFF OF 
                                              CORPORATION</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              Section 8&#8212;Board to be in Control 
                                              of General Policy of Corporation.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">

                                              <span style="font-family: Arial">
                                              (1)&nbsp; The Board shall, subject to 
                                              the provisions of this Instrument, 
                                              have general control of the 
                                              management of the Corporation on 
                                              matters of policy.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) The Corporation shall have a 
                                              Managing Director.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">

                                              (3) Subject to the provisions of 
                                              Part III of this Instrument the 
                                              Managing Director shall be 
                                              appointed by the President acting 
                                              in accordance with the advice of 
                                              the Prime Minister, and subject to 
                                              the said provisions shall hold 
                                              office upon such terms and 
                                              conditions as may be specified in 
                                              his instrument of appointment.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (4) Where the office of the 
                                              Managing Director becomes vacant 
                                              the Board shall notify the 
                                              Minister thereof and the Minister 
                                              shall in turn notify the Prime 
                                              Minister of the occurrence of the 
                                              vacancy.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (5) Where the Managing&nbsp; Director 
                                              is incapacitated from the 
                                              performance of his functions under 
                                              this Instrument the Board may, 
                                              subject to sub-paragraph (6) of 
                                              paragraph 5 of this Instrument 
                                              authorise any employee of the 
                                              Corporation to perform those 
                                              functions for the duration of the 
                                              incapacity.</span></p>

                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (6) Subject to the provisions of 
                                              this Instrument, the Managing 
                                              Director shall be the Chief 
                                              Executive of the Corporation and 
                                              shall, subject to the general 
                                              control of the Board on matters of 
                                              policy, and subject in particular 
                                              to such rules as the Board may 
                                              make in that behalf under 
                                              paragraph 24 of this Instrument, 
                                              be charged with the direction of 
                                              the day-to-day business of the 
                                              Corporation and of its 
                                              administration and organisation 
                                              and control of all the employees 
                                              of the Corporation.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (7) Subject as aforesaid the 
                                              Managing Director may delegate to 
                                              any employee of the Corporation or 
                                              to any other person any of his 
                                              functions under this Instrument 
                                              and may impose such conditions 
                                              with respect to the exercise of 
                                              such delegated functions as he may 
                                              think fit:</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">

                                              Provided that nothing in this 
                                              sub-paragraph shall be construed 
                                              so as to absolve the Managing 
                                              Director from ultimate 
                                              responsibility for any act done by 
                                              any person in pursuance of any 
                                              such delegation.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              Section 9&#8212;Execution of Contracts, 
                                              Etc.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) The use of the seal of the 
                                              Corporation shall be authenticated 
                                              by two signatures, namely&#8212;</span></p>

                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (a) the signature of the Managing 
                                              Director or some other member of 
                                              the Board authorised by the Board 
                                              to authenticate the application of 
                                              the seal, and </span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (b) the signature of the Secretary 
                                              or some other officer of&nbsp; the 
                                              Corporation authorised by the 
                                              Board to act in the Secretary's 
                                              place for that purpose.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">

                                              <span style="font-family: Arial">
                                              (2) The Corporation may by 
                                              instrument in writing under a 
                                              common seal empower any person 
                                              either generally or in respect to 
                                              any specified matters as its 
                                              attorney, to execute deeds on its 
                                              behalf in any place not situated 
                                              in Ghana; and every deed signed by 
                                              such an attorney on behalf of the 
                                              Corporation and under his seal, 
                                              shall be binding on the 
                                              Corporation and have the same 
                                              effect as if it were under the 
                                              common seal of the Corporation.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) Any instrument or contract 
                                              which, if executed or entered into 
                                              by a person other than a body 
                                              corporate, would not require to be 
                                              under seal, may be executed or 
                                              entered into on behalf of the 
                                              Corporation by the Managing 
                                              Director or any member of the 
                                              Board if such person has 
                                              previously been authorised by 
                                              resolution of the Board to execute 
                                              or enter into that particular 
                                              instrument or contract:</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              Provided that if the Corporation 
                                              thinks fit it may by writ under 
                                              its common seal appoint any person 
                                              outside Ghana as agents to execute 
                                              or enter into the instrument or 
                                              contract and the instrument or 
                                              contract if executed or entered 
                                              into on behalf of the Corporation 
                                              shall have effect as if it had 
                                              been duly executed or entered into 
                                              as prescribed for the purposes of 
                                              this sub-paragraph.</span></p>

                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (4) Every document purporting to 
                                              be an instrument executed or 
                                              issued by or on behalf of the 
                                              Corporation and to be:&#8212;</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (a) sealed with the common seal of 
                                              the Corporation authenticated in 
                                              the manner provided by 
                                              sub-paragraph (1) of this 
                                              paragraph; or</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">

                                              (b) signed by and under the seal 
                                              of a person appointed as attorney 
                                              under sub-paragraph (2) of this 
                                              paragraph; or </span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (c) signed by the Managing 
                                              Director or by a member of the 
                                              Board or other person authorised 
                                              in accordance with sub-paragraph 
                                              (3) of this paragraph to act for 
                                              that purpose,</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              shall be deemed to be so executed 
                                              or issued until the contrary is 
                                              shown.</span></p>

                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (5) The provisions of this 
                                              paragraph shall have effect 
                                              subject to the provisions of 
                                              paragraph 8 of this Instrument and 
                                              of section 12 of the Contracts 
                                              Act, 1960 (Act 25).</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              Section 10&#8212;Staff of the 
                                              Corporation.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">

                                              <span style="font-family: Arial">
                                              (1) The Corporation, may from time 
                                              to time engage such employees as 
                                              may be necessary for the proper 
                                              and efficient conduct of the 
                                              business and functions of the 
                                              Corporation.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) The Corporation may also 
                                              engage the services of such 
                                              consultants and advisers as the 
                                              Board may upon the recommendations 
                                              of the Managing Director 
                                              determine.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) Subject to the provisions of 
                                              the Constitution the employees of 
                                              the Corporation shall be appointed 
                                              by the President acting in 
                                              accordance with the advice of the 
                                              Public Services Commission.</span></p>

                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (4) Subject to the provisions of 
                                              the Constitution the employees, 
                                              consultants and advisers of the 
                                              Corporation shall be engaged on 
                                              such terms and conditions as the 
                                              Board may on the recommendations 
                                              of the Managing Director 
                                              determine.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (5) Public officers may be 
                                              transferred or seconded to the 
                                              Corporation or may otherwise give 
                                              assistance thereto.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">

                                              Section 11&#8212;Secretary of 
                                              Corporation.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) The Corporation shall have an 
                                              officer to be designated as the 
                                              Secretary of the Corporation.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) The Secretary shall act as 
                                              Secretary to the Board and 
                                              &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shall, subject to the 
                                              directions of the Board, arrange 
                                              the business for and cause to be 
                                              recorded and kept minutes of all 
                                              meetings of the Board.</span></p>

                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) The Secretary shall also 
                                              perform such functions as the 
                                              Board may by writing direct or as 
                                              the Managing Director may by 
                                              writing delegate to him and shall 
                                              be assisted in his functions by 
                                              such of the staff of the 
                                              Corporation as the Board may on 
                                              the recommendations of the 
                                              Managing Director direct.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              Section 12&#8212;Internal Auditor.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">

                                              <span style="font-family: Arial">
                                              (1) The Corporation shall have an 
                                              Internal Auditor.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) Subject to the provisions of 
                                              this Instrument, the Internal 
                                              Auditor shall be responsible to 
                                              the Managing Director for the 
                                              performance of his functions.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) As part of his functions under 
                                              this Instrument the Internal 
                                              Auditor shall, at intervals of 
                                              three months, prepare a report on 
                                              the Internal Audit work carried 
                                              out by him during the period of 
                                              three months immediately preceding 
                                              the preparation of the report and 
                                              submit the report to the Managing 
                                              Director.</span></p>

                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (4) Without prejudice to the 
                                              general effect of sub-paragraph 
                                              (3) of this paragraph, the 
                                              Internal Auditor shall make in 
                                              each report such observations as 
                                              appear to him necessary as to the 
                                              conduct of the financial affairs 
                                              of the Corporation during the 
                                              period to which the report 
                                              relates.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (5) The Internal Auditor shall 
                                              send a copy of each report 
                                              prepared by him under this 
                                              paragraph to the Minister and also 
                                              to each of the following:&#8212;</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">

                                              the Minister responsible for 
                                              Finance, and Economic Planning,</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              the Auditor-General, and </span>
                                              </p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              the Chairman and each of the other 
                                              members of the Board.</span></p>

                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              Section 13&#8212;Board Members not to 
                                              Sponsor Appointments.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              No member of the Board shall 
                                              personally sponsor any application 
                                              for the employment of any person 
                                              under this Part of this Instrument 
                                              and any member who infringes the 
                                              provisions of this paragraph shall 
                                              be liable to be removed from the 
                                              Board. </span></p>
                                              <p class="MsoNormal" style="text-align: justify">

                                              <span style="font-family: Arial">
                                              PART V&#8212;FINANCIAL PROVISIONS</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              Section 14&#8212;Capital and Funds of 
                                              Corporation.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">

                                              The Government may provide to the 
                                              Corporation as working capital and 
                                              also as moneys required for 
                                              carrying out the functions of the 
                                              Corporation such sums as the 
                                              Minister may after consultation 
                                              with the Cabinet agree, being sums 
                                              requested by the Board from the 
                                              Government.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              Section 15&#8212;Staff Welfare Fund.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) The Corporation shall have a 
                                              staff welfare fund. </span></p>

                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) At the end of each financial 
                                              year, the Corporation shall 
                                              transfer to the staff welfare fund 
                                              such sum, not exceeding 5 per cent 
                                              of the net profits of the 
                                              Corporation as the Board may 
                                              determine.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) The Corporation may, with the 
                                              approval of the Minister, use the 
                                              staff welfare fund for the 
                                              provision of staff welfare 
                                              facilities such as canteens, low 
                                              interest bearing staff welfare 
                                              loans and for other purposes aimed 
                                              at enhancing the welfare of the 
                                              staff of the Corporation.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">

                                              <span style="font-family: Arial">
                                              (4) The operation of the staff 
                                              welfare fund shall be subject to 
                                              such specific rules and 
                                              regulations as may be made by the 
                                              Board.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              Section 16&#8212;Depreciation Fund.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">

                                              (1) The Corporation shall have a 
                                              depreciation fund and for this 
                                              purpose the Corporation shall open 
                                              a Depreciation Reserve Account 
                                              with the Bank of Ghana.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) At the end of each financial 
                                              year, the Corporation shall 
                                              transfer to the credit of the 
                                              Depreciation Reserve Account all 
                                              amounts charged to profit and loss 
                                              account in respect of depreciation 
                                              for buildings, plant and 
                                              equipment, fixtures and other 
                                              fixed assets.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) Amounts so transferred to the 
                                              Depreciation Reserve Account shall 
                                              be utilised only to replace fixed 
                                              assets and equipment which are 
                                              worn out or have become obsolete.</span></p>

                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (4) Expenditure in respect of 
                                              current repairs and in respect of 
                                              purchases of spare parts shall not 
                                              be met out of the Depreciation 
                                              Reserve Account but shall be 
                                              charged to the income and 
                                              expenditure account of the 
                                              Corporation for the financial year 
                                              during which the expenditure is 
                                              incurred.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              Section 17&#8212;Corporation to Pay Sums 
                                              into Consolidated Fund.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">

                                              <span style="font-family: Arial">
                                              Subject to paragraph 3 of this 
                                              Instrument at the end of each 
                                              financial year, after the 
                                              Corporation has made provision for 
                                              bad and doubtful debts, 
                                              depreciation of assets, 
                                              contributions to staff and 
                                              superannuation funds and for other 
                                              contingencies, if any, and after 
                                              appropriation has been made to the 
                                              staff welfare fund under paragraph 
                                              15 of this Instrument, such part 
                                              of the profits of the Corporation 
                                              remaining as the Minister after 
                                              consultation with the Board and 
                                              with the Minister responsible for 
                                              Finance and Economic Planning may 
                                              by writing direct shall be paid 
                                              into the Consolidated Fund.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              Section 18&#8212;Borrowing Powers.
                                              </span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">

                                              (1) The Corporation may obtain 
                                              loans and other credit facilities, 
                                              on the guarantee of the Government 
                                              from the National Investment Bank 
                                              or from such other Bank as the 
                                              Minister and the Minister 
                                              responsible for Finance and 
                                              Economic Planning may approve.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) Apart from the powers of the 
                                              Corporation under sub-paragraph 
                                              (1) of this paragraph, the 
                                              Corporation may, with the prior 
                                              approval of the Minister and the 
                                              Minister responsible for Finance 
                                              and Economic Planning, borrow 
                                              money from any other source.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) For the purpose of any 
                                              technical arrangement in 
                                              connection with the raising of any 
                                              loan under sub-paragraph (2) of 
                                              this paragraph, the Corporation 
                                              shall, if the National Investment 
                                              Bank agrees, use the services of 
                                              that Bank.</span></p>

                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (4) The Corporation may borrow 
                                              temporarily by way of overdraft or 
                                              otherwise, such sums as it may 
                                              require for meeting its current 
                                              obligations or discharging its 
                                              functions.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (5) The Minister responsible for 
                                              Finance and Economic Planning may 
                                              on behalf of the Government, 
                                              guarantee the performance of any 
                                              obligation or undertaking by the 
                                              Corporation under this paragraph.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">

                                              (6) The Minister responsible for 
                                              Finance and Economic Planning may 
                                              from time to time prescribe the 
                                              maximum sums which the Corporation 
                                              may borrow under sub-paragraph (1) 
                                              or (2) of this paragraph.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              Section 19&#8212;Corporation to Keep 
                                              Proper Books of Account. </span>
                                              </p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">

                                              The Corporation shall keep proper 
                                              books of account and proper 
                                              records in relation thereto and 
                                              the account books and records of 
                                              the Corporation shall be in such 
                                              form as the Auditor-General may 
                                              approve.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              Section 20&#8212;Financial Year of 
                                              Corporation.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) The Corporation's financial 
                                              year shall end on the 31st day of 
                                              December, in each year. </span>

                                              </p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) For the purposes of this 
                                              paragraph the period extending 
                                              from the commencement of this 
                                              Instrument to the 31st day of 
                                              December, 1971 shall be deemed to 
                                              be a financial year.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              Section 21&#8212;Audit.</span></p>

                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) The books and accounts of the 
                                              Corporation shall each year be 
                                              audited in accordance with article 
                                              135 of the Constitution by the 
                                              Auditor-General.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) The Corporation shall pay in 
                                              respect of such audit such fee (if 
                                              any) as the Auditor-General and 
                                              the Board may agree or in the case 
                                              of failure to agree, such fee as 
                                              the Minister may prescribe. </span>
                                              </p>
                                              <p class="MsoNormal" style="text-align: justify">

                                              <span style="font-family: Arial">
                                              (3) It shall be the duty of the 
                                              Board as soon as possible upon 
                                              receiving the report of the 
                                              Auditor-General under this 
                                              paragraph, to forward a copy of 
                                              such report to the Minister.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (4) The Minister shall as soon as 
                                              practicable upon receipt thereof, 
                                              cause to be laid before the 
                                              National Assembly a copy of the 
                                              Auditor-General's report forwarded 
                                              to him under this paragraph.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              PART VI&#8212;MISCELLANEOUS</span></p>

                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              Section 22&#8212;Annual Report, Etc.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) The Corporation shall, as soon 
                                              as possible after the expiration 
                                              of each financial year but within 
                                              six months after the termination 
                                              of that financial year, submit to 
                                              the Minister an annual report 
                                              dealing generally with the 
                                              activities and operations of the 
                                              Corporation within that year which 
                                              shall, without prejudice to the 
                                              generality of the foregoing 
                                              include:&#8212;</span></p>
                                              <p class="MsoNormal" style="text-align: justify">

                                              <span style="font-family: Arial">
                                              (a) a copy of the audited accounts 
                                              of the Corporation together with 
                                              the Auditor-General's report 
                                              thereon,</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (b) each report submitted in 
                                              relation to that financial year by 
                                              the Internal Auditor under 
                                              paragraph 12 of this Instrument,</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (c) a statement of all directions 
                                              given by the Minister to the 
                                              Corporation under paragraph 23 of 
                                              this Instrument within that year,</span></p>

                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (d) such other information as the 
                                              Minister may by writing reasonably 
                                              request.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) A copy of the annual report of 
                                              the Corporation shall also be sent 
                                              by the Corporation to the 
                                              following:&#8212;</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">

                                              the Minister responsible for 
                                              Finance and Economic Planning,</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              the Head of the Central Bureau of 
                                              Statistics.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) The Minister shall, as soon as 
                                              possible after receiving the 
                                              annual report of the Corporation, 
                                              cause the report to be laid before 
                                              the National Assembly.</span></p>

                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (4) The Corporation shall also 
                                              submit to the Minister such other 
                                              reports on its financial affairs 
                                              as the Minister may by writing 
                                              reasonably request from time to 
                                              time.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              Section 23&#8212;Minister&#8217;s Power of 
                                              Direction.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">

                                              <span style="font-family: Arial">
                                              Subject to the provisions of 
                                              paragraph 3 of this Instrument 
                                              (which requires the Corporation to 
                                              operate on sound commercial 
                                              lines), the Minister may give 
                                              general directions in writing to 
                                              the Corporation on matters of 
                                              policy and the Corporation shall 
                                              be bound to comply with such 
                                              directions.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              Section 24&#8212;Bye-Laws or Other 
                                              Instruments.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">

                                              (1) The Board may make bye-laws or 
                                              other instruments for the purpose 
                                              of carrying into effect the 
                                              provisions and principles of this 
                                              Instrument and for regulating any 
                                              matter falling within the scope of 
                                              the functions of the Corporation 
                                              or which is required or authorised 
                                              by this Instrument to be provided 
                                              for by any such instruments.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) Without prejudice to the 
                                              general effect of sub-paragraph 
                                              (1) of this paragraph, the Board 
                                              may, subject to the provisions of 
                                              the Constitution and of the Social 
                                              Security Act, 1965 (Act 279) make 
                                              bye-laws or other instruments 
                                              under that sub-paragraph for 
                                              providing the conditions of 
                                              service of the staff of the 
                                              Corporation including, if the 
                                              Board thinks fit, the operation of 
                                              a contributory provident fund.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              Section 25&#8212;Exemption from Taxes.</span></p>

                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              Except as the Minister responsible 
                                              for Finance and Economic Planning 
                                              may from time to time otherwise 
                                              direct in writing, the income and 
                                              property of the Corporation shall 
                                              be exempt from all taxes and 
                                              duties.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              Section 26&#8212;Interpretation.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">

                                              <span style="font-family: Arial">
                                              In this Instrument, unless the 
                                              context otherwise requires:&#8212;</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              &#8220;Minister&#8221; means the Minister 
                                              responsible for Transport and 
                                              Communications.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">

                                              Section 27&#8212;Transfer of Assets and 
                                              Liabilities of Existing Body.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              All assets, rights, obligations 
                                              and liabilities of the body known 
                                              immediately before the 
                                              commencement of this instrument as 
                                              the &#8220;Tema Shipyard and Drydock 
                                              Interim Board&#8221; are hereby 
                                              transferred to the Corporation 
                                              established by this Instrument.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">

                                              NII AMAA OLLENNU</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              Acting President</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              Date of Gazette Notification: 18th 
                                              December, 1970.</span></p>
