Public Enterprises Reform and Divestiture Act

Section Interpretation Section In this Act, unless the context otherwise requires— " appointed day " means the date appointed by the responsible Minister by statutory instrument made under section 29 (1) for the vesting of the undertaking of a public enterprise named in the instrument in the successor company of that enterprise; " associate ", in relation to a person, means— (i) a body corporate of which that person beneficially owns or controls, directly or indirectly, shares or securities currently convertible into shares carrying more than 10 percent of the voting rights (either under all circumstances or by reason of the occurrence of an event that has occurred and is continuing) or a currently exercisable right or option to acquire such shares or securities; (ii) a partner of that person acting on behalf of the partnership of which they are partners; (iii) a trust in which that person has a substantial beneficial interest or in respect of which he or she serves as trustee or in a similar capacity; (iv) a spouse or child of that person; or (v) a relative of that person or of his or her spouse, if the relative has the same residence as that person; " board " or "board of directo...

Section Objectives of this Act Section Without prejudice to the general effect of subsection (1), the following objectives shall be deemed to fall under the objective specified in that subsection— the promotion of institutional arrangements, policies and procedures for— The main objective of this Act is to give effect to the Government Policy for Public Enterprise Reform and Divestiture published in Gazette No. 48 of 1st November, 1991, and also the Action Plan for Public Enterprise Reform and Divestiture. the reduction of Government equity holding in the public enterprises and thereby, inter alia , relieving the Government of the financial drain on its resources and the burden of their administration and raising revenue by means of divestiture , including, where necessary, liquidation or dissolution of public enterprises and by the promotion, development and strengthening of the private sector; ensuring the efficient and successful management, financial accounting and budgetary discipline of public enterprises; ensuring the separation of ownership and management functions; enabling the Government to play its proper role more effectively as owner of public enterprises; and enforcin...

Section Divestiture and Reform Implementation Committee Section There shall be a body to be known as the Divestiture and Reform Implementation Committee.

Section Membership of committee and participation in its proceedings and functions Section The committee shall consist of the following members— the Minister responsible for finance who shall be the chairperson; the responsible Minister ; four eminent Ugandans with considerable knowledge and experience in industry, commerce, law, finance or economics appointed by the Minister responsible for finance; and the chairperson of the Uganda Investment Authority. The Attorney General is entitled to attend personally or by a representative and participate in the proceedings of the committee in an advisory capacity without the right to vote. The line Minister shall be entitled to attend and participate in the proceedings of the committee and shall have a right to vote in respect of the reform and divestiture of a public enterprise under his or her sector and shall for that purpose be deemed to be a member of the committee . The committee may co-opt any person to assist the committee in carrying out its functions if the committee is satisfied that the person possesses expertise in relation to the public enterprise ; but the person co-opted under this subsection shall have no right to vote on...

Section Functions of committee Section The committee shall be responsible for implementing the Government’s policy on reform and divestiture of public enterprises under this Act. The committee shall also have such other functions as are prescribed by this Act. The committee may co-opt to any of its meetings any person whom the committee is satisfied can assist it at the meeting; and a person so co-opted may participate in proceedings of the committee at that meeting but shall have no right to vote. The proceedings of the meetings of the committee shall be as set out in the Fourth Schedule to this Act.

Section Disclosure of interest Section A disclosure of interest under subsection (1) shall be recorded in the minutes of the meeting of the committee , and the member making the disclosure shall not— If a member of the committee , or any associate of any such member, is directly or indirectly interested in a private or professional capacity in a matter being considered or about to be considered by the committee , the member shall, as soon as possible after the relevant facts have come to his or her knowledge, disclose the nature of the interest to the committee . be present during any deliberation on the matter by the committee ; or take part in the decision of the committee . This section shall, with the necessary modifications, apply to a person who is co-opted to a committee meeting as referred to in section 5 .

Section Monitoring by Minister responsible for finance Section The Minister responsible for finance shall— Without prejudice to subsection (1), the Minister responsible for finance shall— exercise a strategic economic monitoring role in relation to public enterprises; and liaise as necessary with line Ministers in monitoring the performance of public enterprises and in participating in the development and supervision of their operating plans. monitor public enterprise subsidies both direct and indirect with a view to the phased elimination of all public enterprise subsidies; identify financial flows and dues between public enterprises and the Government and arrange for their settlement; and oversee caretaker costs and activities of public enterprises which have been selected for divestiture and those that are financially distressed.

Section Employee participation in ownership Section A public enterprise may provide for participation in the ownership of the enterprise through investment by its employees in shares and may, to this end, permit— individual, union, collective and institutional ownership of shares ; payment of share calls and other dues through discounts, installments, bonus schemes and other arrangements intended to benefit employees.

Section Operating plans Section Each operating plan shall contain such information and be in such form as is specified in guidelines issued to the relevant public enterprise by the Minister responsible for finance in consultation with the line Minister and shall include without limitation to the foregoing the following information— The board of directors of each public enterprise under divestiture shall submit to the Minister responsible for finance and the line Minister a draft operating plan in respect of the activities of that public enterprise and its subsidiaries during the next succeeding financial year , not later than two months prior to the commencement of that financial year . the objectives of the public enterprise ; the nature and scope of the activities to be undertaken; the accounting policies of the public enterprise ; the performance targets and other measures by which the performance of the public enterprise may be judged in relation to its objectives; an estimate of the profit that is intended to be distributed to the Government in respect of the relevant financial year ; and the kind of information to be provided to the Minister responsible for finance and the li...

Section Annual reports to responsible Minister Section The board of directors of a public enterprise shall, within three months after the end of each financial year , deliver to the Minister responsible for finance and the line Minister — a report of the operations of the public enterprise and of its subsidiaries during that financial year ; audited financial statements for that financial year , consisting of a statement of a balance sheet, profit and loss account, source and application of funds, and such other statements as may be necessary to show the financial position of the public enterprise and its subsidiaries and the results of its operations for that financial year ; the auditor’s report on the financial statements referred to in paragraph (b) of this subsection. Every report under subsection (1)(a) shall contain such information as is necessary to enable an informed assessment to be made of the operations of the public enterprise and its subsidiaries, including a comparison of the performance of the public enterprise and its subsidiaries with the relevant operating plan, and shall state the dividend payable to the Government by the public enterprise for the financial yea...

Section Submission of report and other information to the Minister, etc. Section Within two months after the end of the first half of each financial year of a public enterprise , the board of directors of that public enterprise shall deliver to the Minister responsible for finance and the line Minister a report on its operations and the operations of its subsidiaries during that half year. Each report required by this section shall include the information required by the operating plan to be included in it. Each chief executive, director, secretary and manager of a public enterprise shall supply to the Minister responsible for finance and the line Minister such information relating to the affairs of that public enterprise as either Minister may, from time to time, in writing request. The Minister responsible for finance shall have the power to obtain access to the books and records of each public enterprise at its premises during normal working hours upon giving reasonable notice; and no chief executive, director, secretary, manager or other employee of a public enterprise shall impede such access.

Section Confidential information not to be divulged to third parties Section No chief executive, director, secretary, manager or other employee of a public enterprise shall divulge any confidential information in relation to that public enterprise to any third party without the authority of the board of directors of that public enterprise .

Section Annual certificate of responsibility Section A public enterprise shall cause to be issued within three months after the end of each financial year , a public certificate signed by its chairperson, chief executive officer and its chief financial officer acknowledging their responsibility for the proper and due regard for the safeguarding of the assets of the enterprise and their compliance with those responsibilities. A copy of the certificate shall be delivered to the Minister responsible for finance and the line Minister , and the enterprise shall cause a copy to be published in a national newspaper together with the audited financial statements of the enterprise.

Section State shares Section Shares of the State in a public enterprise held in the name of a person described as Minister shall be held by the person for the time being holding the office of Minister. Notwithstanding any other enactment or rule of law, it shall not be necessary to complete or register a transfer of shares of the kind referred to in subsection (1) consequent upon a change in the person holding the office of Minister by reason only of that change. The Minister responsible for finance or the line Minister may, at any time, by written notice to the managing director or other chief executive of a public enterprise , authorise, on such terms and conditions as are specified in the notice, such person as the Minister thinks fit to act as the Minister’s representative at any or all of the meetings of shareholders, and any person so authorised shall be entitled to exercise the same powers on behalf of the Minister as the Minister could have exercised if present in person at the meeting or meetings.

Section Auditor General to audit public enterprises Section Notwithstanding the Companies Act, the Auditor General shall be responsible for auditing the accounts of public enterprises in classes I and II of the First Schedule and shall have, in relation to them, the same duties and powers as he or she has in respect of Government departments and, in particular, with regard to public funds and Government property . Without prejudice to the general effect of subsection (1), the Auditor General shall cause the accounts of each public enterprise to be audited at least once a year. Every public enterprise shall pay to the Auditor General’s office for carrying out its functions under this section, fees at such rates as may be prescribed by the Minister responsible for finance. Without limiting subsections (1) to (3), the Auditor General may appoint a person or a firm that is qualified for appointment as an auditor to be a joint auditor of the public enterprise or any of its subsidiaries. Every public enterprise shall cause to be published annually in a national newspaper its audited financial statements consisting of a balance sheet and profit and loss account within ninety days after th...

Section Minister to lay reports, etc. before Parliament Section The line Minister shall also lay before Parliament, as soon as possible after receiving them— The line Minister of the public enterprise shall lay before Parliament the memorandum and articles of association of a public enterprise for whose affairs he or she is responsible after they have been published or otherwise adopted and also any changes made in them as soon as practicable after they have been published or adopted. the operating plan of the public enterprise and any modifications made to it; the reports described in section 12 ; and the auditor’s report in respect of the preceding financial year .

Section Operational principles Section In determining the policies, operational issues and plans of a public enterprise generally, the managers, directors and line Ministers of enterprises and the Minister responsible for finance shall be guided by the following considerations— the commercial objectives of the enterprise; the need for financial self-sufficiency of the enterprise; developmental strategies of the Government; international and regional obligations of Uganda; inducement for Ugandan and foreign investment and participation in business by the general public .

Section Management of public enterprises Section In the management of public enterprises, Government policy shall recognise the need for the following fundamental conditions— Government policy towards the management of public enterprises shall also be guided by the following— autonomy in public enterprise management, which shall be deemed to be freedom of the enterprise to manage its operational and financial affairs efficiently without interference or hindrance; accountability of public enterprises; support for improved performance; rewarding good performance while censuring poor performance; clear definition of the functions of boards of directors; selecting experienced and qualified boards of directors, chief executive officers and managers. an institutionalised mechanism with defined and published procedures and criteria; elimination of nonobjective and other extraneous factors for public enterprise appointments; equal opportunity for employment and selection; and promotion of confidence, initiative, professionalism and excellence in management. The managers and directors of a public enterprise shall be persons who are qualified by training and experience to assist the enterpri...

Section Financial discipline Section The Government’s policies regarding the reform of public enterprises shall recognise the following basic requirements— strict compliance with the budget and financial discipline in public enterprises; separation of commercial and noncommercial objectives within public enterprises; setting up more efficient operating systems within the enterprise.

Section Criteria for reform, restructuring, etc. Section The Government shall not be obliged to support unprofitable enterprises, and the question of whether any enterprise is or is not profitable shall be determined by the Minister responsible for finance. The criteria for selection of public enterprises for restructuring and the individual mode of restructuring shall be determined by the responsible Minister . The responsible Minister shall determine the course or courses of action, if any, to be taken in the case of restructured enterprises that do not meet their operating and financial targets. The responsible Minister shall have the power to formulate and execute detailed plans for the reform of any public enterprise . The Minister responsible for finance or the responsible Minister , as the case may be, shall consult with the relevant line Minister prior to his or her making any determination or exercising any power in relation to a public enterprise under this section.

Section Compensation for redundant employees Section The Minister responsible for finance shall ensure that provision is made for payment of compensation to employees who are declared redundant as a result of the restructuring or liquidation of public enterprises through the establishment and operation of a redundancy account to be opened at a commercial bank approved by the Minister responsible for finance.

Section Divestiture Section Subject to this Act, the enterprises specified in the First Schedule to this Act shall be dealt with as follows— the enterprises specified in class I of that Schedule shall be or continue to be fully owned by the State ; as to the enterprises specified in class II of that Schedule, the State shall retain a majority of the shares of each enterprise, and the remainder shall be disposed of to persons other than the State in accordance with this Act; as to the enterprises specified in class III of that Schedule, the State shall totally divest itself by disposal of all the shares in each enterprise to persons other than the State in accordance with this Act; and as to the enterprises specified in class IV of that Schedule, the State shall liquidate the enterprises in accordance with this Act. For the avoidance of doubt, any company established for the purposes of, or in connection with, the divestiture of an enterprise specified in the First Schedule to this Act whether under section 28 or otherwise shall be deemed to be listed in the same class as that enterprise. The divestiture under this section shall be carried out in accordance with the divestiture guid...

Section Actual sale and transfer of public enterprises Section Subject to this Act (but notwithstanding the provisions of the Companies Act, any other enactment or the articles of association of any public enterprise or any rule of law), the Minister responsible for finance shall have the power, in relation to a public enterprise , to enter into, execute, make or give, on behalf of the Government or such enterprise, as the case may be, such contracts, agreements, conveyances, deeds, leases, licences and other instruments, undertakings and notices as shall be necessary or desirable to give effect to the divestiture of the enterprise. Without prejudice to the general effect of subsection (1), the Minister responsible for finance, or the responsible Minister may, for purposes of this Act, transfer any right, asset, property , obligation or liability of any existing public enterprise to any other public enterprise established to replace it in pursuance of this Act. Where a contract, agreement, conveyance, deed, lease, licence or other instrument , undertaking or notice of the type mentioned in subsections (1) and (2) involves the transfer of a proprietary interest into private ownershi...

Section Power of responsible Minister to direct transfer of shares Section Subject to this Act, the responsible Minister may— in the case of a public enterprise specified in class II, III or IV of the First Schedule to this Act which is wholly owned by the Government or which is only partly owned by the Government but in respect of which there are no applicable preemption rights on transfer conferred under its articles of association or in any other way, by notice to the line Minister or other person or persons registered as the holder of any share of the Government in that enterprise, require that line Minister or person or persons to cause their interest in that share to be transferred into the name of the responsible Minister or the Minister responsible for finance; and in the case of a public enterprise specified in class II, III or IV of the First Schedule to this Act, which is only partly owned by the Government and in respect of which there are applicable preemption rights on transfer conferred under its articles of association or in any other way, by notice to the line Minister or other person or persons registered as the holder of any share of the Government in that enterp...

Section Shares to public and employees, etc. Section Shares, property or enterprises may be issued and disposed of under section 23 to— members of the general public ; attract capital and investments by offering special rights , preferential shares or otherwise further the aims of the Investment Code Act; ensure the disposal of the shares of the enterprise by allotting part or the whole of the issue to an individual, a firm, a corporation or an institution.

Section Use of proceeds of divestiture Section The Minister responsible for finance may use the proceeds of divestiture in the divestiture account to meet— liabilities of a public enterprise specified in any of the classes referred in paragraph (a) which— costs and expenses associated with termination of contracts of employment between a public enterprise specified in class II, III or IV of the First Schedule to this Act and its employees as a result of the divestiture of that enterprise; for the purposes of divesting the enterprise in the manner approved by the committee require satisfaction before that enterprise’s divestiture ; or given the mode and terms of divestiture , are directly or indirectly assumed by the Government at the time of divestiture ; costs and expenses incurred in the process of preparing a public enterprise specified in any of the classes referred to in paragraph (a) for divestiture ; and costs and expenses of divestiture . Any costs and expenses associated with termination of contracts of employment between a public enterprise and its employees shall be paid from the proceeds of divestiture of that enterprise in priority to all other liabilities , costs and...

Section Acquisition of shares by Minister Section A Minister who is a shareholder in an enterprise which is subject to divestiture shall not, except as required for the purposes of the divestiture — The Minister responsible for finance and the responsible Minister may, from time to time, with the approval of the committee on behalf of the State , subscribe for or otherwise acquire the requisite number of shares in any enterprise in which the State is required to hold shares . Any money required to be paid by a Minister for subscribing or applying for or being allotted shares by virtue of subsection (1) shall be paid out of monies appropriated by Parliament for the purpose. sell or otherwise dispose of any shares in any enterprise held in the Minister’s name; or permit shares of the State in the enterprise to be allotted to any person other than a shareholding Minister.

Section Formation of successor companies Section This section applies to every public enterprise specified in class II, III or IV of the First Schedule to this Act that is not a public or private limited liability company under the Companies Act. Notwithstanding anything in any enactment under which a public enterprise referred to in subsection (1) was established, the responsible Minister may, from time to time, form and register under the Companies Act, in respect of that enterprise, a company limited by shares , having the shareholding referred to in subsection (3) and, subject to the foregoing, such memorandum and articles of association, name and directors as the responsible Minister shall determine. The shareholders of a company formed and registered under subsection (2) shall be the responsible Minister and the Minister responsible for finance, each of whom shall be issued such number of shares , credited as fully paid, as the responsible Minister shall determine, and all such shares held by a shareholding Minister shall be held on behalf of the Government. Except as provided in this Act, and subject to subsection (5), the Companies Act shall apply to every company formed an...

Section Minister to appoint a date for vesting of undertaking of public enterprises in successor company Section On the appointed day in relation to a public enterprise — On a date appointed by the responsible Minister by statutory instrument , the undertaking of the public enterprise named in the instrument shall, by virtue of this section, vest in the successor company of that public enterprise . the board of directors of that enterprise shall be deemed to be dissolved; and every person holding office as a member of the board shall cease to hold that office, and no such member shall be entitled to compensation in respect of loss of office.

Section Consequential provision Section Without limiting the general effect of section 29 , on and after the appointed day in relation to a public enterprise— nothing effected or authorised by this Act shall be regarded— a reference, express or implied, to the public enterprise in any instrument made, given, passed or executed before the appointed day shall be read and construed as a reference to its successor company ; without prejudice to section 35 , a reference express or implied to the public enterprise in any enactment shall be read and construed as a reference to its successor company; all contracts, agreements, conveyances, deeds, leases, licences and other instruments, undertakings and notices whether or not in writing entered into by, made with, given to or by or addressed to the public enterprise whether alone or with any other person before the appointed day and subsisting immediately before the appointed day shall, to the extent that they were previously binding on and enforceable by, against or in favour of the public enterprise , be binding on and enforceable by, against or in favour of its successor company as fully and effectively in every respect as if, instead of...

Section Protection of employee contracts, etc. Section Notwithstanding any other provision of this Act— on the appointed day in relation to a public enterprise , each employee of the public enterprise shall become an employee of its successor company but, for the purposes of every enactment, law, determination, contract and agreement relating to the employment of each such employee, the contract of employment of that employee shall be deemed to have been unbroken and the period of service of that employee with the public enterprise , and every other period of service of that employee that is recognised as continuous service by the public enterprise , shall be deemed to have been a period of service with the company; the terms and conditions of employment of each such employee shall, until varied, be identical with the terms and conditions of the employee’s employment with the public enterprise immediately before the appointed day and be capable of variation in the same manner; and property held on trust or vested in any person under any provident, benefit, superannuation or retirement fund or scheme for the employees of the public enterprise , their dependents or other persons imme...

Section Vesting of land of public enterprise in successor company Section No registrar of lands or any other person charged with the keeping of any books or registers shall be obliged solely by reason of this Act to change the name of a public enterprise to that of its successor company in those books or registers or in any document. The presentation to any registrar or other person of any instrument , whether or not comprising an instrument of transfer, by a successor company of a public enterprise executed or purporting to be executed by the company, relating to any property held immediately before the appointed day in relation to the public enterprise by that public enterprise and containing a recital that that property has become vested in the company by virtue of this Act shall, in the absence of proof to the contrary, be sufficient proof that the property is vested in the company.

Section Successor company and public enterprises to be treated as same for tax purposes Section For the purpose of any enactment that imposes or provides for the collection of a tax, duty, levy or other charge— a public enterprise and its successor company shall be deemed to be the same person; and all transactions entered into by, and acts of, the public enterprise before the appointed day in relation to the public enterprise shall be deemed to have been entered into by, or to be the acts of, the successor company and to have been entered into or performed by the company at the time when they were entered into or performed by the public enterprise .

Section Registration of two or more successor companies in place of a single public enterprise Section Nothing is this Act shall prevent two or more successor companies being registered under section 28 in the place of a single public enterprise and, in those circumstances, the property, rights and liabilities of that enterprise shall be divided between the successor companies in accordance with the statutory instrument in relation to the enterprise made under section 29 (1), and sections 28 to 35 shall be construed accordingly.

Section Effect of divestiture or liquidation on relevant enactments Section Upon the completion of the divestiture or liquidation or, as the case may be, upon vesting in the successor company under section 29 of the undertaking of any enterprise being a statutory corporation, the enactment under which the enterprise exists shall subject to subsection (4) stand repealed. Any repeal effected by this section shall take effect in the case of a vesting of the undertaking automatically upon the vesting and, in any other case, on such date as the Minister responsible for finance may, by statutory instrument , appoint, being the date of completion of the divestiture or liquidation of the relevant enterprise. The repeal of any enactment under subsection (1) shall not affect any agreement, contract or other liability which the Government may have undertaken in respect of the particular enterprise. A statutory instrument in relation to a public enterprise made under section 29 (1) may provide for any one or more provisions in any enactment under which the enterprise exists to continue in force, in which event all references express or implied to the enterprise in the provision shall be read a...

Section Penalty for stripping or concealing assets Section Any person who in respect of a public enterprise — fraudulently sells or transfers any property of that public enterprise ; or deliberately conceals from the Minister responsible for finance or the responsible Minister or officials and staff in those Ministries any property of that public enterprise and the concealment results in a reduction of the proceeds of divestiture ,

Section Penalty for causing financial loss Section No chief executive, director, secretary, manager or other employee of a public enterprise shall do any act or omit to do any act knowing or having reason to believe that the act or omission will cause financial loss to that public enterprise .

Section Restriction on persons, parties participating in divestiture Section Subject to subsection (2) and except for the purposes of, or in connection with, carrying out his or her duties and responsibilities in accordance with this Act, none of the following persons or any associate of any such person shall participate, directly or indirectly, in the purchase of a public enterprise — the Minister responsible for finance and officials and staff in his or her Ministry; the responsible Minister and officials and staff in his or her Ministry; the relevant line Minister and officials and staff in his or her Ministry; members of the committee ; any person advising the Government in relation to the divestiture of the enterprise; and each chief executive, director, secretary, manager or other employee of the enterprise. Subsection (1) shall not apply to participation in a public offer of shares and, in the case of a person mentioned in subsection (1)(f), participation by that person in a management buyout or scheme for worker participation.

Section Offences and penalties Section Any person who contravenes any of the provisions of section 6 , 11 , 12 , 13 , 14 , 24 , 37 or 38 commits an offence and is liable on conviction to a fine not exceeding one hundred currency points or to imprisonment for a term not exceeding two years or to both. Any failure by the board of directors of a public enterprise to comply with sections 11 , 12 or 13 or paragraph 6(1) of the Second Schedule to this Act shall be treated as an offence for the purposes of subsection (1) by each member of the board concerned.

Section Reports to Parliament Section The Minister responsible for finance shall, at least once in every six months, submit a report to Parliament on the steps taken to implement this Act.

Section Primacy of this Act Section Anything duly done under the authority of this Act for the purposes of giving effect to the Government’s policy on reform and divestiture of public enterprises shall have effect notwithstanding any other enactment. Where any provision of any enactment conflicts with any provision of this Act, the latter shall prevail over the former.

Section Application of Investment Code Section A company established or existing in Uganda as a result of divestiture under this Act shall with the approval of the Uganda Investment Authority be eligible for incentives under the Investment Code, as if it were a company which commenced operations after the commencement of that code.

Section Regulations Section The Minister responsible for finance may, by statutory instrument , with the approval of the committee , make regulations for giving full effect to the provisions of this Act. Without prejudice to the general effect of subsection (1), regulations made under it shall bind any public enterprise affected by it notwithstanding any existing enactment applicable to the public enterprise . Regulations made under this section may prescribe as a penalty for the contravention of the regulations a fine not exceeding five million shillings.

Section Amendment of Schedules Section The Minister responsible for finance may, with the approval of the Cabinet, by statutory instrument , amend the First or Second Schedule to this Act and may, in particular, in the case of the First Schedule— delete an enterprise or insert a new enterprise; or transfer an enterprise from one class of the Schedule to another. The Minister responsible for finance shall lay before Parliament any statutory instrument made under this section, and the statutory instrument shall not be effective unless approved by Parliament.

Section Amendment of Third and Fourth Schedules Section The Minister responsible for finance may by statutory instrument with the approval of the Cabinet amend the Third and Fourth Schedule to this Act.

Section Departed Asians’ Property Custodian Board legislation not affected Section Nothing in this Act shall detract from any enactment concerning the treatment of properties falling under the Departed Asians’ Property Custodian Board.

Section Saving of private rights Section Any divestiture under this Act shall not prejudice the right of any person who has suffered damage from obtaining fair, adequate and prompt redress in respect of the damage.