s 16 Power to incorporate private companies
16.—(1) The Board may, with the Minister’s approval, form or participate in the formation of any private company (called in this section the company) having such object as the Minister may approve. (2) Despite the provisions of any written law for the time being in force relating to companies, there must be registered with the memorandum of association of the company articles of association prescribing regulations for the company. (3) The articles of association of the company must contain, among other things, such provisions relating to —(a) the capital and share structure of the company; (b) the qualification, appointment, remuneration, powers and proceedings of directors; (c) dividends and reserve funds; and (d) the winding up of the company, as the Minister may direct, and must also provide that the employees of the Board that are transferred to the company are to enjoy salaries and conditions of service as near as may be to those on which they were employed by the Board. (4) The Board may, with the Minister’s written approval, grant loans to any company in which the Board holds any shares.[15