THE REPUBLIC OF KIRIBATI
(No.12 of 1986)

I assent,

I.T. Tabai
Beretitenti
27/12/1986

AN ACT TO APPROPRIATE A CERTAIN SUM OF MONEY TO BE APPLIED AS A SPECIAL GRANT TO THE PROPOSED KIRIBATI OIL COMPANY LTD

Commencement: 22/12/1986

MADE by the Maneaba ni Maungatabu and assented to by the Beretitenti.

Short title

1. This Act may be cited as the Special Appropriation Act 1986.

Authorisation of issue of $1,255,650 from the Consolidated Fund

2. The issue from the Consolidated Fund is hereby authorised of the sum of One Million, Two Hundred and Fifty Five Thousand, Six Hundred and Fifty Dollars ($1,255,650) to be applied as a special grant to the proposed Kiribati Oil Company Ltd.

Appropriation

3. The sum specified in section 2 of this Act shall be appropriated for the supply of the Head of Expenditure specified in Column 1 of the Schedule to this Act in the sum respectively specified in relation thereto in Column 2 of the Schedule.

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SCHEDULE

Column 1						Column 2
Head of Expenditure					Expenditure Authorised

255	Ministry of Works and Energy			$1,255,650

Sub-head
60	(Grant to proposed Kiribati Oil Company Ltd)

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SPECIAL APPROPRIATION ACT 1986

EXPLANATORY MEMORANDUM

This proposed Act seeks to charge upon the Consolidated Fund the sum of One Million, Two hundred and Fifty Five Thousand, Six hundred and Fifty dollars ($1,255,650) to be applied as a grant to the proposed Kiribati Oil Company Ltd a wholly owned Government company, which will utilise same, inter alia, as working capital.

Although the said sum of $1,255,650 is at present in the hands or possession of the Mobil Agency, a unit of the Ministry of Works and Energy which acts as agents of Mobil Oil Australia Limited for the distribution of petrol (excluding aviation fuel) and other petroleum products throughout Kiribati, such sum still forms a part of the Consolidated Fund.  Hence the need for this proposed Act.

It will be recalled that active steps are being taken by the Government to acquire both the Mobil Oil Depot at Betio from Mobil Oil Australia Ltd and British Petroleum South West Pacific Ltd.

Michael N. Takabwebwe
The Attorney General