What do you understand by Specified Corporations?
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Specified Corporation is defined by the provisions of section 3 of Public Corporation Act No. 2 of 1992, as amended by Act No. 161 of 1993 to mean a Public Corporation declared to be Specified Public Corporation. After the Public Corporation is declared as Specified Public Corporation, it is required to be restructured by Presidential Parastatal Sector Reform Commission Established by section 21 of the Act No. 16 of 1993
NB: Restructuring in relation to specified Public Corporation or Specified Government minority shares means any form of restructuring as a result of which ownership, structure or control of that specified public corporation or specified government minority shares is altered. See section 2 of The Public Corporations (Amendment) Act; 1993.
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Posted by A Lawyer.
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