Assets of Departed Asians Act

ASSETS OF DEPARTED ASIANS ACT. ARRANGEMENT OF SECTIONS. Section 1. Declaration of assets, etc. 2. Register of property and business. 3. Vesting of assets and liabilities in the Government. 4. Departed Asians' Property Custodian Board. 5. Meetings of the board. 6. Powers of the board. 7. Executive secretary of the board. 8. Accounts and audit. 9. Custody of the seal. 10. Appointment of staff. 11. Funds of the board. 12. Rent in respect of building occupied by public officer, etc. as dwelling house. 13. Establishment of special fund. 14. Purposes of the special fund. 15. Accounts left by departed Asians. 16. Payments to be reported to the board. 17. Offences and penalties. 18. Establishment of Departed Asians' Account Common Pool Fund. 19. Purposes of the fund. 20. Investment by the board. 21. Debts owed to or by departed Asians. 22. Regulations. Schedule Forms. CHAPTER 83 ASSETS OF DEPARTED ASIANS ACT. Commencement : 7 December, 1973. An Act to consolidate with amendments the law relating to the declaration of assets by departed Asians and to provide for other matters connected therewith or incidental thereto. 1. Declaration of assets, etc.

he declaration of assets by departed Asians and to provide for other matters connected therewith or incidental thereto. 1. Declaration of assets, etc.

(1) Every departing Asian, whether holding any trading licence or a licence to manufacture a scheduled article or not, shall, before leaving Uganda declare on Forms PRO/1 and PRO/2 specified in the Schedule to this Act his or her assets and liabilities, including those relating to any business interests, and shall also supply to the Minister such other particulars and information relating to those assets and liabilities as may be requested by the Minister. (2) The forms submitted to the Minister under subsection (1) shall be accompanied by the following documents— ( a ) copies, or where copies are not available, a list of title deeds, debentures, loan agreements and contracts or other agreements to the like effect, regarding his assets and liabilities; ( b ) where the declaration affects any company, a certified true copy of the memorandum of association and articles of association of that company; ( c ) copies of the accounts, balance sheets or profit and loss account of the business for the last preceding two years as required or submitted for income tax purposes.

accounts, balance sheets or profit and loss account of the business for the last preceding two years as required or submitted for income tax purposes.

(3) The departing Asian shall, upon submitting any forms referred to in subsection (1), be given a receipt in Form PRO/3 specified in the Schedule to this Act, acknowledging the receipt by or on behalf of the Minister of the forms and any documents accompanying them. 2. Register of property and business. The Minister shall keep a register of any property or businesses declared under section 1 in Form PRO/4 specified in the Schedule to this Act and shall cause the contents of the register to be accurately published in the Gazette from time to time. 3. Vesting of assets and liabilities in the Government. (1) Any assets declared by a departing Asian, including any property or business recorded in the register kept under section 2, and any assets left behind This section of the article is only available for our subscribers. Please click here to subscribe to a subscription plan to view this part of the article. Home | About Us |--> Terms & Conditions | Privacy Statement | Publishing Services | Contact Us Sitemap --> --> Copyright 2019. Blackhall Publishing. All Rights Reserved. Design and Developed By : Indiafin Technologies Ltd .