The main purpose of this Bill is to vest the real estate holdings of Caroni (1975) Limited and Orange Grove National Company Limited in the State and to provide for the management thereof and for the development of business thereon, particularly in the areas of industrial light and heavy manufacturing, housing, commerce and agriculture.
The Bill also seeks to provide for the vesting of the operational undertakings of Caroni (1975) Limited in Sugar Manufacturing Company Limited, established to undertake the sugar cane processing and sugar refining business conducted by Caroni (1975) Limited.
This Bill was referred to a Special Select Committee of the Senate.
The Short and Long Titles were amended in the Act and now read as follows:
- Short Title: The Caroni (1975) Limited and Orange Grove National Company Limited (Divestment) Act, 2005
- Long Title: An Act to provide for the vesting of the operational undertakings of Caroni (1975) Limited in another company and the vesting of the real estate undertakings of Caroni (1975) Limited and Orange Grove National Company Limited in the Republic of Trinidad and Tobago and to provide for the development and management of certain real estate undertakings.
