s.50Ownership agreements
50
Section 50Part 5 — Statutory Authorities and Government Companies

Ownership agreements

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Each statutory authority and government company shall prepare and execute two-yearly ownership agreements with the Cabinet for successive periods of two financial years.
Each ownership agreement shall contain —
a description of the nature and scope of the activities of the authority or company during that financial year;
the strategic goals and objectives of the authority or company for that financial year and the following two financial years;
ownership performance targets of the authority or company for the financial year, including the targets for those aspects of ownership performance set out in Schedule 5;
forecast financial statements of the company for the financial year, which shall —
be consistent with the forecast financial statements in the plan and estimates for that financial year; and
contain the statements and information set out in Schedule 2;
details of any equity investment to be made by the Cabinet in the authority or company planned for the financial year;
details of any capital withdrawals to be made by the Cabinet from the authority or company planned for the financial year;
details of any dividends or profit distributions forecast to be paid by the authority or company during the financial year;
details of any loans to the authority or company proposed to be made by the Cabinet during the financial year; and
details of any guarantees relating to the authority or company proposed to be made by the Cabinet during the financial year.
A draft of each proposed ownership agreement shall be —
prepared in accordance with the timetable established by the Cabinet in accordance with section 17;
available for review by the Cabinet as part of the Cabinet collective review phase of the budget process in accordance with section 20; and
presented to the Cayman Islands Parliament by the relevant Minister or official member at the same time as the plan and estimates for that financial year is presented in accordance with section 24(1).
A finalised ownership agreement shall be —
prepared immediately after completion of the legislative review phase of the relevant budget period;
signed by a member of the Cabinet on behalf of the Cabinet and by the chairperson on behalf of the board, no later than the beginning of the financial year; and
presented to the Cayman Islands Parliament by the relevant Minister or official member on the next sitting day after it has been signed.
Repealed by section 19(f) of the Public Management and Finance (Amendment) (No.2) Law, 2017 [Law 28 of 2017].
An ownership agreement for an authority or company may be modified at any time by agreement between the authority or company and the Cabinet.
All modifications under subsection (6) shall be written and presented to the Cayman Islands Parliament.

Cross References

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