bg_image

Timber Resources Management Act, 1997 (Act 547) As Amended

Section 15: (1) The Minister, acting on the recommendations of the Commission may suspend or terminate, as is appropriate in the circumstances of the case, a timber utilization contract where; (a) the holder has breached any of the terms or conditions of the contract; or (b) the holder has lost the ability, financially or otherwise to manage the timber resources efficiently; or (c) the area of the land subject to the contract or a part of it is under review to determine its suitability for the operations; or (d) the area of land subject to the contract or a part of it is no longer suitable for the operation under a timber utilization contract; or (e) a review of operations by the Commission determines that there are enough grounds for termination of the contract; or (f) the holder is charged with or convicted of an offence under this Act or of a forest offence.[As amended by the Forestry Commission Act, 1999 (Act 571), sch. to s.35(2)]. (2) The holder of the contract terminated under section 15 (1), (c), (d) and (e) shall be entitled to replacement. (3) On the suspension or termination of a timber utilization contract under this section the right of the holder shall cease but without prejudice to any right of action or remedy of the government or any person in respect of any prior breach, non-performance or non-observance of any condition on the part of the holder. (4) A holder of a timber utilization contract whose timber rights have been suspended under subsection (1) may after rectifying the breach or if the reasons for the suspension have been redressed, petition the Commission which shall make recommendations to the Minister on the merits or otherwise of removing the suspension.

Subject : Timber Utilization Contracts  

Procedure to Follow


  1. The investor will submit a duly completed and signed Securities Account Opening Form, CSD Form 1 in duplicate together with a copy of identification or authorization document to the DP.
  2. In addition, the investor, if an individual, will be required to submit to the DP two recent colour passport size photographs. Where the investor is a body corporate,
    association or other entity, the passport size photographs required will be of all the authorized signatories to the account.
  3. The DP shall ensure full disclosure of investor’s relevant information, verify the information provided thereof and witness investor’s signature.
  4. The DP shall capture the data obtained from the Securities Account Opening Form completed together with all or any relevant Know Your Client (KYC) documents submitted by the investor into the CSD system which shall be saved and subsequently confirmed by the DP.
  5. CSD system will then generate a Client Identification number. Where the applicant indicates an Existing CSD Client ID on the form, the CSD system will not generate or create a new Client Identification number. In this case, the DP will register the client ID provided by the client and thereafter the DP will authorize the registered account.
  6. The new clients created into the CSD system by DPs will be available online to the CSD for approval or rejection within 30 minutes upon receipts. Only accounts that have been approved or accepted by the CSD will be available for transactions by DPs.
  7. Accounts that are rejected by the CSD will have to be set up again in the CSD system by the affected DPs. CSD will indicate the reason for the rejection.
  8. The DP shall enter the Securities Account Number on the form and shall return to the client a copy of Securities Account Opening Form, duly signed and stamped. The Securities Account Number is made up of the Member’s Code, Client Identification number and Account Type, example ABC-P-0000000001234-LI-0.
  9. A DP shall retain copies of identification documents to assist it identify its clients. DPs shall also ensure the safe custody of specimen signatures of their clients.
  10. Each party to a joint account shall have to satisfy the account opening requirements stated above. Subsequently, the DP shall create the joint accounts.
  11. The CSD system will be available for account creation by DPs from 9.30am to 5.00pm on any business day.
  12. Accounts received by CSD after 4.30 pm may be authorized by CSD on the next business day.
  13. Investor Service accounts can be opened directly through the CSD by investors for a prescribed fee.
...
Responsible Institution


Forestry Commission of Ghana

Ghana

Relevant Forms to Download

Not Available

Online System

Link Unavailable

Fees/ charges

Not Avaiable


Map

© 2024 BRR. All Rights Reserved.