Preamble, The Diamond Supple- Short title

Diamond Agreement (1954) [Cap. 209 CHAPTER 209. DIAMOND SUPPLEMENTARY AGREEMENT 1954 (RATIFICATION). An Ordinance to Ratify and Confirm an Agreement supple- 2 of 1954. mentary to certain Agreements made for and on behalf of the Government of Sierra Leone of the one Part and by the Sierra Leone Selection Trust, Limited, of the other Part. [29TH APRIL, 1954.] WHEREAS a Deed was made on the twentieth day of October, 1934, between Thomas Nelson Goddard, then Acting Governor of the Colony and Protectorate of Sierra Leone acting for and on behalf of the Government of Sierra Leone (hereinafter referred to as "the Government") of the one part and the Sierra Leone Selection Trust, Limited (hereinafter referred to as " the Company ") of the other part, whereby the Governor granted to the Company for the term of ninety-nine years from the 1st day of July, 1933 (determinable as therein provided) a sole and exclusive licence to explore for, exploit, produce, take, dispose of and market diamond throughout Sierra Leone except as therein mentioned (which Deed is hereinafter referred to as "the Licence"): AND WHEREAS an Agreement (hereinafter referred to as " the Supplementary Agreement of 1935 ") was made on the fifteenth day of April, 1935, between the Crown Agents for the Colonies (hereinafter referred to as "the Crown Agents") for and on behalf of the Government of the first part, Consolidated African Selection Trust, Limited, of the second part, and the Company of the third part, which Agreement was supplemental to the Licence: AND WHEREAS both the Licence and the Supplementary Agreement of 1935 were ratified by an Ordinance shortly entitled The Diamond Agreements and the Licence (Ratification) Ordinance: Cap. 207. AND WHEREAS by Clause 4 of the Licence (as amended) the Government agreed with the Company that the Company should at all times during the continuance of the Licence be exempt in respect of their operations in connection with the production and disposal of diamond from (inter alia) all taxes in respect of profits which might otherwise be imposed upon or become S.L.-VoL. IV-16 Now Cap. 273. Cap. 208. Cap. 209] Diamond Agreement (1954) payable by the Company other than such tax as the Government might impose on profits of the diamond industry not exceeding twenty-seven-and-a-half per centum of the net profit of the Company ascertained as therein mentioned: AND WHEREAS by virtue of an arrangement made between the Government and His Majesty's Government in the United Kingdom under the Income Tax Ordinance, as amended (in particular) by the Income Tax (Amendment) Ordinance, 1947, relief from double taxation was afforded in respect of income tax in Sierra Leone and income tax in the United Kingdom, so that, if certain further amendments were made to the Licence (as amended), the Company could be made liable to income tax in Sierra Leone without increasing its total liability to taxation both in Sierra Leone and the United Kingdom: AND WHEREAS an Agreement (hereinafter referred to as " the Supplementary Agreement of 1951 ")was made on the eighteenth day of October, 1951, between the Crown Agents for and on behalf of the Government of the one part and the Company of the other part, whereby the Company agreed to the variation of the Licence (as amended) so as to become liable to pay income tax in Sierra Leone, subject to certain conditions: AND WHEREAS the Supplementary Agreement of 1951 was ratified by an Ordinance shortly entitled The Diamond Supplementary Agreement (1951) Ratification Ordinance, 1952: AND WHEREAS the Company agreed to the further amendment of the Licence (as modified as aforesaid) so that firstly the Company shall be liable to both Sierra Leone income tax at the standard rate from time to time in force and the Diamond Industry Profit Tax calculated on a graduated scale, and secondly the Company shall make an annual contribution for the benefit of the people of the Kono Country and especially th_e _local population in the neighbourhood of the Company's mmmg areas: AND WHEREAS the amendments aforesaid are contained in an Agreement made on the 16th day of March, 1954, between the Crown Agents for and on behalf of the Government of the one part and the Company of the other part, which Agreement is set out in the Schedule hereto: Now, THEREFORE, BE IT ENACTED by the Governor of Sierra Leone, with the advice and consent of the Legislative Council thereof, as follows- Diamond Agreement (1954) [Cap. 209 2173