Section 5: Incorporation of enterprises to be privatised. Cap.59

(1) The Technical Committee shall, not later than twelve months after the commencement of this Act, incorporate into limited liability companies under the Companies and Allied Matters Act all enterprises to be privatised under this Act, where such enterprises are not already incorporated.
(2) Without prejudice to the generality of subsection (1) of this section, the Federal Government, acting on the advice of the Technical Committee, may direct that any enterprise affected by this Act shall not be incorporated into a public limited liability company in view of its weak financial structure but that the operations of such enterprise shall be wound-up and its assets disposed of by sale or in any other manner approved by the Federal Government.