The Minister may, by Order, direct that the provisions of this Act shall apply to an agreement of purchase of property by the Government ("vesting order") (sect. 3). All assets and liabilities of the vendor acquired by the State under the purchase agreement shall, without further assurance, be transferred and vested in the State on the coming into operation of the vesting order (subsect. 4.1). Subsections (2), (3), and (4) of section 4 provide for the transfer of all contracts, deeds, bonds, agreements and other instruments related to the assets and liabilities being covered by the purchase agreement and the continuation of all legal proceedings in respect of rights, assets or liabilities of the vendor after transfer. (6 sections)
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Originally a Dutch colony in the 17th century, by 1815 Guyana had become a British possession. The abolition of slavery led to settlement of urban areas by former slaves and the importation of indentured servants from India to work the sugar plantations. The resulting ethnocultural divide has persisted and has led to turbulent politics. Guyana achieved independence from the UK in 1966, and since then it has been ruled mostly by socialist-oriented governments. In 1992, Cheddi JAGAN was elected president in what is considered the country's first free and fair election since independence.
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