Industrial Development Corporation Act
- Commenced on 1 November 1963
- [This is the version of this document at 31 December 2016 and includes any amendments published up to 31 December 2017.]
- [Note: This version of the Act was revised and consolidated by the Law Development Commission of Zimbabwe]
1. Short titleThis Act may be cited as the Industrial Development Corporation Act [Chapter 14:10].
2. Interpretation“Board” means the board of directors referred to in subsection (1) of section seven;“company” means an association of persons, whether incorporated or unincorporated;“Corporation” means the Industrial Development Corporation of Zimbabwe, Limited;“Minister” means the Minister of Industry and Commerce or any other Minister to whom the President may, from time to time, assign the administration of this Act.
3. Constitution and registration of Corporation
4. Objects of CorporationThe objects of the Corporation shall be—
5. Powers of corporationFor the purpose of attaining its objects, the Corporation shall have power—
6. General lines along which Corporation’s powers should be exercisedIt shall be the duty of the Corporation so to exercise its powers—
7. Board of directors
8. Alternate directors
9. Members of parliament not to be directorsNo person shall be appointed, nominated or remain a director or alternate director who is a member of Parliament.
10. Tenure and conditions of office of directors
11. Meetings of Board
12. General ManagerSubject to any regulations made in terms of section eighteen, the Board may appoint upon such terms and conditions as it may determine, including conditions relating to remuneration, any person, including a director, to be the General Manager who shall exercise such powers and perform such duties as may be authorized or determined by the Board.
13. Share capital
14. Limitation of liability of the StateThe liability of the State shall be limited to the amount unpaid on the shares held by the State.
15. ExpenditureThe expenditure incurred by or on behalf of the Board, including the remuneration of directors, shall be defrayed from the funds of the Corporation.
16. Appropriation of profitsNo dividend in excess of eight per centum per annum shall be declared by the Board without the approval of the Minister.
17. Accounts and audit
19. Information to be furnished to Minister and to Parliament
20. Winding up of CorporationThe Corporation shall not be wound up except by or under the authority of an Act.
21. Use of name of CorporationNo association or company shall carry on business under or be registered under the Companies Act [Chapter 24:03] by a name identical with that of the Corporation or so nearly resembling the name of the Corporation as to be calculated to deceive:Provided that this section shall not prohibit any company from carrying on business under or remaining registered by the name by which it was registered under the said Act at the 1st November, 1963.
22. Application of Companies Act
23. Staff of CorporationThe Board may appoint, upon such terms and conditions as it may deem fit, such staff as may be necessary for conducting the business of the Corporation and may suspend or discharge any member of such staff:Provided that no person seconded from the Public Service may be discharged except with the consent of the Public Service Commission.
24. Corporation deemed to be approved serviceThe Corporation shall be deemed to be an approved service for the purposes of the law governing the Public Service:Provided that—
25. Corporation to contribute to Consolidated Revenue FundThere shall be paid out of the funds of the Corporation into the Consolidated Revenue Fund such amounts as may be agreed upon by the Minister responsible for finance and the Corporation in relation to the liability assumed by the State for the payment of pensions and other benefits to members of the staff of the Corporation who have been seconded from the Public Service to the employment of the Corporation.
26. Establishment by Corporation of pension fundThe Corporation may—
27. Refund of contributionsIf a member of the staff of the Corporation is discharged on account of misconduct or resigns, or is called upon to resign, in order to avoid such discharge, there shall be refunded to him the amounts, not including interest on arrear contributions, paid by him to any scheme established in terms of section twenty-six:Provided that the Corporation may deduct from any amounts so payable to such member the amount of any direct loss which the Corporation may have sustained by reason of such misconduct and any amount so deducted shall be paid to the Corporation.
28. Transfer of assets
29. SavingsNotwithstanding the repeal of the Industrial Development Act [Chapter 231 of 1963], all bonds, charges, agreements, contracts and instruments in respect of the assets, liabilities and obligations transferred in terms of subsection (1) of section twenty-eight to which the Southern Rhodesia Industrial Development Fund mentioned in that subsection was a party and which are subsisting on the 1st November, 1963, shall be of as full force and effect against or in favour of the Corporation and enforceable as fully and effectively as if, instead of such Fund, the Corporation had been named therein or had been a party thereto.
History of this document
01 November 1963