Minerals Marketing Corporation of Zimbabwe Act
- Commenced on 7 March 1983
- [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]
Part I – Preliminary
1. Short titleThis Act may be cited as the Minerals Marketing Corporation of Zimbabwe Act [Chapter 21:04].
Part II – Minerals Marketing Corporation of Zimbabwe and Minerals Marketing Board
3. Establishment of Minerals Marketing Corporation of ZimbabweThere is hereby established a corporation, to be known as the Minerals Marketing Corporation of Zimbabwe, which shall be a body corporate and shall, in the name of the Minerals Marketing Corporation of Zimbabwe, be capable of suing and being sued and subject to the provisions of this Act, of performing all such acts as bodies corporate may by law perform.
4. Establishment of Minerals Marketing BoardThe operations of the Corporation shall, subject to this Act, be controlled by a board, to be known as the Minerals Marketing Board, constituted in terms of this Part.
5. Constitution of Board
6. Conditions of office of appointed members
7. Disqualifications for appointment as memberThe Minister shall not appoint a person as an appointed member and no person shall be qualified to hold office as an appointed member who—
8. Vacation of office by appointed memberAn appointed member shall vacate his office and his office shall become vacant—
9. Minister may require appointed member to vacate officeThe Minister may require an appointed member to vacate his office if the Minister is satisfied that the member—
10. Filling of vacancies on BoardOn the death of, or the vacation of office by, an appointed member, the Minister shall appoint a person to fill the vacancy until the expiration of the period during which the appointed member would, but for his death or the vacation of his office, have continued in office:Provided that, if the appointed member would, but for his death or the vacation of his office, have continued to hold office for less than six months, the Minister need not appoint a person to fill the vacancy.
11. Meetings and procedure of Board
12. Committees of Board
13. Remuneration and expenses of appointed members and members of committeesAn appointed member or a member of a committee of the Board shall be paid from the funds of the Corporation—
14. Right of certain officers to attend meetings of Board or committeesSuch officers of the Public Service as the Minister may designate shall be entitled to attend meetings and to take part in the proceedings of the Board or of a committee established in terms of section twelve as if they were members thereof but they shall not have a vote on any question before the Board or committee, as the case may be.
15. Members to declare connection with companies and firms dealing with Corporation
16. Validity of decisions and acts of BoardNo decision or act of the Board or act done under the authority of the Board shall be invalid by reason only of the fact that—
17. Execution of contracts and instruments by CorporationAn agreement, contract or instrument approved by the Board may be entered into or executed on behalf of the Corporation by any person or persons generally or specially authorized by the Board for that purpose.
18. Transaction of business of an urgent natureIf it is impracticable to hold a meeting of the Board for the transaction of business of an urgent nature, the chairman of the Board, after consulting such of the other members as is practicable in the circumstances, may deal with the business himself and, as soon as may be thereafter, give to the Board full particulars of the nature and extent of the urgency of the business, of the circumstances in which the urgency arose and of the action that was taken by him in the matter.
19. Minutes of proceedings of Board and committees
Part III – Functions, powers and duties of Corporation
20. Functions of CorporationSubject to this Act, the functions of the Corporation shall be—
21. Powers of Corporation
22. Principles to be observed by CorporationWhen exercising any power or performing any function or duty in terms of this Act, the Corporation shall—
23. Reports of Corporation
24. Appointment of general manager
25. Minister may give Corporation directions in national interest
Part IV – Issue of shares and debentures by Corporation
26. Authorized share capital of Corporation
27. Allotment, issue and transfer of shares of Corporation
28. Liability of shareholderThe liability of the holder of a share issued by the Corporation shall be limited to the amount, if any, unpaid on the share.
29. Issue of debentures
Part V – Financial provisions relating to Corporation
30. Conduct of financial affairs of CorporationIt shall be the object of the Corporation so to exercise its functions and conduct its business as to ensure that in each financial year its income is sufficient—
31. Capital of CorporationThe capital of the Corporation shall consist of—
32. Revenues of CorporationThe revenues of the Corporation shall consist of any moneys, other than moneys referred to in section thirty-one, that may accrue to the Corporation, whether in the course of its operations or otherwise.
33. Dividends and special dividends
33A. Depletion fees
34. Investments and loans by Corporation
35. Corporation to make certain charges to revenue account
36. Establishment and operation of general reserve
37. Establishment and operation of purchasing fund
38. Financial year of CorporationThe financial year of the Corporation shall be the period of twelve months ending on the 30th June in each year or on such other date as may be prescribed.
39. Accounts of Corporation
40. Audit of accounts of Corporation
41. Powers of auditors
Part VI – Control of sale and export of minerals
42. Prohibition of sale or export of minerals otherwise than through Corporation
43. Sale and export of minerals through Corporation
44. Conditions under which Corporation may negotiate or approve contracts
45. Liability of Corporation in relation to sale of mineralsThe negotiation or authorization of any contract for the sale of any mineral in terms of section forty-three shall not render the Corporation liable under the contract as if it were a party thereto, save to the extent that the contract concerned provides to the contrary.
46. Duration of authority to export mineralsAny authority granted by the Corporation in terms of section forty-three for the export of any minerals shall be valid for such period, not exceeding twelve months, as the Corporation may fix.
47. Corporation to receive proceeds from sales of minerals
48. Commission and expenses of Corporation
49. Orders prohibiting stockpiling of minerals
50. Corporation may require information as to holding and production of minerals
Part VII – General
51. Exemption from liability of CorporationNo liability shall attach to the Corporation or to any member for any loss or damage sustained by any person as a result of the bona fide exercise or performance by the Corporation, the Board, a committee of the Board or any employee or agent of the Corporation of any power, duty or function conferred or imposed upon the Corporation or the Board in terms of this Act or any other law:Provided that the provisions of this section shall not be construed so as to prevent any person from recovering, by action in a court of competent jurisdiction, compensation for any loss or damage sustained by him which was caused by negligence or breach of contract
52. Investigation into affairs of Corporation
53. Proceedings on failure of general manager, Board or Corporation to comply with Act
54. Preservation of secrecy
55. Use of information for private gain by members and employees
57. Existing contracts
History of this document
07 March 1983