Zimbabwe Mining Development Corporation Act
- Commenced on 4 November 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 Zimbabwe Mining Development Corporation Act [Chapter 21:08].
2. InterpretationIn this Act—“Board” means the Mining Development Board referred to in section four;“Corporation” means the Zimbabwe Mining Development Corporation established by section three;“member” means the chairman or any other member of the Board referred to in subsection (1) of section five;“Minister” means the Minister of Mines or any other Minister to whom the President may, from time to time, assign the administration of this Act.
Part II – Zimbabwe Mining Development Corporation and Mining Development Board
3. Establishment of Zimbabwe Mining Development CorporationThere is hereby established a corporation to be known as Establishment of the Zimbabwe Mining Development Corporation, which shall be a body corporate and shall be capable of suing and being sued in Corporation to its corporate name and, subject to this Act, of performing all such acts as bodies corporate may by law perform.
4. Establishment of Mining Development BoardThe operations of the Corporation shall, subject to this Act, be controlled by a board, to be known as the Mining Development Board, constituted in terms of this Part.
5. Constitution of Board
6. Conditions of office of members
7. Disqualifications for appointment as memberThe Minister shall not appoint a person as a member and no person shall be qualified to hold office as a member who—
8. Vacation of office by memberA member shall vacate his office and his office shall become vacant—
9. Minister may require member to vacate officeThe Minister may require a 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, a member, the Minister shall appoint a person to fill the vacancy until the on Board expiry of the period during which the member would, but for his death or the vacation of his office, have continued in office:Provided that, if the 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 members of Board and members of committeesA member of the Board or of any 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 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 and duties of CorporationSubject to this Act and the Mines and Minerals Act [Chapter 21:05], the functions and duties of the Corporation shall be—
21. Reports of Corporation
22. Powers of CorporationSubject to this Act, the Corporation shall, for the better exercise of its functions, have power to do or cause to be done, either by itself or through its agents, all or any of the things specified in the Schedule, either absolutely or conditionally and either solely or jointly with others.
23. Principles to be observed by CorporationIt shall be the duty of the Corporation so to exercise—
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 shareholdersThe 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, special dividends and repayment of capital
34. Investments and loans by Corporation
35. Corporation to make certain charges to revenue account
36. Establishment and operation of general reserve
37. Meeting of deficienciesIf in any financial year the income of the Corporation together with any surplus income brought forward from a previous financial year, is insufficient to enable the Corporation to meet the charges and to make the provisions required by section thirty-five, the deficiency shall, unless the Minister otherwise directs, be met from the general reserve established in terms of section thirty-six.
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 – General
42. Investigation into affairs of Corporation
43. Proceedings on failure of general manager, Board or Corporation to comply with Act
History of this document
31 December 2016 this version
04 November 1983