Zimbabwe Development Corporation Act
- Commenced on 1 June 1988
- [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 Development Corporation Act [Chapter 24:15].
2. InterpretationIn this Act—“auditors” means one or more persons appointed as auditors of the Corporation in terms of section twenty-eight;“Board” means the Board referred to in section four;“Corporation” means the Zimbabwe Development Corporation established by section three;“member” means a member of the Board;“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;“subsidiary” means—(a)any statutory body specified as a subsidiary of the Corporation in terms of section thirty-one;(b)any company established or acquired by the Corporation.
Part II – Establishment of Zimbabwe Development Corporation
3. Establishment of Corporation
4. Board of Corporation
5. Disqualifications for appointment to BoardThe Minister shall not appoint a person as a member and no person shall, notwithstanding subsection (2) of section four, be qualified to hold office as a member who—
6. Vacation of office by memberA member shall vacate his office and his office shall become vacant—
7. Minister may require member to vacate office
8. Filling of vacanciesOn the death of, or the vacation of office by, a member the Minister may, subject to section four, appoint a person to fill the vacancy until the expiry of the period during which the member would, but for his death or the vacation of his office, have continued in office.
9. Meetings and procedure of Board
10. Remuneration and expenses of membersA member of the Board shall be paid from the funds of the Corporation—
11. Validity of decisions and acts of BoardNo decision or act of the Board or act done under its authority shall be invalid by reason only of the fact that—
12. Execution of contracts and instruments of CorporationAny agreement, contract or instrument approved by the Board may be entered into or executed on behalf of the Corporation by any person or persons authorized by the Board for the purpose.
13. Members to declare connection with companies dealing with Corporation
14. Transaction of urgent businessIf it is impracticable to hold a meeting of the Board for the transaction of any business which, in the opinion of the chairman of the Board, is of an urgent nature, the chairman of the Board, after consultation with the general manager and such of the members as is practicable in the circumstances, may deal with the business himself and, as soon as may be thereafter, give 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:Provided that any decision taken or act done by the chairman of the Board in terms of this section shall be subject to ratification by the Board.
Part III – Functions and powers of Corporation
15. Functions of Corporation
16. Powers of Corporation
17. Corporation to conduct affairs on sound business principlesThe Corporation shall generally conduct its business on sound commercial lines and, in particular, shall, as far as possible, having regard to its functions, so manage its affairs as to ensure that its income, taking one year with another, is not less than sufficient to enable the Corporation to meet the expenditure of the Corporation and other obligations chargeable to revenue account.
18. Reports of Corporation
19. Appointment of general manager
20. Minister may give directions to CorporationThe Minister may from time to time give directions in writing to the Corporation of a general policy nature not inconsistent with this Act and the Corporation shall be bound to comply with any such directions.
Part IV – Financial provisions
21. Funds of CorporationThe funds of the Corporation shall consist of—
22. Payments to Corporation by subsidiariesThere shall be paid to the Corporation at such times as the Corporation may direct such portion of the income of any subsidiary as the Corporation may determine:Provided that before determining the portion of income to be paid to it in terms of this section, the Corporation shall—
23. Corporation to make certain charges to revenue account
24. Establishment and operation of general reserve
25. Meeting of deficiencies
26. 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.
27. Accounts of Corporation
28. Audit of accounts of Corporation
29. Powers of auditors
Part V – General
30. Investigation into affairs of Corporation
31. Certain subsidiaries to be specified by President
32. Approval of Minister responsible for finance in certain casesWhere the administration of this Act is assigned to a Minister, other than the Minister responsible for finance, the approval of the Minister responsible for finance shall be obtained by that other Minister in relation to his functions in terms of subsection (1) of section ten, paragraphs (c), (d) and (h) of subsection (2) of section sixteen and subsection (2) of section twenty-five.
33. RegulationsThe Minister may make regulations prescribing anything which in terms of this Act is to be prescribed or which, in his opinion, is necessary or convenient to be prescribed for giving effect to this Act.
History of this document
01 June 1988