Zimbabwe Investment Authority Act [Chapter 14:30]

Chapter 14:30

Zimbabwe Investment Authority Act

Act 4/2006

ARRANGEMENT OF SECTIONS

PART I

PRELIMINARY Section

1. Short title.

PART II

ZIMBABWEINVESTMENT AUTHORITY

3. Establishment of Zimbabwe Investment Authority.
4. Zimbabwe Investment Authority Board.
5. Constitution of Board.
6. Investment Committee

PART III

FUNCTIONS OFAUTHORITY

7. Functions of Authority.
8. Powers of Authority.
9. Reports of Authority.
10. Chief Executive Officer.
11. Staff of Authority.
12. Minister may give Authority directions in national interest.

PART IV

APPLICATIONS FORINVESTMENT LICENCES

13. Applications for investment licences.
14. Considerations for approving foreign applications for investment licences.
15. Approval or refusal of applications for investment licences.
16. Period of validity of investment licences.
17. Renewal of investment licences.
18. Register of investment licences.
19. Investor to notify Authority of non-implementation of investment proposals or changes in particulars.
20. Transfer of investment licences.
21. Power to visit premises and inspect documents.
22. Suspension and cancellation of investment licences.
23. Appeals to Minister.
25. Minister may prescribe sectors for investment, extent of value addition, etc.

PART V

FINANCIALPROVISIONS

26. Funds of Authority.
27. Investment of moneys not immediately required by Authority.
28. Accounts and audit.

PART VI

GENERAL

29. Preservation of secrecy.
30. False statements.
31. Exemption from liability for Authority.
32. Protection of investments.
34. Repeal of Caps. 24:16 and 14:07 and savings.
35. Transfer of assets, obligations, etc., of Zimbabwe Investment Centre and Export Processing Zones Authority to Authority.
36. Transfer of employees to Authority and conditions of service of transferred employees.
37. Persons licensed or certified under repealed Acts.

SCHEDULES

First Schedule : Provisions applicable to the Board. Second Schedule : Powers of Authority.

AN ACT to provide for the establishment of the Zimbabwe Investment Authority and its functions; to provide for the promotion and co-ordination of investment; to repeal the Zimbabwe Investment Centre Act [Chapter 24:16] and the Export Processing Zones Act [Chapter 14:07]; and to provide for matters incidental to or connected with the foregoing.

[Date of commencement : 1st January, 2007.]

PART I

PRELIMINARY

1    Short title

This Act may be cited as the Zimbabwe Investment Authority Act [Chapter 14:30].

                       2    Interpretation

• In this Act—

“approved activity” means any business activity which is carried on by a licensed investor and which is authorised by his or her investment licence;

“Authority” means the Zimbabwe Investment Authority established by section 3;

“Board” means the Zimbabwe Investment Authority Board referred to in section 4;

“Chief Executive Officer” means the Chief Executive Officer of the Authority appointed in terms of section 10;

“Commissioner-General” means the Commissioner-General referred to in section 19 of the Revenue Authority Act [Chapter 23:11];

“fixed date” means the date fixed in terms of section 1(2) as the date of commencement of this Act;

“investment” means —

• an investment in Zimbabwe or a proposal therefor which will necessitate the expenditure of convertible foreign currency; or
• any other investment or proposal therefor of a class specified by the Minister for the purposes of this definition by notice in a statutory instrument;

“Investment Committee’ means the Investment Committee established in terms of section 6;

“investment licence” means an investment licence issued in terms of section 15;

“licensed investor” means the holder of an investment licence;

“member” means the chairperson or any other member of the Board referred to in section 5(1);

“Minister” means the Minister of Industry and International Trade or any other Minister to whom the President may from time to time assign the administration of this Act.

• Words importing male or female persons include corporate bodies. PART II

ZIMBABWEINVESTMENT AUTHORITY

                       3    Establishment of Zimbabwe Investment Authority

There is hereby established a body, to be known as the Zimbabwe Investment Authority, which shall be a body corporate capable of suing and being sued in its own name and, subject to this Act, of performing all acts that bodies corporate may by law perform.

                       4    Zimbabwe Investment Authority Board

The operations of the Authority shall, subject to this Act, be controlled and managed by a Board to be known as the Zimbabwe Investment Authority Board.

                       5    Constitution of Board

(1) The Board shall consist of—

• eleven members appointed by the Minister in consultation with the President and subject to such directions as the President may give, of whom—
  • one shall be chosen from a list of not fewer than three names submitted by the Minister responsible for industry; and
  • one shall be chosen from a list of not fewer than three names submitted by the Minister responsible for finance; and
  • one shall be chosen from a list of not fewer than three names submitted by the Minister responsible for economic development; and
  • one shall be chosen from a list of not fewer than three names submitted by the Minister

responsible for agriculture; and

• one person shall be appointed by the Minister after consultation with any one or more organisations which the Minister considers to be representative of industry and commerce; and
• one person shall be appointed by the Minister after consultation with any one or more organisations which the Minister considers to be representative of the mining industry; and
• one person shall be appointed by the Minister after consultation with any one or more organisations which the Minister considers to be representative of indigenous business empowerment groups; and
• two persons shall be appointed by the Minister after consultation with any one or more organisations which the Minister considers to be representative of export-oriented organisations; and
• two shall be appointed for their ability and experience in business; and

• the Chief Executive Officer, who shall be an ex officio member of the Board.
• If any person or organisation referred to in subsection (1)(a) fails to submit a list of nominees for appointment to the Board within thirty days of being requested to do so by the Minister in writing, the Minister may appoint any person to represent that person or organisation, and the person so appointed shall hold office as a member in all respects as if he or she had been duly nominated and appointed in terms of subsection (1).
• The Minister shall appoint one member as chairperson of the Board and the Board shall at its first meeting elect a vice-chairperson from among its members, and the vice-chairperson shall exercise the functions of the chairperson during any period that the chairperson is unable to exercise his or her functions.
• The provisions relating to the terms and conditions of office, vacation of office, dismissal of members, filling of vacancies, meetings and procedures of the Board and other related matters shall be as set out in the First Schedule.