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MINERALS MARKETING CORPORATION OF ZIMBABWE ACT (CHAPTER 21:04)

CHAPTER 21:04

MINERALS MARKETING CORPORATION OF ZIMBABWE ACT

Acts 2/1982, 9/1990 (s. 7), 29/1990 (s. 21), 17/1991, 22/2001 (s. 4).

ARRANGEMENT OF SECTIONS

PART I

PRELIMINARY Section

  1. Short title.

PART II

MINERALS MARKETING CORPORATION OFZIMBABWE ANDMINERALS MARKETING BOARD

  1. Establishment of Minerals Marketing Corporation of Zimbabwe.
  2. Establishment of Minerals Marketing Board.
  3. Constitution of Board.
  4. Conditions of office of appointed members.
  5. Disqualifications for appointment as member.
  6. Vacation of office by appointed member.
  7. Minister may require appointed member to vacate office.
  8. Filling of vacancies on Board.
  9. Meetings and procedure of Board.
  10. Committees of Board.
  11. Remuneration and expenses of appointed members and members of committees.
  12. Right of certain officers to attend meetings of Board or committees.
  13. Members to declare connection with companies and firms dealing with Corporation.
  14. Validity of decisions and acts of Board.
  15. Execution of contracts and instruments by Corporation.
  16. Transaction of business of an urgent nature.
  17. Minutes of proceedings of Board and committees.

PART III

FUNCTIONS, POWERSAND DUTIESOF CORPORATION

  1. Functions of Corporation.
  2. Powers of Corporation.
  3. Principles to be observed by Corporation.
  4. Reports of Corporation.
  5. Appointment of general manager.
  6. Minister may give Corporation directions in national interest.

PART IV

ISSUE OF SHARES ANDDEBENTURES BY CORPORATION

  1. Authorized share capital of Corporation.
  2. Allotment, issue and transfer of shares of Corporation.
  3. Liability of shareholder.
  4. Issue of debentures.

PART V

FINANCIAL PROVISIONS RELATING TO CORPORATION

  1. Conduct of financial affairs of Corporation.
  2. Capital of Corporation.
  3. Revenues of Corporation.
  4. Dividends and repayment of capital.
  5. Investments and loans by Corporation.
  6. Corporation to make certain charges to revenue account.
  7. Establishment and operation of general reserve.
  8. Establishment and operation of purchasing fund.
  9. Financial year of Corporation.
  10. Accounts of Corporation.
  11. Audit of accounts of Corporation.
  12. Powers of auditors.

PART VI

CONTROL OF SALE AND EXPORT OFMINERALS

  1. Prohibition of sale or export of minerals otherwise than through Corporation.
  2. Sale and export of minerals through Corporation.
  3. Conditions under which Corporation may negotiate or approve contracts.
  4. Liability of Corporation in relation to sale of minerals.
  5. Duration of authority to export minerals.
  6. Corporation to receive proceeds from sales of minerals.
  7. Commission and expenses of Corporation.
  8. Orders prohibiting stockpiling of minerals.
  9. Corporation may require information as to holding and production of minerals.

PART VII

GENERAL

  1. Exemption from liability of Corporation.
  2. Investigation into affairs of Corporation.
  3. Proceedings on failure of general manager, Board or Corporation to comply with Act.
  4. Preservation of secrecy.
  5. Use of information for private gain by members and employees.
  6. Existing contracts.

SCHEDULE

Powers of Corporation.

AN ACT to establish the Minerals Marketing Corporation of Zimbabwe and to provide for the functions, powers and duties thereof; to provide for the constitution, functions, powers and duties of the Minerals Marketing Board; to provide for the control and regulation of the export, sale and stockpiling of minerals; and to provide for matters incidental to or connected with the foregoing.

[Date of commencement: 7th March, 1983.]

PART I

PRELIMINARY

1    Short title

This Act may be cited as the Minerals Marketing Corporation of Zimbabwe Act [Chapter 21:04].

                   2    Interpretation

  • In this Act—

“appointed member” means member appointed in terms of paragraph (a) or (c) of subsection (1) of section

five;

“Board” means the Minerals Marketing Board established by section four;

“Corporation” means the Minerals Marketing Corporation of Zimbabwe established by section three;

“member” means the chairman or any other member of the Board referred to in subsection (1) of section five;

“mineral” means any—

  • substance produced from a registered mining location or quarry; or
  • product derived from the smelting, refining or other beneficiation of a substance referred to in paragraph (a); or
  • manufactured or partly-manufactured thing which is declared in terms of paragraph (a) of subsection (2) to be a mineral;

but does not include any substance or product declared in terms of paragraph (b) of subsection (2) not to be a mineral for the purposes of this Act;

“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;

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