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MINERALS MARKETING CORPORATION OF ZIMBABWE ACT (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
- Short title.
MINERALS MARKETING CORPORATION OFZIMBABWE ANDMINERALS MARKETING BOARD
- Establishment of Minerals Marketing Corporation of Zimbabwe.
- Establishment of Minerals Marketing Board.
- Constitution of Board.
- Conditions of office of appointed members.
- Disqualifications for appointment as member.
- Vacation of office by appointed member.
- Minister may require appointed member to vacate office.
- Filling of vacancies on Board.
- Meetings and procedure of Board.
- Committees of Board.
- Remuneration and expenses of appointed members and members of committees.
- Right of certain officers to attend meetings of Board or committees.
- Members to declare connection with companies and firms dealing with Corporation.
- Validity of decisions and acts of Board.
- Execution of contracts and instruments by Corporation.
- Transaction of business of an urgent nature.
- Minutes of proceedings of Board and committees.
FUNCTIONS, POWERSAND DUTIESOF CORPORATION
- Functions of Corporation.
- Powers of Corporation.
- Principles to be observed by Corporation.
- Reports of Corporation.
- Appointment of general manager.
- Minister may give Corporation directions in national interest.
ISSUE OF SHARES ANDDEBENTURES BY CORPORATION
- Authorized share capital of Corporation.
- Allotment, issue and transfer of shares of Corporation.
- Liability of shareholder.
- Issue of debentures.
FINANCIAL PROVISIONS RELATING TO CORPORATION
- Conduct of financial affairs of Corporation.
- Capital of Corporation.
- Revenues of Corporation.
- Dividends and repayment of capital.
- Investments and loans by Corporation.
- Corporation to make certain charges to revenue account.
- Establishment and operation of general reserve.
- Establishment and operation of purchasing fund.
- Financial year of Corporation.
- Accounts of Corporation.
- Audit of accounts of Corporation.
- Powers of auditors.
CONTROL OF SALE AND EXPORT OFMINERALS
- Prohibition of sale or export of minerals otherwise than through Corporation.
- Sale and export of minerals through Corporation.
- Conditions under which Corporation may negotiate or approve contracts.
- Liability of Corporation in relation to sale of minerals.
- Duration of authority to export minerals.
- Corporation to receive proceeds from sales of minerals.
- Commission and expenses of Corporation.
- Orders prohibiting stockpiling of minerals.
- Corporation may require information as to holding and production of minerals.
- Exemption from liability of Corporation.
- Investigation into affairs of Corporation.
- Proceedings on failure of general manager, Board or Corporation to comply with Act.
- Preservation of secrecy.
- Use of information for private gain by members and employees.
- Existing contracts.
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.]
1 Short title
This Act may be cited as the Minerals Marketing Corporation of Zimbabwe Act [Chapter 21:04].
- In this Act—
“appointed member” means member appointed in terms of paragraph (a) or (c) of subsection (1) of section
“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;