ZIMBABWE DEVELOPMENT CORPORATION ACT

Acts 37/1984, 18/1989 (s.35), 29/1990 (s. 27), 22/2001 (s. 4).

ARRANGEMENT OF SECTIONS

PART I

PRELIMINARY Section

1. Short title.

PART II

ESTABLISHMENT OF ZIMBABWEDEVELOPMENT CORPORATION

3. Establishment of Corporation.
4. Board of Corporation.
5. Disqualifications for appointment to Board.
6. Vacation of office by member.
7. Minister may require member to vacate office.
8. Filling of vacancies.
9. Meetings and procedure of Board.
10. Remuneration and expenses of members.
11. Validity of decisions and acts of Board.
12. Execution of contracts and instruments of Corporation.
13. Members to declare connection with companies dealing with Corporation.
14. Transaction of urgent business.

PART III

FUNCTIONS AND POWERSOF CORPORATION

15. Functions of Corporation.
16. Powers of Corporation.
17. Corporation to conduct affairs on sound business principles.
18. Reports of Corporation.
19. Appointment of general manager.
20. Minister may give directions to Corporation.

PART IV

FINANCIALPROVISIONS

21. Funds of Corporation.
22. Payments to Corporation by subsidiaries.
23. Corporation to make certain charges to revenue account.
24. Establishment and operation of general reserve.
25. Meeting of deficiencies.
26. Financial year of Corporation.
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 cases.

AN ACT to establish the Zimbabwe Development Corporation; to confer functions and powers on such Corporation to monitor, co-ordinate and guide the activities of the parastatal sector, and to direct, guide and approve the capital investment of various subsidiaries and to provide for the transfer of the whole or part of the financial interest in those subsidiaries to such Corporation; and to provide for other matters incidental to or connected with the foregoing.

[Date of commencement: 1st June, 1988.]

PART I

PRELIMINARY

1    Short title

This Act may be cited as the Zimbabwe Development Corporation Act [Chapter 24:15].

                       2    Interpretation

In this Act—

“auditors” means one or more persons appointed as auditors of the Corporation in terms of section twentyeight;

“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 ZIMBABWEDEVELOPMENT CORPORATION

                       3    Establishment of Corporation

• There is hereby established a body corporate to be known as the Zimbabwe Development Corporation.
• The Corporation shall have perpetual succession and shall be capable of suing and being sued in its corporate name and, subject to this Act, of performing all such acts as bodies corporate may by law perform.

                       4    Board of Corporation

• The operations of the Corporation shall, subject to this Act, be managed and controlled by a Board consisting of not less than six and not more than eleven members appointed by the Minister after consultation with the President and in accordance with any directions the President may give him.
• Subject to this Act, a person shall be qualified for appointment to the Board if— (a) he has served—
  • as a business executive or in the management of a corporation or company; or
  • as a Secretary or Deputy Secretary in any Government Ministry or Department;

for not less than three years; or

(b) he has such other ability or experience in business or administration as, in the opinion of the Minister, qualifies him for appointment to the Board.

• The Minister shall designate one member as chairman and another member as vice-chairman of the Board and the vice-chairman shall exercise the functions and perform the duties of the chairman during any period that the chairman is unable to do so.