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ZIMBABWE MINING DEVELOPMENT CORPORATION ACT(CHAPTER 21:08 )

 

CHAPTER 21:08

ZIMBABWE MINING DEVELOPMENT CORPORATION ACT

Acts 31/1982, 29/1990 (s. 22), 3/1991, 22/2001 (s. 4).

ARRANGEMENT OF SECTIONS

PART I

PRELIMINARY Section

  1. Short title.

PART II

ZIMBABWE MINING DEVELOPMENT CORPORATION AND MINING DEVELOPMENT BOARD

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

PART III

FUNCTIONS, POWERS AND DUTIES OF CORPORATION

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

PART IV

ISSUE OF SHARES AND DEBENTURES BY CORPORATION

  1. Authorized share capital of Corporation.
  2. Allotment, issue and transfer of shares of Corporation.
  3. Liability of shareholders.
  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. Investment and loans by Corporation.
  5. Corporation to make certain charges to revenue account.
  6. Establishment and operation of general reserve.
  7. Meeting of deficiencies.
  8. Financial year of Corporation.
  9. Accounts of Corporation.
  10. Audit of accounts of Corporation.
  11. Powers of auditors.

PART VI

GENERAL

  1. Investigation into affairs of Corporation.
  2. Proceedings on failure of general manager, Board or Corporation to comply with Act.

SCHEDULE

Powers of Corporation.

AN ACT to establish the Zimbabwe Mining Development Corporation and to provide for the functions, powers and duties thereof; to provide for the constitution, functions, powers and duties of the Mining Development Board; to regulate the financial affairs of the Zimbabwe Mining Development Corporation; and to provide for matters incidental to or connected with the foregoing.

[Date of commencement: 4th November, 1983.]

PART I

PRELIMINARY

1    Short title

This Act may be cited as the Zimbabwe Mining Development Corporation Act [Chapter 21:08].

                       2    Interpretation

In this Act—

“Board” means the Mining Development Board referred to in section four;

“Corporation” means the Zimbabwe Mining Development Corporation established by section three;

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

“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.

PART II

ZIMBABWE MINING DEVELOPMENT CORPORATION AND MINING DEVELOPMENT BOARD

                       3     Establishment of Zimbabwe Mining Development Corporation

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

                       4     Establishment of Mining Development Board

The operations of the Corporation shall, subject to this Act, be controlled by a board, to be known as the Mining Development Board, constituted in terms of this Part.

                       5    Constitution of Board

  • The Board shall consist of not less than five and not more than nine members who shall be appointed by the Minister after consultation with the President and in accordance with any directions the President may give him and who shall be chosen for their ability and experience in the mining industry or administration and for their suitability otherwise for appointment as members.
  • The Minister shall appoint one member as chairman of the Board and another member as deputy chairman of the Board, and the deputy chairman shall exercise the functions and powers and perform the duties of the chairman during any period that the chairman is unable to exercise his functions.
  • The Minister may appoint any person to the Board as an alternate to any member referred to in subsection (1), and such member—
  • shall act as a member only when the member to whom he is alternate is for any reason unable to exercise his functions on the Board;
  • when acting as a member shall exercise the functions and powers and perform the duties of the member to whom he is alternate:

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