The contentious law has been dismissed by many as a statutory instrument designed to suit the interests of politicians contrary to assurances that it seeks to empower ordinary citizens. The indigenisation policy has been used and continues to be used by the elite in order to commit or justify acts of economic banditry, expropriation and unfair practices which have in-turn scared foreign direct investment into the economy. This paper discusses how easing the general regulations for the indigenisation policy would provide the latitude for increased international investment. It examines the rationale behind the policy, the socio-economic and political elements that its implementation incorporates and the possible ways in which these can be simplified to help lure investment. Respect for democracy, human rights and the rule of law, curbing corruption, strengthening institutional capacities, infrastructural development, skilled labour expertise, export competitiveness, trade openness and domestic capital formation, favourable labour legislation, reduction of taxation and massive politicization in the implementation of policies would together with easing indigenization, gather the necessary legitimacy and diplomacies needed to attract the needed investment. There are three aims of the indigenisation law; creation of wealth and employment; poverty alleviation, and; expanding the domestic market.
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Provided that the Minister shall not require anything to be done under this subsection which will result in the transaction in question being concluded on less favourable terms than those originally notified to him or her under subsection 1 a.
Provisions Applicable to Board and Committees Paragraph 1. Disqualification for appointment as member. Terms and conditions of office of members. Vacation of office by appointed members of Board. Filling of vacancies of Board. Meetings and procedure of Board. Committees of Board. Minutes of proceedings of Board and committees. Validity of decisions and acts of Board and committees.
Disqualification for appointment as member 1. Terms and conditions of office of members 2. Vacation of office by members 3. Suspension of members 4. The Minister may suspend from office a member, other than one referred to in section 7 1 a or g , against whom criminal proceedings are instituted for an offence involving dishonesty and, whilst that member is so suspended, he or she shall not carry out any duties or be entitled to any remuneration or allowances as a member.
Filling of vacancies on Board 5. On the death of, or the vacation of office by, a member other than one referred to in section 7 1 a or g , his or her office shall be filled within three months in accordance with section 7. Meetings and procedure of Board 6. Provided that in the event of an equality of votes the chairperson or person presiding at the meeting shall have a casting vote in addition to his or her deliberative vote. Committees of Board 7. Minutes of proceedings of Board and committees 8.
Validity of decisions and acts of Board and committees 9. No decision or act of the Board or a committee or act that is authorised by the Board or a committee shall be invalid solely because there was a vacancy in the membership of the Board or the committee or because a disqualified person purported to act as a member of the Board or the committee, as the case may be, at the time the decision was taken or the act was done or authorized.
In this Schedule, unless inconsistent with the context, the following words shall have the meanings stated below. This Schedule to bind all holders 3. The terms and conditions of this Schedule, as amended in accordance with section 13 3 of the Act from time to time, shall be binding on each unit holder and all persons claiming through him or her.
Copies of this Schedule and amendments 4. A copy of this Schedule and of any amendment thereto shall be available for inspection at the offices of the chief executive officer or of any manager at all times during normal business hours and shall be supplied by the chief executive officer or any manager to any person on application at a charge to be specified by the chief executive officer with the approval of the Board.
All legal proceedings in relation to the Unit Trust Account shall be instituted by or against the Board. Liability of the Board 6. Whenever any certificate, notice, instruction or other communication is to be given by the chief executive officer or any manager to the Board, the Board may accept as sufficient evidence thereof a document signed or purporting to be signed on behalf of the chief executive officer or any manager by any two persons whose signature the Board are, for the time being, authorised by the chief executive officer to accept.
Conduct of business and meetings 7. Powers of Board 8. The managers shall be a company or a consortium of companies, appointed by the Board, who are responsible to the unit holders for the management and control of the Unit Trust Account and for the issue and redemption of units of the scheme.
Subject to this Schedule the managers, in their own name and in the name of the Unit Trust Account, shall have power to do all such things and enter into all such arrangements as are necessary to achieve the provisions, intentions and objects of the Unit Trust Account in such manner as in the opinion of their proper officers may be most advantageous to the unit holders and, without prejudice to the generality of the foregoing, shall have the following powers : 9.
Duties of managers 10 1. It shall be the duty of the managers to: Liability of managers Verification of signatures.
INDIGENISATION AND ECONOMIC EMPOWERMENT ACT IN ZIMBABWE PDF
Samurn Indigenisation Act Amendments Now Law Many of these same items were indigwnisation on the black market which led to an increasing inflation rate. Businesses wishing to amend previously approved indigenisation implementation plans may, within 60 days of the commencement of the Act, submit a revised plan to the minister for approval. All articles with unsourced statements Articles with unsourced statements from May Wikipedia articles needing clarification from May All articles with vague avt ambiguous time Vague or ambiguous time from November The President should clarify the position as soon as possible by assigning the Act to one of his Ministers and publishing notice of the assignment. Zimbabwe government officially amends indigenization law Source: Veritas said a new section of the amended act is designed to ensure that in the course of time at least 51 percent of any designated extractive business is owned through an appropriate designated entity.
Indigenisation and Economic Empowerment Act [Chapter 14:33]
Provided that the Minister shall not require anything to be done under this subsection which will result in the transaction in question being concluded on less favourable terms than those originally notified to him or her under subsection 1 a. Provisions Applicable to Board and Committees Paragraph 1. Disqualification for appointment as member. Terms and conditions of office of members.