ARRANGEMENT OF SECTIONS
PART I
PRELIMINARY
Section
1. Short title.
2. Interpretation.
PART II
ZIMBABWE STATE TRADING CORPORATION AND STATE TRADING BOARD
3. Establishment of Zimbabwe State Trading Corporation.
4. Establishment of State Trading Board.
5. Constitution of Board.
6. Conditions of office of appointed members.
7. Disqualifications for appointment as member.
8. Vacation of office by appointed members.
9. Minister may require appointed member to vacate office.
10. Filling of vacancies on Board.
11. Meetings and procedure of Board.
12. Committees of Board.
13. Remuneration and expenses of appointed members and members of committees.
14. Right of certain offices to attend meetings of Board or committees.
15. Members to declare connection with companies and firms dealing with Corporation.
16. Validity of decisions and acts of Board.
17. Execution of contracts and instruments by Corporation.
18. Transaction of business of an urgent nature.
19. Minutes of proceedings of Board and committees.
PART III
OBJECTS AND FUNCTIONS OF CORPORATION
20. Objects of Corporation.
21. Powers of Corporation.
22. Principles to be observed by Corporation.
23. Reports of Corporation.
24. Appointment of general manager.
25. Minister may give Corporation directions in national interest.
PART IV
FINANCIAL PROVISIONS RELATING TO CORPORATION
26. Conduct of financial affairs of Corporation.
27. Funds of Corporation.
28. Investment of moneys not immediately required by Corporation.
29. Corporation to make certain charges to revenue account.
30. Establishment and operation of general reserve.
31. Establishment and operation of purchasing fund.
32. Meeting of deficiencies.
33. Financial year of Corporation.
34. Accounts of Corporation.
35. Audit of accounts of Corporation.
36. Powers of auditors.
PART V
GENERAL
37. Exemption from liability of Corporation.
38. Investigation into affairs of Corporation.
39. Proceedings on failure of general manager, Board or Corporation to comply with Act.
40. Preservation of secrecy.
41. Use of information for private gain by members and employees.
42. Regulations.
SCHEDULE: Powers of Corporation.
AN ACT to establish the Zimbabwe State Trading Corporation and to confer functions and powers thereon; to provide for the constitution, functions and powers of the State Trading Board; to provide for trading by the Corporation on behalf of the State or on its own account inside or outside Zimbabwe; and to provide for matters incidental to or connected with the foregoing.
[Date of commencement: 1st August, 1987.]
PART I
PRELIMINARY
1 Short title
This Act may be cited as the Zimbabwe State Trading Corporation Act [Chapter 14:27].
2 Interpretation
In this Act-
"appointed member" means a member of the Board appointed in terms of paragraph
(a) or (c) of subsection (1) of section five;
"Board" means the State Trading Board established in terms of section four;
"Corporation" means the Zimbabwe State Trading Corporation established in terms of section three;
"goods" means any movable things capable of being imported, exported, bought or sold;
"member" means the chairman or any other member of the Board referred to in subsection (1) of section five;
"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; "sell" includes barter or any other form of countertrade.
PART II
ZIMBABWE STATE TRADING CORPORATION AND STATE TRADING
BOARD
3 Establishment of the Zimbabwe State Trading Corporation
There is hereby established a corporation, to be known as which shall be a body corporate and shall, in the name of the Zimbabwe State Trading Corporation, be capable of suing and being sued and, subject to this Act, of performing all such acts as bodies corporate may by law perform. 4 Establishment of State Trading Board
The operations of the Corporation shall, subject to this Act, be controlled by a board, to be known as the State Trading Board, constituted in terms of this Part. 5 Constitution of Board
(1) The Board shall consist of-
(a) a chairman, who shall be appointed by the Minister after consultation and in accordance with any directions the President may give him; and
(b) the general manager appointed in terms of section twenty-four; and (c) six other members appointed by the Minister after consultation and in accordance with any directions the President may give him, of whom-
(i) four shall be appointed after consultation with Ministers of such Ministries as the Minister considers have responsibilities which are related to or connected with the marketing, export, import and sale of goods;
(ii) two shall be appointed for their knowledge and experience in the field of foreign trade, export production or import procurement.
(2) The Minister shall designate one appointed member as deputy chairman of the Board, and the deputy chairman shall exercise the powers and perform the duties of the chairman of the Board during any period that the chairman is unable to do so.
(3) The Minister may appoint any person to the Board as an alternate to any member referred to in subsection (1), and such member-
(a) 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;
(b) when acting as a member shall exercise the functions of the member to whom he is alternate:
Provided that an alternate to the chairman or deputy chairman of the Board shall not exercise the functions of the chairman or deputy chairman, as the case may be.
(4) In appointing a person as an alternate to a member in terms of subsection (3), the Minister shall be bound by the same requirements for appointment as are applicable, in terms of subparagraph (i) or (ii), as the case may be, of paragraph (c) of subsection (1), to the appointment of the member concerned.
6 Conditions of office of appointed members
(1) An appointed member shall, subject to this Part, hold office for such period, not exceeding three years, as the Minister may fix on his appointment.
(2) Subject to section thirteen, an appointed member shall hold office on such conditions as the Minister may in his case fix.
(3) A retiring member shall be eligible for reappointment as a member.
7 Disqualifications for appointment as member
The Minister shall not appoint a person as an appointed member and no person shall be qualified to hold office as an appointed member who- (a) is not ordinarily resident in Zimbabwe; or
(b) has, or is married to a person who has, a financial interest in any business or is, or is married to a person who is, engaged in any activity connected with any business, if, in the opinion of the Minister, such financial interest or activity is likely to interfere with the impartial discharge by that person of his duties as a member; or
(c) has in terms of a law in force in any country-
(i) been adjudged or otherwise declared insolvent or bankrupt and has not been rehabilitated or discharged; or
(ii) made an assignment to, or arrangement or composition with, his creditors which has not been rescinded or set aside; or
(d) has, within the period of five years immediately preceding the date of his proposed appointment, been sentenced in any country to a term of imprisonment of or exceeding six months imposed without the option of a fine and has not received a free pardon.
8 Vacation of office by appointed member
An appointed member shall vacate his office and his office shall become vacant-
(a) after giving the Minister such period of notice of intention to resign as may be fixed in his conditions of appointment or, if no such period has been fixed, after the expiry of one month after the date he gives such notice, or after the expiry of such other period of notice as he and the Minister may agree upon; or
(b) on the date he begins to serve a sentence of imprisonment the term of which is not less than six months, whether or not any portion has been suspended,
imposed without the option of a fine in any country;
(c) if he becomes disqualified in terms of paragraph (a), (b) or (c) of section seven to hold office as a member; or
(d) if he is required in terms of section nine to vacate his office; or (e) if he is absent from three consecutive meetings of the Board, of which he had not less than seven days' notice, without the permission of the Board.
9 Minister may require appointed member to vacate office
The Minister may require an appointed member to vacate his office if the member- (a) has been guilty of conduct which renders him unsuitable to hold office as a member; or
(b) has failed to comply with the conditions of his office fixed by the
Minister in terms of subsection (2) of section six; or
(c) is mentally or physically incapable of efficiently performing his duties as a member.
10 Filling of vacancies on Board
On the death of, or the vacation of office by, an appointed member, the Minister shall appoint a person to fill the vacancy. 11 Meetings and procedure of Board
(1) The Board shall meet for the dispatch of business and adjourn, close and otherwise regulate its meetings and procedure as it thinks fit:
Provided that a meeting of the Board shall be held not less than three times in each financial year of the Corporation.
(2) The chairman of the Board may at any time, and shall, at the request in writing of not less than two members, convene a special meeting of the Board, which meeting shall be convened for a date not less than seven days nor more than thirty days after receipt of such request.
(3) If at a meeting of the Board the chairman and the deputy chairman are both absent, the members present may elect one of their number to preside at that meeting as chairman.
(4) A majority of members shall form a quorum at a meeting of the Board.
(5) All acts, matters or things authorized or required to be done by the Board may be decided by a majority vote at a meeting of the Board at which a quorum is present.
(6) At all meetings of the Board each member present shall, subject to section fifteen, have one vote on any question before the Board and, in the event of an equality of votes, the chairman shall have, in addition to a deliberative vote, a casting vote.
(7) Any proposal circulated among all members and agreed to in writing by a majority of all members shall be of the same force and effect as a resolution passed at a duly constituted meeting of the Board and shall be incorporated in the minutes of the next succeeding meeting of the Board:
Provided that, if a member requires that such proposal be placed before a meeting of the Board, this subsection shall not apply to such proposal.
12 Committees of Board
(1) For the better exercise of its functions the Board may establish one or more committees in which may be vested and on which may be imposed such of the functions of the Board as the Board, with the consent of the Minister, may direct:
Provided that-
(i) the vesting or imposition of any such function in a committee shall not divest the Board of such function; and
(ii) the Board may amend or withdraw any decision of any such committee in the exercise of its functions.
(2) The procedure of a committee of the Board shall be fixed by the Board.
(3) The chairman of the Board may at any time and place convene a meeting of a committee of the Board.
(4) The Board-
(a) shall appoint to any committee established in terms of subsection (1) at least one member of the Board, who shall be chairman of that committee;
(b) may appoint as members of any committee established in terms of subsection (1), on such terms and conditions as the Board may fix, persons who are not members of the Board.
13 Remuneration and expenses of appointed members and members of committees
An appointed member or a member of a committee of the Board shall be paid from the funds of the Corporation-
(a) such remuneration, if any, as the Minister may in his case fix;
(b) such allowances as the Minister may fix to meet any reasonable expenses incurred by him in connection with the business of the Board or that committee, as the case may be.
14 Right of certain officers to attend meetings of Board or committees
Such officers of the Public Service as the Minister may designate shall be entitled to attend meetings and to take part in the proceedings of the Board or of a committee established in terms of section twelve as if they were members thereof but they shall not have a vote on any question before the Board or committee, as the case may be. 15 Members to declare connection with companies and firms dealing with
Corporation
If a member or his spouse-
(a) tenders for or acquires or holds a direct or indirect pecuniary interest in a contract with the Corporation; or
(b) knowingly acquires or holds a direct or indirect pecuniary interest in a company or association of persons applying or negotiating for a contract with the
Corporation; or
(c) owns immovable property or a right in immovable property or a direct or indirect pecuniary interest in a company or association of persons which results in his private interest coming or appearing to come into conflict with his duties as a member; the member shall forthwith disclose the fact to the Board.
(2) A member referred to in subsection (1) shall take no part in the consideration or discussion of, or vote on, any question before the Board which relates to any contract, right, immovable property or interest referred to in that subsection.
(3) Failure by a member to comply with subsection (1) or (2) shall constitute conduct in respect of which the Minister may require the member to vacate his office in terms of paragraph (a) of section nine.
(4) The general manager appointed in terms of section twenty-four shall take no part in the consideration or discussion of, or vote on, any question before the Board which relates to the terms and conditions of his appointment as general manager.
16 Validity of decisions and acts of Board
No decision or act of the Board or act done under the authority of the Board shall be invalid by reason only of the fact that-
(a) the Board consisted of less than the number of persons for which provision is made in subsection (1) of section five; or
(b) a disqualified person acted as a member at the time the decision was taken or the act was done or authorized.
17 Execution of contracts and instruments by Corporation
Any agreement, contract or instrument approved by the Board may be entered into or executed on behalf of the Corporation by any person or persons generally or specially authorized by the Board for that purpose. 18 Transaction of business of an urgent nature
If it is impracticable to hold a meeting of the Board for the transaction of business of an urgent nature, the chairman of the Board, after consulting such of the other members as is practicable in the circumstances, may deal with the business himself and, as soon as may be thereafter, give to the Board full particulars of the nature and extent of the urgency of the business, of the circumstances in which the urgency arose and of the action that was taken by him in the matter:
Provided that any decision taken or act done by the chairman in terms of this section shall be subject to ratification by the Board.
19 Minutes of proceedings of Board and committees
(1) The Board shall cause minutes of all proceedings of and decisions taken at a meeting of the Board or of a committee of the Board to be entered in books kept for the purpose.
(2) Any minutes referred to in subsection (1) which purport to be signed by the chairman of the meeting to which the minutes relate or by the chairman of the next following meeting of the Board or the committee concerned, as the case may be, shall be accepted for all purposes as prima facie evidence of the proceedings of and decisions taken at the meeting concerned.
PART III
OBJECTS AND FUNCTIONS OF CORPORATION
20 Objects of Corporation
Subject to this Act, the objects of the Corporation shall be-
(a) on behalf of the State, to organize and undertake trade generally with any country in specified goods;
(b) on its own account, either inside or outside Zimbabwe, to purchase, acquire or trade in any goods and to sell or dispose of such goods;
(c) if authorized to do so by regulations made in terms of section fortytwo, to exercise a monopoly in any form of barter deal or any other form of countertrade;
(d) to advise the Minister on matters connected with foreign markets; (e) to do all other things which by this Act or any other enactment are required or permitted to be done by the Corporation.
21 Powers of Corporation
(1) Subject to this Act, the Corporation shall, for the better exercise of its functions, have power to do or cause to be done, either by itself or through its agents, all or any of the things specified in the Schedule, either absolutely or conditionally and either solely or jointly with others.
(2) In the exercise of its functions in terms of this Act, the Corporation may deal differently with different persons and with different types or grades of goods.
22 Principles to be observed by Corporation
(1) When exercising any function in terms of this Act, the Corporation shall- (a) at all times act in such manner as the Corporation considers will best promote the efficient marketing, export, import, distribution and sale of all goods, taking into account-
(i) the national interest of Zimbabwe; and
(ii) the interests of any producer of any goods for whom the Corporation may be acting; and
(iii) the common interest of all producers of such goods as the Corporation may be handling;
and
(b) so far as is practicable, act in consultation with persons whose interests are affected by the exercise of such function; and
(c) keep its expenses as low as is consistent with the provision of an efficient service to producers and sellers of goods for export or internal distribution.
(2) It shall be the duty of the Corporation to assist in, promote and complement the activities of other statutory corporations and to co-operate with such corporations in the import and export of any goods.
(3) The Corporation shall comply with every other enactment relating to the import, export or distribution of goods.
23 Reports of Corporation
(1) In addition to any annual report which the Corporation is required to submit to the
Minister in terms of the Audit and Exchequer Act [Chapter 22:03], the Corporation- (a) shall submit to the Minister such other reports as the Minister may require; and
(b) may submit to the Minister such other reports as the Corporation may deem advisable; in regard to the operations, undertakings and property of the Corporation.
(2) The Corporation shall give to the Minister all such information relating to the undertakings of the Corporation as he Minister may at any time require.
(3) The Minister may lay a report submitted to him by the Corporation in terms of subsection (1) before Parliament. 24 Appointment of general manager
(1) The Corporation-
(a) shall appoint, subject to this Act and on such terms and conditions as the Board deems fit, a person nominated by the Minister to be the general manager of the Corporation in whom, subject to the control of the Board, shall be vested the management of the operations and property of the Corporation; and
(b) may, with the approval of the Minister, assign to the general manager such of the functions of the Corporation as the Board deems fit.
(2) No person shall be appointed as general manager and no person shall be qualified to hold office as the general manager if he is not a citizen of Zimbabwe permanently resident in Zimbabwe.
(3) The appointment of the general manager shall be terminated if he would be required in terms of paragraph (b) or (c) of section eight to vacate his office had that section and paragraphs (b) and (c) of section seven applied to him.
(4) Any assignment of functions and powers in terms of paragraph (b) of subsection (1)-
(a) may be made either generally or specially and subject to such restrictions, reservations and exceptions as the Board may determine;
(b) may be revoked by the Board at any time;
(c) shall not preclude the exercise of the functions by the Board itself.
25 Minister may give Corporation directions in national interest
(1) The Minster may, after consultation with the Board, give to the Corporation such directions in writing of a general character relating to the exercise by it of its functions, as appear to the Minister to be necessary, taking into account the common interests of producers of goods.
(2) The Corporation shall, with all due expedition, comply with any direction given to it in terms of subsection (1).
PART IV
FINANCIAL PROVISIONS RELATING TO CORPORATION
26 Conduct of financial affairs of Corporation
It shall be the object of the Corporation so to exercise its functions and conduct its business as to ensure that its income, taking one year with another, is not less than sufficient to enable the Corporation to meet the expenditure of the Corporation and other matters properly chargeable to revenue account, and in general the Corporation shall conduct its business on sound commercial lines.
27 Funds of Corporation
The funds of the Corporation shall consist of-
(a) such moneys as may be payable to the Corporation from moneys appropriated for the purpose by Parliament; and
(b) such other moneys or assets as may vest in or accrue to the Corporation, whether in the course of its operations or otherwise.
28 Investment of moneys not immediately required by Corporation
Moneys not immediately required by the Corporation may be invested in such manner as the Minister, acting on the advice of the Minister responsible for finance, may approve.
29 Corporation to make certain charges to revenue account
(1) The Corporation shall charge to its revenue account all charges which, in the normal conduct of business, are regarded as proper to be charged to revenue account and, in so doing, shall make in each financial year proper provision for- (a) the depreciation or diminution in value of assets; and
(b) the payment of interest on and all other charges and expenses incurred in connection with loans; and
(c) the redemption of loans at due times to the extent that such redemption exceeds provision for depreciation.
(2) In charging to its revenue account all charges which in the normal conduct of business are regarded as proper to be charged to revenue account as provided in subsection (1), the Corporation may, in each financial year, make provision for-
(a) meeting, in whole or in part, increases in the cost of replacing assets to an extent approved by the Minister after consultation with the Minister responsible for finance; and
(b) making payments to an insurance fund established by the Corporation to meet, in whole or in part, such liabilities of the Corporation as the Minister may approve; and
(c) making payments to a pension fund established by the Corporation to meet, in whole or in part, super-annuation liabilities of the Corporation.
30 Establishment and operation of general reserve
(1) The Corporation shall establish a general reserve to which, subject to this Part, may be appropriated from a surplus of income over expenditure at the end of its financial year such sums as the Minister may approve.
(2) Subject to this Part, moneys in the general reserve established in terms of subsection (1) may, with the approval of the Minister, be used for such purposes as the Board may consider expedient for the proper exercise by the Corporation of its functions, including the development of its assets.
(3) The Board shall comply with any directions which the Minister may give in relation to the management of the general reserve established in terms of subsection (1).
(4) Moneys in the general reserve established in terms of subsection (1) shall not be reduced, without the approval of the Minister, below such an amount as the Minister may fix, otherwise than for the purposes of meeting a deficiency as is provided in subsection (1) of section thirty-two.
31 Establishment and operation of purchasing fund
(1) The Corporation shall establish and administer a fund to be known as the purchasing fund, which shall consist of and into which shall be paid- (a) moneys appropriated for the purpose by Parliament; and
(b) the proceeds of the sale of any goods purchased by the Corporation.
(2) The moneys in the purchasing fund established in terms of subsection (1) shall be used by the Corporation-
(a) for the purchase of goods by the Corporation and for meeting expenses incurred in connection with such purchases and the sale of such goods; and (b) to meet such other expenses as the Minister may approve.
32 Meeting of deficiencies
(1) If in any financial year the income of the Corporation, together with any surplus income brought forward from a previous financial year, is insufficient to enable the Corporation to meet the charges and to make the provision required by section twenty-nine, the deficiency shall, unless the Minister otherwise directs, be met from the general reserve established in terms of section thirty.
(2) If the moneys in the general reserve are insufficient for the purpose of meeting the deficiency referred to in subsection (1), the Minister may, out of moneys appropriated for the purpose by Parliament, meet the whole or any portion of the amount of the deficiency outstanding after the application of the moneys in the general reserve to that purpose either at the end of the financial year or at such time thereafter as he considers expedient.
(3) Any payment made in terms of subsection (2) shall be regarded as a loan made by the State to the Corporation and shall be repayable by the Corporation on such terms and conditions as the Minister, with the concurrence of the Minister responsible for finance, may fix.
33 Financial year of Corporation
The financial year of the Corporation shall be the period of twelve months ending on the 30th June in each year or on such other date as may be prescribed.
34 Accounts of Corporation
(1) The Corporation shall keep proper accounts and other records relating thereto in respect of all its operations, undertakings and property, including such particular accounts and records as the Minister may direct.
(2) The Corporation shall prepare and submit to the Minister a statement of accounts in respect of each financial year or such other period as the Minister may direct.
35 Audit of accounts of Corporation
(1) The Board shall appoint as auditors one or more persons approved by the Minister who are registered as public auditors in terms of the Public Accountants and Auditors Act [Chapter 27:12].
(2) The accounts of the Corporation kept in terms of subsection (1) of section thirtyfour shall be examined by the auditors appointed in terms of subsection (1).
(3) The auditors appointed in terms of subsection (1) shall make a report to the Board and the Minister on the statement of accounts prepared in terms of subsection (2) of section thirty-four and such report shall state whether or not in their opinion the statement of accounts gives a true and fair view of the state of the financial affairs of the Corporation.
(4) In addition to the report referred to in subsection (3), the Minister may require the Board to obtain from the auditors appointed in terms of subsection (1) such other reports, statements or explanations in connection with the operations, undertakings and property of the Corporation as the Minister may consider expedient. (5) If, in the opinion of the auditors appointed in terms of subsection (1)-
(a) they have not obtained the information and explanations they require; or
(b) any account or records relating thereto have not been properly kept by the Corporation; or
(c) the Corporation has not complied with this Part;
the auditors shall include in the report made in terms of subsection (3) or (4), as the case may be, statements to that effect.
36 Powers of auditors
(1) The auditors appointed in terms of subsection (1) of section thirty-five shall be entitled at all reasonable times to require to be produced to them all accounts and other records relating thereto kept by the Corporation or its agents and to require from any member or person employed by the Corporation or its agents such information and explanations as in their opinion are necessary for the purposes of their audit.
(2) Any member or employee or agent of the Board who fails without just cause to comply with a requirement of an auditor in terms of subsection (1) shall be guilty of an offence and liable to a fine not exceeding five hundred dollars or to imprisonment for a period not exceeding three months or to both such fine and such imprisonment.
PART V
GENERAL
37 Exemption from liability of Corporation
No liability shall attach to the Corporation or to any member for any loss or damage sustained by any person as a result of the bona fide exercise or performance by the Corporation, the Board, a committee of the Board or any employee or agent of the Corporation of any function conferred or imposed upon the Corporation or the Board in terms of this Act or any other enactment:
Provided that this section shall not be construed so as to prevent any person from recovering, by action in a court of competent jurisdiction, compensation for any loss or damage sustained by him which was caused by negligence or breach of contract.
38 Investigation into affairs of Corporation
(1) The Minister may at any time cause an investigation to be made into the affairs of the Corporation by one or more persons appointed by him in writing.
(2) Any person appointed in terms of subsection (1) shall have the same powers as are conferred upon a commissioner by the Commissions of Inquiry Act [Chapter 10:07], other than the power to order a person to be detained in custody, and sections 9 to 13 and 15 to 19 of that Act shall apply, mutatis mutandis, in relation to an investigation made in terms of subsection (1) and to any person summoned to give or giving evidence at that investigation.
39 Proceedings on failure of general manager, Board or Corporation to comply with Act
If at any time the Minister is satisfied that the general manager of the Corporation, the Board or the Corporation has failed to comply with this Act, he may, by notice in writing, require the general manager, the Board or the Corporation, as the case may be, to make good the default within a specified time
40 Preservation of secrecy
(1) All members and employees of the Corporation shall, subject to this Act, keep secret and aid in keeping secret all information relating to the business of producers, sellers and purchasers of goods which comes to their knowledge in the exercise of their functions in terms of this Act.
(2) Subject to this Act, no member or employee of the Corporation shall, except in the exercise of his functions in terms of this Act, or unless he is required to do so by order of a competent court-
(a) communicate information referred to in subsection (1) to any person who is not the producer, seller or purchaser to whom the information relates or the lawful representative of such producer, seller or purchaser; or
(b) allow any person who is not the producer, seller or purchaser to whom the information relates nor the lawful representative of such producer, seller or purchaser to have access to any record under the control or in the custody of the Corporation which contains information referred to in subsection (1).
(3) Any member or employee of the Corporation who contravenes subsection (1) or (2) shall be guilty of an offence and liable to a fine not exceeding ten thousand dollars or to imprisonment for a period not exceeding five years or to both such fine and such imprisonment.
41 Use of information for private gain by members and employees
(1) No member or employee of the Corporation shall, for his personal gain, make use of any information which has come to his knowledge in the exercise of his functions in terms of this employees Act.
(2) Any member or employee of the Corporation who contravenes subsection (1) shall be guilty of an offence and liable to-
(a) a fine not exceeding ten thousand dollars or double the amount of his gain, whichever is the greater; or
(b) imprisonment for a period not exceeding five years; or to both such fine and such imprisonment.
42 Regulations
(1) The Minister may, after consultation with the Board, make regulations prescribing anything which in terms of this Act is to be prescribed or which, in his opinion, is. necessary or convenient to be prescribed for carrying out or giving effect to this Act.
(2) Regulations made in terms of subsection (1) may provide for- (a) a monopoly by the Corporation in; or
(b) the conduct, control, regulation or restriction of; all forms of barter deals or any other forms of countertrade.
(3) Regulations made in terms of subsection (1) may provide penalties for contraventions thereof but no such penalty shall exceed a fine of two hundred dollars or imprisonment for a period of three months or both such fine and such imprisonment. SCHEDULE (Section 21)
POWERS OF CORPORATION
1. To acquire premises necessary or convenient for the exercise of its functions and for that purpose to buy, take on lease or in exchange, hire or otherwise acquire immovable property and interests therein and concessions, grants, powers and privileges in respect thereof.
2. To buy, take in exchange, hire or otherwise acquire movable property necessary or convenient for the exercise of its functions.
3. To maintain, alter or improve property acquired by it.
4. To mortgage any assets or part of any assets and, with the approval of the Minister, to sell, exchange, lease, dispose of, turn to account or otherwise deal with any assets or part of any assets which are not required for the exercise of its functions for such considerations as it may determine.
5. To draw, make, accept, endorse, discount, execute and issue for the purposes of its functions promissory notes, bills of exchange, bills of lading, securities and other negotiable or transferable instruments.
6. To insure against losses, damages, risks and liabilities which it may incur.
7. To make contracts and enter into suretyships or give guarantees in connection with the exercise of its functions and to modify or rescind such contracts or rescind such suretyships or guarantees.
8. With the approval of the Minister, to enter into, renew, cancel or abandon arrangements with any government or authority, local or otherwise, that may seem conducive to the exercise of its functions or any of them and to obtain from such government or authority rights, privileges and concessions which it thinks desirable to obtain and carry out, exercise and comply with such arrangements, rights, privileges and concessions.
9. With the approval of the Minister and the Minister responsible for finance-
(a) to raise loans or borrow money, by the issue of debentures or debenture stock or otherwise, in such amounts and for such purposes and under such conditions as may be approved by those Ministers;
(b) to establish and administer such funds and reserves not specifically provided for in this Act as the Board may consider appropriate or necessary for the proper exercise of the functions of the Corporation.
10. To employ, upon such terms and conditions as the Board may fix with the approval of the Minister after consultation with the Public Service Commission, such persons, apart from the general manager, as may be necessary for conducting the affairs of the Corporation, and to suspend, discipline or discharge any such persons.
11. To pay such remuneration and allowances and grant such leave of absence and, with the approval of the Minister, to make such gifts, bonuses and the like to its employees as it considers fit.
12. With the approval of the Minister and the Minister responsible for finance, given after consultation with the Public Service Commission, to provide pecuniary benefits for its employees on their retirement, resignation, discharge or other termination of service or in the event of their sickness or injury and for their dependants, and for that purpose to effect policies of insurance, establish pension or provident funds or make such other provision as may be necessary to secure for its employees and their dependants any or all of the pecuniary benefits to which this paragraph relates.
13. To purchase, take on lease or in exchange or otherwise acquire land or dwelling-houses for use or occupation by its employees.
14. To construct dwellings, outbuildings or improvements for use or occupation by its employees on land purchased, taken on lease or in exchange or otherwise acquired by the Corporation.
15. To sell or lease dwelling-houses and land for residential purposes to its employees.
16. With the approval of the Minister and the Minister responsible for finance, to make loans or guarantee loans to its employees or their spouses for the purchase of dwelling-houses or land for residential purposes, the construction of dwelling-houses and the improvement of dwelling-houses or land which are the property of its employees or their spouses.
17. To provide security in respect of loans such as are described in paragraph 16 by the deposit of securities, in which the Corporation may invest such moneys as the Board may deem necessary for the purpose. 18. To make loans to any employee of the Corporation-
(a) for the purpose of purchasing vehicles, tools or other equipment to be used by him in carrying out his duties; or
(b) not exceeding three months' salary or wages payable to him, for any purpose on such security as the Board considers adequate.
19. To do anything for the purpose of improving the skill, knowledge or usefulness of its employees, and in that connection to provide or assist other persons in providing facilities for training, education and research.
20. With the approval of the Minister, to promote, establish or acquire companies or other undertakings and, in connection with any such company or other undertaking-
(a) to manage and to act as secretary thereof;
(b) to appoint any person to act on behalf of the Corporation as a director thereof or in any other capacity in relation thereto.
21. With the approval of the Minister, to acquire an interest in, to provide by underwriting or otherwise or to assist in the subscription of capital for or to guarantee the obligations of a company, whether promoted by the Corporation or otherwise, engaged in establishing, expanding or modernizing, or proposing to establish, expand or modernize any undertaking relating to the production, processing or marketing of goods.
22. To plan, co-ordinate and implement the export of locally produced goods to new or existing markets.
23. To explore new markets for locally produced goods and to develop export trade in new goods with a view to maintaining, diversifying and expanding the export trade of Zimbabwe.
24. With the approval of the Minister, to undertake the distribution of any goods with a view to stabilizing prices or ensuring a uniform distribution of such goods within Zimbabwe.
25. To provide such services as the Board, with the approval of the Minister, considers could properly be provided by the Corporation and to charge for such services such fees as the Board, with the approval of the Minister, may from time to time determine.
26. With the approval of the Minister and the Minister responsible for finance-
(a) to provide financial assistance to any institution or person whose activities or part of whose activities are such as to be, in the opinion of the Board, of benefit to the Corporation or to the producers or importers of goods;
(b) to grant such scholarships or bursaries as the Board considers to be in the interests of the Corporation as a whole or any part thereof, on such terms and conditions as the Board may fix in any particular case.
27. With the approval of the Minister, to engage in, establish, operate or manage schemes for-
(a) the training of persons engaged or to be engaged in any of the activities of the Corporation;
(b) research into foreign or international trade;
(c) the procurement of goods necessary for trade activities.
28. To store, package or sell any goods acquired by the Corporation.
29. To do all things that are necessary in the opinion of the Board to promote, protect and maintain, having regard to trade interests and the stability of existing outside markets, the sale and export of goods.
30. To do anything which by this Act is required or permitted to be done by the Corporation.
31. At any time to cancel or alter any order, direction, declaration or notice given or issued by the Corporation in terms of this Act.
32. Generally to do all such things as are calculated to facilitate or are incidental or conducive to the performance of the functions of the Corporation in terms of this Act or any other enactment.
