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Zimbabwe Investment Authority Bill, 2005 [H.B. 10, 2005]
October 21, 2005

Read the Zimbabwe Investment Authority Act (Act 4, 2006)

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Published in the Government Gazette on Friday 21st October, 2005 (General Notice 417 of 2005)

Zimbabwe Investment Authority Bill, 2005 [H.B. 10, 2005]

MEMORANDUM

The Zimbabwe Investment Centre is constituted in terms of the Zimbabwe Investment Centre Act [Chapter 24:16] whilst the Export Processing Zones Authority is constituted in terms of the Export Processing Zones Act [Chapter 14:07]. This Bill seeks to repeal these two Acts and establish a new organisation to be called the Zimbabwe Investment Authority. In more detail the provisions of the Bill are as follows:

Part I
Clause 1 sets out the Bill’s short title and provides for its date of commencement. Clause 2 defines terms that are used throughout this Bill.

Part II
Clause 3 establishes the Zimbabwe Investment Authority. Clause 4 establishes the Board of Zimbabwe Investment Authority. The Board will consist of eleven members appointed by the Minister in consultation with the President. Clause 6 provides for the establishment of an Investment Committee. This Committee will be responsible for making recommendations to the Board for the approval or rejection of applications for investments licences. The procedure to be followed by the Board at its meetings and terms and conditions of service of members of the Board will be as set out in the First Schedule to the Bill.

Part III
Functions of the Authority are outlined in clause 7. The Authority will be responsible for processing applications for investments licences, planning and implementing investment promotion strategies, promoting the decentralisation of investment activities and supervising the implementation of approved investment projects, among other issues. Clause 8 outlines the powers of Authority, which are further detailed in the Second Schedule. In terms of clause 9, the Authority is required to submit reports to the Minister on its operations and on any other issue as the Minister may require. Under Clause 10, the Authority will employ a Chief Executive Officer and other members of staff to enable it to carry out its business. Clause 11 provides for the hiring of employees of Authority. In terms of Clause 12, the Minister will have power to give directions in the national interest to the Authority and the Authority is obliged to comply with such directions.

Part IV
This Part deals with applications for approval of investments. Clause 13 deals with applications for investment licences. Clause 14 provides for the considerations for approving applications for investment licences. Clause 15 provides for approval or refusal of applications, for investment licences. Clause 16 provides for the period of validity of licences. Clause 17 deals with renewal of investment licences. Clause 18 provides for register of licences. In terms of Clause 19, an investor is required to notify the Authority of non-implementation of an investment, whilst clause 20 prohibits the transfer of licences except with the approval of the Authority. Clause 21 gives the Authority the power to visit premises and inspect documents of licensed investors. The Authority is empowered in terms of clause 22, to suspend or cancel any investment licence if the conditions of such licence have been violated. Clause 23 deals with appeals and clause 24 provides for incentives and guidelines for investment. Clause 25 empowers the Minister to prescribe sectors for investment.

Part V
This Part deals with financial provisions, such as funds of the Authority (Clause 26). Clause 27 deals with investment of moneys not immediately required by the Authority. Clause 28 provides for accounts and audit of the Authority’s funds.

Part VI
This Part deals with general matters. Clause 29 requires the preservation of secrecy by persons employed in carrying out the provisions of this Bill and provides for the circumstances in which information may be lawfully divulged. Clause 30 provides for the penalty for submitting an application for project proposal with false information. Clause 31 exempts the Authority from liability for any loss or damage sustained by any person as a result of the bona fide exercise of any function of the Authority. Clause 32 provides for the protection of investments approved or licensed under the Bill in accordance with the laws of Zimbabwe. The Minister is empowered to make regulations in terms of clause 33. The Zimbabwe Investment Centre Act [Chapter 24:16] and the Export Processing Zones Act [Chapter 14:07] are repealed by clause 34. Clauses 35 and 36 provide for transitional matters in connection with the winding up of the affairs of the Zimbabwe Investment Centre and the Export Processing Zones Authority. Clause 37 deals with transitional issues in connection with holders of certificates or licences issued under the repealed Acts. 

BILL

ENACTED by the President and the Parliament of Zimbabwe.

1. Short title and date of commencement

(1)  This Act may be cited as the Zimbabwe Investment Authority Act [Chapter 14:30].

2 Interpretation

(2)  Words importing male or female persons include corporate bodies.

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