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Indigenisation and Economic Empowerment (General) (Amendment) Regulations, 2011 (No. 3), S.I. 34/2011
March 25, 2011

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IT is hereby notified that the Minister of Youth Development, Indigenisation and Empowerment, after consultation with the Board has, in terms of section 21 of the Indigenisation and Economic Empowerment Act [Chapter 14:33], made the following regulations:-

1. These regulations may be cited as the Indigenisation and Economic Empowerment (Amendment) Regulations, 2011 (No. 3).

2. The Indigenisation and Economic Empowerment Regulations, 2010, published in Statutory Instrument 21 of 2010 (hereinafter called the “principal regulations”) are amended in section 2 (“Interpretation”) by the insertion of the following definitions -

“non-indigenous business” means a business in respect of which fifty-one per centum of the shares or a controlling interest is not held by indigenous Zimbabweans; “primary documents”, with reference to the documents required to be submitted by a responsible person on behalf of a business under section 10(1), means the Form IDG 01 and indigenisation implementation plan required of the business concerned; “responsible person” mean a person referred to in section 10(1)(a), (b), (c) or (d); “secondary document” means the resolution or proof of authority referred to in section 10(4)(a), (b), (c) or (d), as the case may be, required to be submitted by a responsible person together with the primary documents;”.

3. The Indigenisation and Economic Empowerment Regulations, 2010, published in Statutory Instrument 21 of 2010 (hereinafter called the “principal regulations”) are amended in section 4 (“Every business to notify extent of present or future compliance with indigenisation”) -

(a) in subsection (6) by the deletion of “referred to in subsection (3)” wherever it occurs and the substitution of “referred to in subsection (4)”; (b) by the insertion of the following subsection after subsection (6) - “(6a) A business which, having been granted an extension under subsection (6) within which to submit its indigenisation implementation plan, fails to do so within the extended period, shall be guilty of an offence and liable to a fine not exceeding level twelve or imprisonment for a period not exceeding five years or to both such fine and such imprisonment.”

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