ARRANGEMENT OF SECTIONS
1. Short title.
THE TANZANIA SISAL CORPORATION
3. Establishment of the Corporation.
4. Functions of the Corporation.
5. Management of the Corporation.
6. Financial duties of the Corporation.
7. Financial resources of the Corporation.
8. Powers of the Minister in relation to the Board.
9. Accounts and audit.
VESTING OF INTERESTS OF CERTAIN SCHEDULED FIRMS
11. Nationalisation of the scheduled firms.
12. Operation of contract, etc.
13. Power of the Corporation.
14. Compensation to be paid.
(c) Employees of Scheduled Firms
15. Local employees.
16. Transfer or secondment of employees on expatriate terms.
17. Staff to assist in respect of transfer of business.
VESTING OF SHARES OF CERTAIN SCHEDULED FIRMS
19. Vesting of shares.
20. Appointment of provisional Directors.
21. Minister may modify Articles of Association.
23. Construction of instruments affecting shares.
24. Power to acquire shares in companies.
27. Capitalisation of certain loans.
THE TANZANIA SISAL CORPORATION (ESTABLISHMENT AND VESTING OF INTERESTS) ACT
An Act to establish the Tanzania Sisal Corporation and to vest in that Corporation the assets and liabilities and part of the shareholdings of certain firms and companies carrying on sisal business in Mainland Tanzania.
[27th October, 1967]
39 of 1967
31 of 1968
12 of 1969
PRELIMINARY PROVISIONS (ss 1-2)
This Act may be cited as the Tanzania Sisal Corporation (Establishment and Vesting of Interests) Act.
In this Act, unless the context otherwise requires–
"assets" means real and personal property of every kind including–
(a) rights under contracts and agreements;
(b) books, books of account and records;
(c) stock-in trade;
(d) choses in action; and
(e) all other rights, interest and claims in or to real or personal property, whether liquidated or unliquidated, certain or contingent, accrued or accruing,
but does not include any right to a refund of taxation under any law in force in the United Republic or elsewhere;
"Board" means the Board of Directors established under section 5;
"Corporation" means the body corporate established by section 3;
"effective date" means midday on the 27th October, 1967;
"firm" means any person or body or persons, whether corporate or unicorporate, carrying on business in Mainland Tanzania;
"liabilities" includes obligations under contracts or agreement but does not include any liability in respect of taxation under any law in force in the United Republic or elsewhere;
"Minister" means the Minister responsible for agriculture;
"Tanganyika assets" means assets situated or deemed by law to be situated in Mainland Tanzania;
"Tanganyika liabilities" means liabilities situated, or deemed by law to be situated, in Mainland Tanzania but does not include the liabilities of Nico Sisal Estate Limited which are listed in the Schedule to the Tanzania Sisal Corporation (Establishment an Vesting of Interests) Act *.
(2) For the purposes of this Act, a chose in action, wherever situate, relating to the business of a scheduled firm in Tanganyika shall be deemed to be situated in Mainland Tanzania.
THE TANZANIA SISAL CORPORATION (ss 3-9)
There is hereby established a corporation to be known as the Tanzania Sisal Corporation which shall–
(a) have perpetual succession and a common seal;
(b) in its corporate name be capable of suing and being sued;
(c) subject to this Act, be capable of purchasing and otherwise acquiring, and of alienating, any movable or immovable property.
(1) As from the effective date it shall be the function of the Corporation to conduct the business of sisal growers, processors, exporters, manufacturers of sisal products and to carry on any business or activity conducive or incidental thereto.
(2) Without prejudice to the generality of subsection (1), the Corporation may–
(a) acquire by agreement and hold interests in any company or firm carrying on business concerned directly or indirectly with sisal;
(b) establish branches within the United Republic or elsewhere;
(c) manage the affairs of and continue the business of any firm the interests of which are vested in or acquired by the Corporation under the provisions of this Act whether or not that business relates to sisal;
(d) advance money on loan, give guarantees for the benefit of or provide management or other services to companies or firms engaged in the sisal business;
(e) with the approval of the Minister, enter into arrangements with any firm for the supply to the Corporation of management services or services as a managing agent upon such terms and conditions as the Board may determine;
(f) do anything or enter into any transaction which in its opinion is calculated to facilitate the proper and efficient carrying on of its activities and the proper exercise of its functions under the provisions of this Act;
(g) do all such acts and things as may be necessary to uphold and support the credit of the Corporation and to obtain and justify public confidence, and to avert or minimise any loss to the Corporation.
(3) Nothing in this section shall be construed as imposing on the Corporation, either directly or indirectly, any form of duty or liability enforceable by proceedings before any court.
(1) There shall be a Board of Directors for the Corporation, which shall, subject to this Act, be responsible for the policy, control and management of the Corporation.
(2) The Board of Directors shall consist of–
(a) a Chairman, who shall be appointed by the President;
(b) such other members being not less than five not more than nine as the Minister may appoint.
(3) The Chairman and other members of the Board shall be appointed from amongst persons who have had experience of, and shown capacity in, agricultural, commercial or financial matters, administration or the organisation of workers.
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