Tanzania
Tanzania Sisal Corporation (Establishment and Vesting of Interests) Act
Chapter 55
- Published in Tanzania Government Gazette
- Commenced on 27 October 1967
- [This is the version of this document at 31 July 2002.]
- [Note: This legislation was revised and consolidated as at 31 July 2002 and 30 November 2019 by the Attorney General's Office, in compliance with the Laws Revision Act No. 7 of 1994, the Revised Laws and Annual Revision Act (Chapter 356 (R.L.)), and the Interpretation of Laws and General Clauses Act No. 30 of 1972. All subsequent amendments have been researched and applied by Laws.Africa for TANZLII.]
Part I – Preliminary provisions (ss. 1-2)
1. Short title
This Act may be cited as the Tanzania Sisal Corporation (Establishment and Vesting of Interests) Act.2. Interpretation
Part II – The Tanzania Sisal Corporation (ss. 3-9)
3. Establishment of the Corporation
There is hereby established a corporation to be known as the Tanzania Sisal Corporation which shall—4. Functions of the Corporation
5. Management of the Corporation
6. Financial duties of the Corporation
7. Financial resources of the Corporation
The funds and resources of the Corporation shall consist of—8. Powers of Minister in relation to the Board
9. Accounts and audit
Part III – Vesting of interests of certain scheduled firms (ss. 10-17)
10. Interpretation
In this Part unless the context otherwise requires—"effective date" in relation to any firm specified in Part III of the Schedule to this Act, means the 25th April, 1968;"employee of a scheduled firm" includes every officer or employee of a scheduled firm employed in connection with the business of that firm on the effective date and who is resident in or ordinarily resident in Mainland Tanzania on that date;"employee on expatriate terms" means an employee of a scheduled firm who is not a citizen of the United Republic of Tanzania and whose terms and conditions of service require him to serve the scheduled firm within Mainland Tanzania but require his employer to provide him with a passage to a country outside East Africa either during or at the end of his service;"local employee" means an employee of a scheduled firm other than an employee on expatriate terms;"scheduled firm" means a firm specified in Part I or Part III of the Schedule to this Act.(a) – Nationalisation (ss. 11-13)
11. Nationalisation of the scheduled firms
12. Operation of contract, etc.
13. Power of the Corporation
For the avoidance of doubt and without prejudice to the generality of the foregoing provisions of this Part, it is declared that the Corporation shall have all powers necessary to take possession and recover any property, to ascertain, perfect and enforce any right and to discharge any liability or obligation, vested in the Corporation by section 11, and to deal therewith, as would have been enjoyed by the scheduled firm concerned had the same remained vested in the scheduled firm.(b) – Compensation (s. 14)
14. Compensation to be paid
(c) – Employees of scheduled firms (ss. 15-16)
15. Local employees
16. Transfer or secondment of employees on expatriate terms
If a scheduled firm notifies the Corporation that it is willing to second or transfer employees on expatriate terms to the Corporation, the Corporation may enter into arrangements in relation thereto with such firm and with the expatriate staff concerned.(d) – General (s. 17)
17. Staff to assist in respect of transfer of business
Part IV – Vesting of shares of certain scheduled firms (ss. 18-23)
18. Interpretation
In this Part, unless the context otherwise requires, "scheduled firms" means the firms specified in Part II of the Schedule to this Act.19. Vesting of shares
20. Appointment of provisional Directors
Upon the commencement of this Act, and notwithstanding any provision to the contrary in any law or in any Article of Association, charter, agreement, contract or other instrument whatsoever—21. Minister may modify Articles of Association
22. Compensation
23. Construction of instruments affecting shares
Part V – Miscellaneous provisions (ss. 24-27)
24. Power to acquire shares in companies
25. Compensation
26. Regulations
The Minister may make regulations for carrying out or giving effect to the provisions of sections 24 and 25 and such regulations may modify the Articles of Association or other charter or instrument of a company shares of which are acquired by Order under section 24.27. Capitalisation of certain loans
History of this document
31 July 2002 this version
Consolidation
27 October 1967
Commenced
Cited documents 3
Act 3
1. | Companies Act | 1023 citations |
2. | Tanzania Investment Act | 240 citations |
3. | Severance Allowance Act | 35 citations |
Documents citing this one 11
Government Notice 6
Gazette 4
Act 1
1. | Police Force and Auxiliary Services Act | 57 citations |
Subsidiary legislation
Title
|
|
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Tanzania Sisal Corporation (Capitalisation of Loans) Order, 1968 | Government Notice 447 of 1968 |
Tanzania Sisal Corporation (Acquisition of Shares) (No. 2) Order, 1968 | Government Notice 446 of 1968 |
Tanzania Sisal Corporation (Acquisition of Shares) Order, 1968 | Government Notice 358 of 1968 |
Tanzania Sisal Corporation (Execution of Instruments Abroad) Regulations, 1968 | Government Notice 357 of 1968 |
Tanzania Sisal Corporation (Divesting of Interests) Order, 1968 | Government Notice 275 of 1968 |
Tanzania Sisal Corporation (Acquisition of Shares) Order, 1968 | Government Notice 266 of 1968 |
Tanzania Sisal Corporation (Board of Directors) Regulations, 1967 | Government Notice 357 of 1967 |