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Tanzania Petroleum Development Corporation (Establishment) Order, 1969

Government Notice 140 of 1969

Tanzania Petroleum Development Corporation (Establishment) Order, 1969
Citation
Government Notice 140 of 1969
Primary work
Public Corporations Act
Date
31 July 2002
Language
English
Type
Government Notice
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Tanzania
Public Corporations Act

Tanzania Petroleum Development Corporation (Establishment) Order, 1969

Government Notice 140 of 1969

  • Published in Tanzania Government Gazette
  • Commenced
  • [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.]
[G.Ns Nos. 140 of 1969; 43 of 1985]

1. Citation

This Order may be cited as the Tanzania Petroleum Development Corporation (Establishment) Order.

2. Interpretation

(1)In this Order, unless the context otherwise requires—"Act" means the Public Corporations Act1;1Cap. 257"Board" means the Board of Directors provided for in paragraph 5;"Corporation" means the Tanzania Petroleum Development Corporation established by paragraph 3;"Minister" means the Minister responsible for petroleum affairs.
(2)The expressions "natural gas" and "petroleum" have the respective meanings assigned to them by section 5 of the Petroleum (Exploration and Production) Act2.2Cap. 328

3. Establishment of the Corporation

There is hereby established a public corporation to be known as the Tanzania Petroleum Development Corporation.

4. Capital stock of the Corporation

(1)The authorised capital stock of the corporation shall be Shs. 2,500m and that stock shall be divided into 2,500 shares each having a par value of one million shillings.
(2)Share in the capital stock of the corporation may be issued from time to time under the authority of a resolution of the Board—
(a)in return for cash or other consideration representing their par value;
(b)in return for sums advanced to the corporation from time to time by the United Republic being sums in respect of which the Minister for finance has certified that the United Republic does not seek payment of interest or repayment of principal;
(c)with the approval of the Minister for finance out of monies which would otherwise be available to the corporation for distribution as a dividend.
(3)No person other than the Treasury Registrar on behalf of the United Republic shall be entitled to subscribe for or hold any share in the Corporation.

5. Dividends

(1)The corporation in any financial year may with the approval of the Minister responsible for finance and under the authority of a resolution of the Board declare and pay dividends.
(2)No dividend may be paid by the corporation otherwise than out of profit.

6. Functions of the Corporation

(1)The functions of the Corporation shall be to—
(a)promote the development of the petroleum industry and the production of petroleum;
(b)carry on the businesses of prospectors, producers, refiners, storers, suppliers and distributors of petroleum;
(c)conduct or engage in petroleum prospecting operations including exploration, drilling, testing, appraisal, extraction, producing, treatment, storing, transportation and any other activities relating to them which the Board may from time to time decide;
(d)acquire by agreement and hold interests in any undertaking, enterprise or project associated with the exploration and prospecting for, or the production of, petroleum and for any purposes to obtain, exercise, carry out and use any mining lease, licence, concession, franchise, authority, power, right or privilege which any government, corporation, public body or other authority may be empowered to grant;
(e)manage the affairs of any corporation, company, firm or other body the interests of which are transferred to or acquired by the Corporation under the provisions of the Act or this Order;
(f)carry on its business, operations and activities either within the United Republic or elsewhere, whether as principal, agent, contractor or otherwise, and either alone or in conjunction with any other persons, firms or bodies corporate;
(g)do all other acts and things which 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;
(h)do any thing or enter into any transaction which, in the opinion of the Board is calculated to facilitate the proper and efficient carrying on of its activities and the proper performance of its functions as specified in this paragraph.
(2)The Corporation may perform its functions either itself or through any contractor or contractors employed by the Corporation on such terms and conditions as the Board may approve.

7. Management vested in Board of Directors

(1)The management of the Corporation is hereby vested in a Board of Directors.
(2)The Board shall consist of—
(a)a Chairman who shall be appointed by the President;
(b)any other members being not less than five nor more than nine whom the Minister may appoint, one of whom he shall nominate as its Vice-Chairman.
(3)The President may appoint a General Manager of the Corporation.
(4)The Board may from time to time appoint on such terms and conditions as it thinks fit any officers and servants of the Corporation who may be necessary for conducting the business of the Corporation.
(5)The Chairman and other members of the Board shall be entitled to any allowances and at the rates which the Minister may from time to time prescribe.
(6)The Minister may make regulations with respect to—
(a)the appointment of and the tenure and vacation of office by the members of the Board;
(b)the quorum, proceedings and meetings of the Board and determinations of the Board.
(7)Subject to the provisions of any regulation made under subparagraph (6) the Board shall have power to regulate its own procedure.

8. Salaries etc. to be paid out of Corporation's funds

All salaries, fees and any other allowances payable to the Chairman, a member of the Board, the General Manager and other officers and servants of the Corporation, shall be paid out of the funds of the Corporation.

9. The seal of the Corporation

(1)The seal of the Corporation shall be affixed by the Chairman, the Vice-Chairman or the General Manager and witnessed by one other member of the Board.
(2)All contracts, guarantees, agreement, bonds, authorities, mortgages, charges, bills of exchange, promissory notes, bank drafts, letters of credit, securities and any other instruments to which the Corporation is a party, shall be executed on behalf of the Corporation—
(a)by the General Manager and a member of the Board; or
(b)by any other person or persons who may be authorised by the Board in that behalf:
Provided that the General Manager may, in writing, delegate his function under this subparagraph to any officer of the Corporation.

10. Board may act notwithstanding vacancy

Subject to the provisions of any regulations relating to quorum made under subparagraph (6) of paragraph 7, the Board may act notwithstanding any vacancy in its membership and no act or proceeding of the Board shall be invalid by reason only of some defect in the appointment of a member or a person who purports to be a member or, where those regulations provide for the appointment of an alternate member, in the appointment of that alternate member or a person who purports to be the alternate member.

11. Accounts and records

(1)The corporation shall keep proper accounts and other records in relation to it, and shall prepare in respect of each financial year of the Corporation a statement of accounts in the form which the Minister may direct, being a form which conforms with the best commercial standards in the petroleum industry.
(2)The form of the accounts and of the statement, shall be such as to secure the provision of separate information as respects each of the main activities of the Corporation.

12. Borrowing powers

The Corporation may from time to time borrow any sums of money which it may require of the to meet any of its obligations or for the Corporation purposes of its business.

13. Delegation of powers

(1)[Superseded by section 7 of R.E. Cap. 257.]
(2)The Minister is hereby designated as the Minister for the purposes of the provisions of section 35 of the Act which relates to the accounts of the Corporation.
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History of this document

31 July 2002 this version
Consolidation

Cited documents 2

Act 2
1. Public Corporations Act 127 citations
2. Oil and Gas Revenues Management Act, 2015 11 citations

Documents citing this one 0