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Authorised Investments Order, 1972

Government Notice 24 of 1972

Authorised Investments Order, 1972
Citation
Government Notice 24 of 1972
Primary work
Companies Act
Date
31 July 2002
Language
English
Type
Government Notice
Collections
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Tanzania
Companies Act

Authorised Investments Order, 1972

Government Notice 24 of 1972

  • 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.N.s. Nos. 24 of 1972; 159 of 1972]

1.

This Order may be cited as the Authorised Investments Order1.1G.N. No. 24 of 1972

2.

In this Order, unless the context requires otherwise—"Act" means the Companies Act2;2Cap. 212"ancillary fixed assets" means office equipment, saloon cars and office, commercial and residential buildings and fittings therefor;"investment in a company or public corporation" does not include trade credit given to a company or a public corporation in the ordinary course of business;"productive fixed assets" means plant, machinery, equipment and industrial, hotel and warehouse premises and fittings therefor, but does not include office equipment, household furnishings or saloon cars.

3.

Investments specified in the Schedule hereto are hereby declared to be authorised investments for the purposes of the investment of the profits of a specified company.

Schedule (Paragraph 3)

Authorised investments

(1)Net investment in current assets including stocks of raw materials, work in progress, finished goods, stores, spares and trade receivables:Provided that—
(a)the amount so invested shall not exceed one million shillings or ten per centum of the net current assets at the close of the immediately preceding financial year, whichever is the lesser sum;
(b)any such investment shall cease to be an authorised investment if the Treasury Registrar, within thirty days of the receipt of the audited accounts of the company in respect of the fiscal year in which such investment was made and submitted to the Treasury Registrar in accordance with the regulations made under section 371 certifies in writing that such investment shall be deemed not to be an authorised investment;
(c)the Treasury Registrar may at any time after receipt by him of the cash flow budget and investment plans in respect of any financial year submitted to him under the Act (but before dividends in respect of such financial year are declared by the company), by certificate under his hand authorise in relation to the company in respect of such financial year an authorised investment in current assets of a sum of money larger than the sum of money which, but for such certificate, could lawfully be treated as an authorised investment in current assets.
(2)Productive fixed assets:Provided that—
(a)the amount so invested shall not exceed one million shillings or ten per centum of the productive fixed assets at the close of the immediately preceding financial year, whichever is the lesser sum;
(b)any such investment shall cease to be an authorised investment if the Treasury Registrar, within thirty days of the receipt of the audited accounts of the company in respect of the financial year in which such investment was made and submitted to the Treasury Registrar, in accordance with the Regulations made under section 371, certifies in writing that such investment shall be deemed not to be an authorised investment;
(c)the Treasury Registrar may at any time after receipt by him of the cash flow budget and investment plans in respect of any financial year submitted to him under the Act (but before dividends in respect of such financial year are declared by the company), by certificate under his hand authorise in relation to the company in respect of such financial year an authorised investment in current assets of a sum of money larger than the sum of money which, but for such certificate, could lawfully be treated as an authorised investment in productive fixed assets.
(3)Ancillary fixed assets:Provided that—
(a)the amount so invested shall not exceed fifty thousand shillings or ten per centum of the ancillary fixed assets at the close of the immediately preceding financial year, whichever is the lesser sum;
(b)any such investment shall cease to be an authorised investment if the Treasury Registrar, within thirty days of the receipt of the audited accounts of the company in respect of the financial year in which such investment was made and submitted to the Treasury Registrar, in accordance with the Regulations made under section 371 certifies in writing such investment shall be deemed not to be an authorised investment;
(c)the Treasury Registrar may at any time after receipt by him of the cash flow budget and investment plans in respect of any financial year submitted to him under the Act (but before dividends in respect of such financial year are declared by the company), by certificate under his hand authorise in relation to the company in respect of such financial year an authorised investment in current assets of a sum of money larger than the sum of money which, but for such certificate, could lawfully be treated as an authorised investment in ancillary fixed assets.
(4)Any investment in a company or public corporation which the Treasury Registrar may by writing under his hand certify to be an authorised investment.
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History of this document

31 July 2002 this version
Consolidation

Cited documents 1

Act 1
1. Companies Act 1011 citations

Documents citing this one 1

Gazette 1
1. Tanzania Government Gazette dated 1972-02-11 number 6