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National Textile Corporation (Establishment) Order, 1973

Government Notice 268 of 1973

National Textile Corporation (Establishment) Order, 1973
Citation
Government Notice 268 of 1973
Primary work
Public Corporations Act
Date
31 July 2002
Language
English
Type
Government Notice
Collections
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Tanzania
Public Corporations Act

National Textile Corporation (Establishment) Order, 1973

Government Notice 268 of 1973

  • 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.]
[Sections 3, 4A and 10]

1. Citation

This Order may be cited as the National Textile Corporation (Establishment) Order.

2. Interpretation

In this Order, unless the context requires otherwise—"Act" means the Public Corporations Act1;1Cap. 257"Board" means the Board of Directors provided for in paragraph 5;"Corporation" means the National Textile Corporation established by paragraph 3;"Minister" means the Minister responsible for industries;"textile products" means products made out of soft or coarse fibres and includes garments of all descriptions.

3. Establishment of the Corporation

(1)There is hereby established a public corporation to be known as the National Textile Corporation.
(2)The authorised share Capital of the Corporation shall be five hundred million shillings and shall be divided into 50 shares having a par value of ten million shillings each.
(3)All the shares in the Corporation shall be subscribed to and held by the Treasury Registrar or any person whom the President may designate.
(4)The Shares shall be issued in any number and in any manner, and shall be paid in the manner, which the President may direct.

4. Functions of the Corporation

The functions of the Corporation shall be to—
(a)conduct and engage in the business of manufacturers, processors, producers, importers and exporters of textiles and textile products;
(b)buy, sell, import and export textiles and textile products and also all raw materials necessary for the manufacture of textiles and textile products;
(c)establish branches and carry on business either within the United Republic or elsewhere;
(d)acquire by agreement and hold interest in any undertaking, enterprise or project associated with textile industry;
(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 any subsidiary legislation made under it;
(f)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;
(g)do anything or enter into any transaction which, in the opinion of the Board, is calculated to facilitate proper and efficient carrying on of its activities and the proper performance of its functions as specified in this paragraph.

5. 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)There shall be a Managing Director of the Corporation who shall be appointed by the President.
(4)The Board may from time to time appoint on any terms and conditions which it thinks fit any officers and servants of the Corporation which may be necessary for conducting the business of the Corporation.
(5)The Chairman and other members of the Board shall be entitled to the allowances and at the rates which the Minister may from time to 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 meeting 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.

6. 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 Managing Director and other officers and servants of the Corporation, shall be paid out of the funds of the Corporation.

7. The seal of the Corporation

(1)The seal of the Corporation shall be affixed—
(a)by the Chairman or vice-chairman and witnessed by one other member of the Board; or
(b)by the Managing Director and a member of the Board.
(2)All contracts, guarantees, agreements, 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 Managing Director 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 Managing Director may, in writing, delegate his functions under this subparagraph to any officer of the Corporation.

8. Board may act notwithstanding vacancy

Subject to the provisions of any regulations relating to quorum made under subparagraph (6) of paragraph 5, the Board may act notwithstanding any vacancy in the membership thereof 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 the 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.

9. Borrowing powers of the Corporation

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

10. 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 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 1

Act 1
1. Public Corporations Act 127 citations

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