NATIONAL ENTERPRISE CORPORATION ACT.

ARRANGEMENT OF SECTIONS

   Section

PART I
INTERPRETATION.

   1.   Interpretation.

PART II
ESTABLISHMENT AND FUNCTIONS OF THE CORPORATION.

   2.   Establishment of the corporation.

   3.   Functions of the corporation.

   4.   Seal of the corporation.

   5.   Custody of the seal.

PART III
THE BOARD.

   6.   Board of directors.

   7.   Meetings of the board.

   8.   Transaction of business by circulation of papers.

   9.   Minister to give directions.

PART IV
STAFF AND ADMINISTRATION.

   10.   Managing director.

   11.   Deputy managing director.

   12.   Secretary.

   13.   General manager.

   14.   Employees.

   15.   Funds of the corporation.

   16.   Borrowing powers of the corporation.

   17.   Estimates.

   18.   Proper books of account to be kept.

   19.   Audit of books of account.

   20.   Report.

   21.   Investment of funds.

   22.   Bank of the corporation.

   23.   Corporation to operate on sound financial principles.

PART V
MISCELLANEOUS.

   24.   Contracts.

   25.   Service of process.

   26.   Preliminary expenses and validation of actions.

   27.   Regulations.

CHAPTER 312
NATIONAL ENTERPRISE CORPORATION ACT.

Commencement: 10 March, 1989.

   An Act to provide for the establishment of the National Enterprise Corporation, to define its functions and powers and to provide for other purposes connected therewith.

PART I
INTERPRETATION.

1.   Interpretation.

   In this Act, unless the context otherwise requires—

   (a)   "board" means the board of directors established under section 6;

   (b)   "chairperson" means the chairperson of the board appointed under section 7;

   (c)   "corporation" means the National Enterprise Corporation established under section 2;

   (d)   "financial year" means a period of 12 months beginning on the 1st"> of July in a given year and ending on the 30th"> day of June in the ensuing year;

   (e)   "general manager" means the general manager to a subsidiary company appointed under section 13;

   (f)   "Minister" means the Minister responsible for defence;

   (g)   "secretary" means the secretary to the corporation appointed under section 12.

PART II
ESTABLISHMENT AND FUNCTIONS OF THE CORPORATION.

2.   Establishment of the corporation.

   (1) There is established a corporation to be known as the National Enterprise Corporation.

   (2) The corporation shall be a body corporate with perpetual succession and a common seal and may sue or be sued in its corporate name and, subject to this Act, may do or suffer all other acts and things that bodies corporate lawfully do or suffer.

3.   Functions of the corporation.

   The functions of the corporation shall be to—

   (a)   acquire, lease, hold and enjoy any property, and sell, let or otherwise dispose of the property;

   (b)   manage, develop, let, hire or buy, subscribe for or otherwise acquire, sell, dispose of, or otherwise deal in immovable or movable property of any sort, including stocks, shares, bonds, debentures and security or any interest;

   (c)   take over or acquire shareholdings in any company and establish subsidiary companies;

   (d)   engage in agriculture, agricultural produce and the processing, purchase and disposal of the same;

   (e)   establish and maintain factories and similar establishments for the production of textiles, hardware, electric materials, timber, woodworks and other factory products;

   (f)   engage in the business of transportation and motor assembling;

   (g)   engage in the production of chemicals, polymers, pharmaceutical products and other related products;

   (h)   build or purchase business premises in furtherance of its functions;

   (i)   establish and maintain offices in Uganda and abroad; and

   (j)   carry on research in relation to any of its functions or to national defence,

and for those purposes may train, organise, develop and utilise personnel.

4.   Seal of the corporation.

   (1) The seal of the corporation shall not be affixed on any document except in accordance with a resolu