U
Log in

Login to your account

Username *
Password *
Remember Me

 



UGANDA DEVELOPMENT CORPORATION ACT.

ARRANGEMENT OF SECTIONS

   Section

   1.   Interpretation.

   2.   Objects of the corporation.

   3.   Powers of the corporation.

   4.   Power of Minister to give directions.

   5.   Corporation to be a body corporate.

   6.   Board of directors.

   7.   Period of office of directors.

   8.   Chairperson to preside at meetings.

   9.   Share capital of the corporation.

   10.   Liability of shareholders limited.

   11.   Meeting of shareholders where only one shareholder present.

   12.   Expenditure of the board.

   13.   Dividend to be approved.

   14.   Regulations may be made by shareholders.

   15.   Accounts and audit.

   16.   Accounts and reports to be laid before Parliament.

   17.   Winding up of the corporation.

   18.   Application of the Companies Act.

 

      Schedule   List of undertakings.

 

CHAPTER 326
UGANDA DEVELOPMENT CORPORATION ACT.

Commencement: 3 April, 1952.

   An Act to establish the Uganda Development Corporation Limited.

 

1.   Interpretation.

   For the purposes of this Act, unless the context otherwise requires—

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

   (b)   "chairperson" means the chairperson of the board or the joint chairperson of the board;

   (c)   "corporation" means the Uganda Development Corporation Limited;

   (d)   "private shareholder" means any holder of shares in the corporation other than the Government;

   (e)   "undertaking" means any undertaking carrying on any commercial, industrial, mining or agricultural operations.

 

2.   Objects of the corporation.

   (1) The corporation may, in order to facilitate the industrial and economic development of Uganda, promote and assist in the financing, management or establishment of—

   (a)   new undertakings;

   (b)   schemes for the better organisation and modernisation of and the more efficient carrying out of any undertaking; and

   (c)   the conduct of research into the industrial and mineral potentialities of Uganda.

   (2) The corporation may acquire the undertaking mentioned in Part I of the Schedule to this Act and the interest of the Government in the undertakings mentioned in Part II of such Schedule.

   (3) Subject to section 4, in carrying out the objects provided for in subsection (1) the corporation shall have due regard to the economic and commercial merits of any undertaking it promotes, assists, finances or manages, but may take into consideration in considering such economic and commercial merits, the economic merits of any other undertaking in which it has an interest or the economic merits of Uganda as a whole.

   (4) Nothing in this section shall be deemed to authorise the compulsory acquisition by the corporation of any undertaking or any interest in any undertaking.

 

3.   Powers of the corporation.

   (1) For the purpose of attaining its objects, the corporation shall have power—

   (a)   to promote or finance any undertaking in Uganda;

   (b)   to lend or advance money to, or to acquire an interest in, or to provide, or by underwriting or otherwise to assist in the subscription of, capital for any undertaking engaged in, or proposing to establish, or to expand or modernise, any business in Uganda;

   (c)   to acquire upon such terms as the Minister deems equitable the undertaking mentioned in Part I of the Schedule to this Act and the interest of the Government in the undertakings mentioned in PART II of that Schedule;

   (d)   to manage, develop, let, hire or buy, subscribe for or otherwise acquire or sell, or otherwise dispose of, or hypothecate, or otherwise deal in immovable or movable property of any sort, including stocks, shares, bonds, debentures and securities of, and any interest in, any limited company;

This section of the article is only available for our subscribers. Please click here to subscribe to a subscription plan to view this part of the article.