Seychelles Industrial Development Corporation Act
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This Cap was repealed by the Small Enterprise Promotion Agency Act with effect from 7 June 2004, save that the Corporation continued to exist for the purpose of being wound up under the latter Act. The text below is reproduced for historical reference purposes only.
SEYCHELLES INDUSTRIAL DEVELOPMENT CORPORATION ACT
[1st December, 1988]
Act 11 of 1988
ARRANGEMENT OF SECTIONS
PART I ? PRELIMINARY
1. Short title
PART II ? THE CORPORATION
3. Establishment of the Corporation
4. Directors of the Corporation
5. Managing Director
6. Staff of the Corporation
7. Direction of the Minister
8. Functions and powers of the Corporation
PART III ? FINANCE
9. Funds of the Corporation
10. Vesting of Government assets in the Corporation
11. Estimates and Financial Year
12. Accounts and Audit
13. Meetings of the Corporation
14. Disclosure of interest by Director
PART V ? REGULATIONS
PART I ? PRELIMINARY
Short title 1. This Act may be cited as the Seychelles Industrial Development Corporation Act.
Interpretation 2. In this Act ?
"Chairman" means the Chairman of the Corporation appointed under section 4 ;
"Corporation" means the Seychelles Industrial Development Corporation established under section 3;
"Managing Director" means the Managing Director of the Corporation appointed under section 5;
"Director" means a Director of the Corporation appointed under section 4.
PART II ? THE CORPORATION
Establishment 3. There is established the Seychelles Industrial Development
of the Corporation which shall be a body corporate.
Directors 4.(1) The Corporation shall consist of not less than 5 nor more
of the than 7 Directors who shall be appointed by the President by
Corporation Notice published in the Gazette.
(2) The President shall appoint one of the Directors as Chairman.
(3) The Directors shall hold office for such term and on such condition as the President may determine.
Managing 5.(1) The President shall appoint, from among the Directors, a
Director Managing Director.
(2) The Managing Director shall hold office on such terms and conditions as the President may determine.
(3) The Managing Director shall be the chief executive
officer of the Corporation and, subject to the direction of the President ?
(a) shall have supervision over and direction of the day?to?day affairs of the Corporation;
(b) shall have power to sign documents on behalf of the Corporation, and
(c) may delegate any of his powers to any other employee of the Corporation.
Staff of the 6.(1) The Corporation may employ such persons as are
Corporation necessary for the Corporation to perform its functions.
(2) The Corporation may, in the exercise of its power under subsection (1), employ, with the approval of the President, a public officer on such term and condition as the President may determine .
Cap. 158 (3) Sections 91 to 96 of the Penal Code shall apply to the Directors and all persons employed by the Corporation and, for this purpose, the Directors and all persons employed by the Corporation shall be deemed to be employed in the public service.
Direction of 7. The Minister may give to the Corporation directions in
the Minister writing on the policy to be followed by the Corporation in the performance of its functions and the Corporation shall comply with the directions.
Functions and 8.(1) The functions of the Corporation shall be ?
powers of the
Corporation (a) to develop and manage the development of any place in Seychelles designated by the Government as an industrial zone;
(b) to construct buildings for industrial, commercial and other purposes and to sell, lease out, manage or otherwise deal with those buildings or any other buildings which belong to the Corporation or which have been placed under the control or management of the Corporation.
(c) to promote, in consultation with the Ministry responsible for industrial development, investment in home or cottage craft and manufacturing industries in Seychelles;
(d) with the approval of the Ministry responsible for industrial development, to invest in home or cottage craft and manufacturing industries in Seychelles;
(e) to provide managerial services, research services and any other services in connection with the development of home or cottage craft and manufacturing industries in Seychelles.
(2) Subject to this Act, the Corporation shall have power to do all things necessary or convenient to be done for, or in connection with, or incidental to, the exercise of its functions.
PART III ? FINANCE
Funds of the 9.(1) The funds of the Corporation shall consist of ?
(a) moneys provided to the Corporation by the Government;
(b) moneys lawfully borrowed by the Corporation;
(c) moneys due on any investment made by the Corporation;
(d) moneys lawfully received by the Corporation for the purposes of the Corporation.
(2) The funds of the Corporation may be applied by the Corporation?
(a) in the payment or discharge of the debts, expenses and other obligations of the Corporation;
(b) in the payment of emoluments, fees and allowances payable to the employees of the Corporation.
(3) The Corporation shall, after making adequate provision for?
(a) acquisition, replacement and depreciation of assets;
(b) repayment of loans and advances;
(c) repayment of interest on, and all charges and expenses incurred in connection with, any loan, and
(d) any matter which the Corporatin deems necessary, including any investment,
pay to the Government out of its profits for a financial year such amount which the Minister responsible for Finance may approve.
Vesting of 10.(1) The President may authorise the vesting in the
Government Corporation of the whole or part of any asset or of any right, title
assets in the or interest which belongs to the Republic or to which the
Corporation Republic is entitled in any project, contract, venture, undertaking or property.
(2) The objectives, condition and manner of or any other matter relating to the vesting of the asset or of any right, title or interest under subsection (1) shall be determined by agreement between the Minister and the Corporation.
(3) The Minister shall, after any agreement has been entered into under subsection (2), take steps to vest or transfer to the Corporation the asset or right, title or interest in accordance with the agreement.
Estimates and 11.(1)The Corporation shall prepare and submit to the Minister
Financial Year and to the Minister responsible for Finance, not later than such date as the Minister responsible for Finance may direct, estimates of its income and expenditure, including its capital budget for ?
(a) each financial year of the Corporation, and
(b) if the Minister responsible for Finance directs, for any other period.
(2) The Minister responsible for Finance may, acting after consultation with the Minister, approve with or without modification the estimates submitted under subsection (1).
(3) The estimates approved by the Minister responsible for Finance under subsection (2) shall be the estimates of the Corporation for the period for which the estimates have been prepared.
(4) Unless the Minister responsible for Finance otherwise directs, the financial year of the Corporation shall be a period of 12 months ending on the 31st December of any year, but the first financial year of the Corporation shall end on the 31st December next following the date of commencement of this Act.
Accounts and 12.(1) The Corporation shall keep proper accounts and records in
Audit relation to the accounts and shall prepare ?
(a) for each financial year of the Corporation, and
(b) if the Minister responsible for Finance directs, for any other period,
statements of accounts in such form as the Minster responsible for Finance directs.
(2) The accounts and statement of accounts of the Corporation shall be audited by an auditor appointed by the Minister responsible for Finance.
(3) As soon as the accounts and statement of accounts of the Corporation in respect of any financial year of the Corporation or, where the Minister responsible for Finance has so directed, in respect of any other period have been audited pursuant to subsection (2) the Corporation shall send to the Minister and the Minister responsible for Finance a copy of the statement of accounts, a copy of the report of the auditor on the statement of accounts and on the accounts of the Corporation and a copy of any other report or statement which the Minister and the Minister responsible for Finance may from time to time request.
PART IV ? PROCEDURE
Meetings of 13.(1)The Corporation shall meet at such time and at such place
the Corporation as the Chairman may determine.
(2) The Chairman or, in his absence, a Director elected by the other Directors for this purpose at a meeting of the Corporation, shall preside at a meeting of the Corporation.
(3) Three Directors shall constitute a quorum.
(4) Questions arising at a meeting of the Corporation shall be decided by a majority of votes of the Directors present and, in the event of an equality of votes, the Chairman or the Director presiding shall have a second or casting vote.
(5) Subject to this section, the Corporation shall regulate its own proceedings.
Disclosure of 14.A Director who has a direct or indirect interest in any matter
interest by matter which falls to be decided by the Corporation ?
(a) shall disclose the nature of his interest at a meeting of the Corporation; and
(b) shall not take part in any deliberation or discussion in respect of that matter.
PART V ? REGULATIONS
Regulations 15.The Minister may make regulations for carrying into effect the purposes and provisions of this Act.
NO SUBSIDIARY LEGISLATION