Uganda Development Corporation Act, 2016
Act 10 of 2016
- Published in Uganda Gazette no. 38 on 1 June 2016
- Assented to on 14 May 2016
- Commenced on 1 June 2016
- [This is the version of this document from 1 June 2016.]
Part I – Preliminary
1. InterpretationIn this Act, unless the context otherwise requires—"Board" means the board established under section 6;"chairperson" means the chairperson of the board;"Corporation" means the Uganda Development Corporation;"currency point" has the value assigned to it in Schedule 1;"Minister" means the Minister responsible for industrial development;"undertaking" means an enterprise carrying on any commercial, industrial, mining, or agricultural operations.
Part II – Uganda Development Corporation
2. Establishment of Uganda Development Corporation
3. Objects of the Corporation
4. Functions of the Corporation
5. Corporation to follow Government policy
6. Board of the Corporation
7. Vacating office of member of the Board
8. Meetings of the Board
9. Remuneration of members of the BoardA member of the board, except the Executive Director, shall be paid remuneration or allowances approved by the Minister in consultation with the Ministers responsible for public service and finance.
10. Committees of the Board
11. Cooperation with other agencies
Part III – Management and staff of the Corporation
12. Executive Director
13. Duties of the Executive Director
14. Corporation Secretary
15. Other officers and staff of the Corporation
16. Protection of members of the Board and officers of the CorporationA member of the Board or an officer of the Corporation or a person acting on the directions of the Board or of an officer of the Corporation is not personally liable for any act or omission done or omitted to be done in good faith in the exercise of functions under this Act.
Part IV – Financial provisions
17. Capital of the Corporation
18. Funds of the Corporation
19. Borrowing powers of CorporationSubject to Article 159 of the Constitution, the Board may with the approval of Parliament borrow money as may be required for meeting its obligations or for the discharge of the functions of the Corporation under this Act.
20. Power to open and operate bank accountsThe Corporation may, in accordance with section 33(2) of the Public Finance Management Act, 2015, open and operate bank accounts as are necessary for the performance of the functions of the Corporation.
21. Estimates of income and expenditure
22. Application of Corporation fundsThe funds of the Corporation may be applied for the performance of the functions of the Corporation in accordance with the annual budgetary estimates for each financial year.
23. Declaration of earnings
24. Investment of funds of the Corporation
25. Financial year of CorporationThe financial year of the Corporation shall be same as the financial year of Government.
26. AccountsThe Corporation shall keep proper books of accounts and all records relating to the transactions and affairs of the Corporation.
28. Industrial and Economic Development Fund
Part V – Miscellaneous
29. Official seal of Corporation
30. Annual and other reports
32. Conflict of interestA person who has an interest in any matter considered by the Board and who fails to disclose his or her interest in accordance with this Act may be prosecuted and punished under the Anti-Corruption Act, 2009 for conflict of interest.
33. Vesting of assets and liabilities
35. Amendment of SchedulesThe Minister may, with the approval of Cabinet, by statutory instrument, amend the Schedules to this Act.
History of this document
01 June 2016 this version
Published in Uganda Gazette number 38
14 May 2016