Uganda Development Corporation Act
- Commenced on 3 April 1952
- [This is the version of this document at 31 December 2000.]
- [Note: The version of the Act as at 31 December 2000 was revised and consolidated by the Law Reform Commission of Uganda. All subsequent amendments have been researched and applied by Laws.Africa for ULII.]
1. InterpretationFor 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
3. Powers of the corporation
4. Power of Minister to give directionsThe Minister may give to the corporation such directions as to the exercise and performance by the corporation of its functions under this Act as appear to the Minister to be requisite in the public interest, and the corporation shall give effect to any such directions.
5. Corporation to be a body corporateThe corporation when established shall be a body corporate with perpetual succession and a common seal, with power to acquire and dispose of land and minerals, and to sue and be sued, and to perform such other acts as bodies corporate may by law perform.
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 limitedThe liability of any holder of shares in the corporation shall be limited to the amount unpaid on the shares held by him or her.
11. Meeting of shareholders where only one shareholder present
12. Expenditure of the boardThe expenditure incurred by or on behalf of the board, including the remuneration of the directors, shall be defrayed from the funds of the corporation.
13. Dividend to be approvedNo dividend shall be declared by the board unless the dividend has been earned and previously been approved by the Minister.
14. Regulations may be made by shareholdersThe shareholders of the corporation may by resolution at a meeting of shareholders make regulations as to—
15. Accounts and audit
16. Accounts and reports to be laid before ParliamentThe accounts and annual report of the board shall be laid on the table of Parliament.
17. Winding up of the corporationThe corporation shall not be wound up except by or under the authority of an Act of Parliament.
18. Application of the Companies Act
History of this document
31 December 2000 this version
03 April 1952