National Enterprise Corporation Act
- Commenced on 10 March 1989
- [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.]
Part I – Interpretation
1. InterpretationIn 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 twelve 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
3. Functions of the corporationThe functions of the corporation shall be to—
4. Seal of the corporation
5. Custody of the sealThe common seal of the corporation shall be kept in the custody of the corporation secretary.
Part III – The board
6. Board of directors
7. Meetings of the board
8. Transaction of business by circulation of papersThe board may, if it thinks fit, transact any business by the circulation of papers, and a resolution in writing approved by the majority of the members of the board shall be as valid and enforceable as if it had been passed by majority at a meeting of the board.
9. Minister to give directionsThe Minister may give to the corporation such directions as to the exercise and performance 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 the directions.
Part IV – Staff and administration
10. Managing director
11. Deputy managing director
13. General manager
15. Funds of the corporationThe funds and resources of the corporation shall consist of—
16. Borrowing powers of the corporation
18. Proper books of account to be kept
19. Audit of books of account
20. ReportEach general manager of a subsidiary company shall furnish the subsidiary board of directors with an annual report, giving a full account of the activities, resources, problems, achievements and plans of their respective companies, and the chairperson of the subsidiary board shall cause the report to be delivered to the board.
21. Investment of fundsAll funds of the corporation that are not immediately required shall be invested in such ventures as the board, with the prior approval of the Minister, may determine.
22. Bank of the corporationThe corporation shall operate a bank account with the Uganda Commercial Bank or such other bank as the board may approve.
23. Corporation to operate on sound financial principlesIn the performance of its functions under this Act, the corporation shall have due regard to sound financial principles and shall conduct its business in such manner that taking one transaction with another, and taking one year with another—
Part V – Miscellaneous
25. Service of processService of process shall be deemed to be effected by—
26. Preliminary expenses and validation of actionsAny act done and preliminary expenses sanctioned by the Government in connection with the establishment of the corporation and any acts done or made under the purported National Enterprise Corporation Ordinance, 1989, shall be binding and have effect as if done and authorised under this Act.
27. RegulationsThe Minister may, in consultation with the board, make regulations for better carrying into effect the provisions of this Act.
History of this document
31 December 2000 this version
10 March 1989