Uganda Steel Corporation Act

UGANDA STEEL CORPORATION ACT. ARRANGEMENT OF SECTIONS Section INTERPRETATION. 1. Interpretation. ESTABLISHMENT, SEAL AND FUNCTIONS OF THE CORPORATION. 2. Establishment and seal of the corporation. 3. Functions of the corporation. THE BOARD. 4. The board. 5. Meetings of the board. 6. Remuneration of board members. 7. General manager. STAFF. 8. Staff of the corporation. FINANCIAL PROVISIONS. 9. Funds of the board. 10. Borrowing powers. 11. Estimates. 12. Investment. 13. Accounts and audit. MISCELLANEOUS PROVISIONS. 14. Transfer of property. 15. Minister's power of direction. 16. Annual reports. 17. Regulations. 18. Byelaws. Schedule Specified companies. CHAPTER 332 UGANDA STEEL CORPORATION ACT. Commencement : 25 November, 1974. An Act to make provision for the establishment of a steel corporation for Uganda and for other matters connected therewith or incidental thereto. INTERPRETATION. 1. Interpretation.

he establishment of a steel corporation for Uganda and for other matters connected therewith or incidental thereto. INTERPRETATION. 1. Interpretation.

In this Act, unless the context otherwise requires— ( a ) "chairperson" means the chairperson of the board appointed under section 4; ( b ) "custodian board" means the Departed Asians' Property Custodian Board established by the Assets of Departed Asians Act; ( c ) "Minister" means the Minister responsible for industry. ESTABLISHMENT, SEAL AND FUNCTIONS OF THE CORPORATION. 2. Establishment and seal of the corporation. (1) There is established a corporation to be known as the Uganda Steel Corporation. (2) The corporation shall have perpetual succession and a common seal and may sue or be sued in its corporate name. (3) The corporation may, for and in connection with its functions under this Act, purchase, hold, manage and dispose of any property and may enter into such contracts and other transactions as may be expedient. (4) The application of the seal of the corporation on any document shall be authenticated by the signatures of the chairperson and the general manager, and in the absence of the chairperson two other members of the board designated in that behalf by the board shall sign in place of the chairperson.

r, and in the absence of the chairperson two other members of the board designated in that behalf by the board shall sign in place of the chairperson.

(5) Every document purporting to be an instrument issued by the corporation and to be sealed with the seal of the corporation authenticated in the manner provided by this section shall be received and be deemed to be such an instrument without further proof unless the contrary is shown. 3. Functions of the corporation. (1) The functions of the corporation shall be— ( a ) to manufacture steel from iron or ferrous scrap matter; ( b ) to manufacture iron and steel products, including iron and steel plates, bars, screws, wire, nails and girders; ( c ) to organise and control the management of any enterprise or company specified in the Schedule to this Act, hereafter referred to as a "specified company"; ( d ) to establish, promote, finance or otherwise acquire and manage other industrial undertakings in the manufacture of steel; ( e ) to serve as adviser to the Minister on any matter concerning the iron and steel industry in Uganda; and ( f ) generally to do all such things as are necessary for, or conducive to, the promotion and the development of iron and steel industry in Uganda. (2) Without prejudice to the effect of This section of the article is only available for our subscribers.

opment of iron and steel industry in Uganda. (2) Without prejudice to the effect of This section of the article is only available for our subscribers.

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