Citizens Economic Empowerement (Amendment)

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Citizens Economic Empowerment   [No. 43 of 2010 615 
             (Amendment) 

                       GOVERNMENT OF ZAMBIA 

                                        ACT 
                                No. 43 of 2010 

Date of Assent: 24th November, 2010 

              An Act to amend the Citizens Economic Empowerment 
                                          Act, 2006. 
                               [29th November, 2010 

ENACTED by the Parliament of Zambia. 

   1.  This Act may be cited as the Citizens Economic 
Empowerment (Amendment) Act, 2010, and shall be read as one 
with the Citizens Economic Empowerment Act, 2006, in this Act 
referred to as the principal Act. 

   2.  Subsection (3) of section twenty-nine of the principal Act 
is amended— 

     (a) in paragraph (a), by the insertion immediately after the 
          words “groups of citizens” of a comma and the words 
          “targeted citizens”; 

     (b) by the deletion of paragraph (b) and the substitution therefor 
          of the following paragraph:

words 
          “targeted citizens”; 

     (b) by the deletion of paragraph (b) and the substitution therefor 
          of the following paragraph:

(b) provide information on sources of finance and 
                       promote investments for companies, groups of 
                       citizens or co-operatives, targeted citizens and 
                       programs specified in paragraph (a); 

     (c) in paragraph (c), by the insertion immediately after the 
          word “companies” of a comma and the words “groups 
          of citizens or co-operatives and targeted citizens”; 

     (d) in paragraph (d), by the deletion immediately after the 
          words “repayment mechanisms” of the words “by groups 
          of citizens or co-operatives of companies” and the 
          substitution therefor of the words “by targeted citizens, 
          groups of citizens or co-operatives and companies”; 
          and 

       Copies of this Act can be obtained from the Government Printer, 
                 P.O. Box 30136, 10101 Lusaka. Price K1,000 each.

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616  [ No. 43 of 2010  Citizens Economic Empowerment 
                                                            (Amendment)

e K1,000 each.

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616  [ No. 43 of 2010  Citizens Economic Empowerment 
                                                            (Amendment)

(e) by the deletion of paragraph (f) and the substitution therefor
                    of the following paragraph:

                     (f) secure incentives through relevant authorities for
                          any financial institution which undertakes to
                          finance or develop a targeted citizen, group of
                          citizens or co-operative or a company specified
                          under paragraph (a) or any company carrying
                          out any broad-based economic empowerment
                          programme.

Amendment        3.   The principal Act is amended in section thirty by the deletion
of section 30          of subsection (1) and the substitution therefor of the following
                              subsection:

irty by the deletion
of section 30          of subsection (1) and the substitution therefor of the following
                              subsection:

(1) The Citizens Economic Empowerment Fund, established
                                  under section twenty-nine, shall be vested in the
                                  Commission and shall be managed and administered by
                                  the Commission, either by itself, or with such financial
                                  institutions and fund managers as the Commission may
                                  appoint for purposes of the Fund.

Amendment        4.   Section thirty-six of the principal Act is amended by the    
of section 36          insertion immediately after the words “citizen influenced company”
                              of a comma and the words “targeted citizen and groups of citizens
                              or co-operatives”.

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