This Act was repealed on 2018-11-15 by Namibia Industrial Development Agency Act, 2016.
Related documents
- Is commenced by Commencement of the Namibia Development Corporation Act, 1993
- Is repealed by Namibia Industrial Development Agency Act, 2016
Namibia Development Corporation Act, 1993
Act 18 of 1993
- Published in Government Gazette 702 on 30 August 1993
- Assented to on 11 August 1993
- Commenced on 1 September 1993 by Commencement of the Namibia Development Corporation Act, 1993
- [This is the version of this document from 30 August 1993 and includes any amendments published up to 11 October 2024.]
- [Repealed by Namibia Industrial Development Agency Act, 2016 (Act 16 of 2016) on 15 November 2018]
1. Definitions
In this Act, unless the context otherwise indicates -“Board” means the Board of directors referred to in section 5;“chairperson” means the director designated as chairperson of the Board under section 5(3);“Corporation” means the Namibia Development Corporation established by section 2;“director” means a director of the board referred to in section 5;“Managing Director” means the Managing Director of the Corporation appointed under section 15(1);“Minister” means the Minister of Trade and Industry acting, if and where so required by virtue of any proclamation under section 30, in consultation with such other Minister or Ministers as are designated in such proclamation.2. Establishment of Corporation
3. Objects of Corporation
The objects of the Corporation shall be to promote, develop and support all sectors of the Namibian economy for sustained economic growth and the economic empowerment of its people in conformity with the development strategies and policies of the Government of the Republic of Namibia through, inter alia -4. Powers of the Corporation
For the purpose of achieving its objects the Corporation may -5. Board of directors
6. Alternate directors
7. Persons disqualified from being directors
No person shall be appointed as a director referred to in paragraph (b) of subsection (2) of section 5 if he or she -8. Tenure of office of directors
9. Remuneration of directors
A director who is not in the full-time employment of the State shall in respect of his or her services as director be paid out of the funds of the Corporation such remuneration and such subsistence, travelling and other allowances as the Minister, in consultation with the Minister of Finance, may determine.10. Vacation of office by directors
11. Meetings of the Board
12. Committees of the Board
13. Restriction of liability of directors and alternate directors and members of committees
No director or alternate director or member of any committee established by the Board shall be personally liable for any loss or damage arising out of or in connection with the performance of his or her duties, unless the loss or damage is due to his or her wilful misconduct, gross negligence or failure to comply with any provision of, or direction or decision under, this Act.14. Disclosre of interest
[The word “Disclosure” is misspelt in the Government Gazette, as reproduced above.]15. Managing Director
16. Organizational components
17. Employment of staff
18. Financing of Corporation
19. Exemption from taxes, duties and fees
Notwithstanding anything to the contrary in any other law contained, the Corporation is exempted from the payment of any income tax, transfer duty, stamp duty, levies or fees which would otherwise have been payable by the Corporation to the State in terms of any law, but excluding a law relating to customs and excise or sales tax.20. Financial year
The financial year of the Corporation shall end on 31 March in each year.21. Annual estimates of income and expenditure
22. Bookkeeping and auditing
23. Annual report
24. Exercise of powers by Corporation and submission of matters by Board to Minister
25. Liquidation of Corporation
The Corporation shall not be wound up except by or under the authority of an Act of Parliament.26. Use of name of Corporation
27. Application of Companies Act
28. Transfer of assets, rights, libilities and obligations to the Corporation
[The word “liabilities” is misspelt in the Government Gazette, as reproduced above.]29. Transfer of staff
30. Power of President to direct manner of administration of Act
The President may by proclamation in the Gazette direct that any power or duty conferred or imposed by this Act upon the Minister shall, either generally or in relation to any matter specified in the proclamation, be exercised or performed by the Minister in consultation with such other Minister or Ministers as may be designated in the proclamation.31. Repeal of laws
The First National Development Corporation of South West Africa Proclamation, 1978 (Proclamation AG. 61 of 1978), the First National Development Corporation of South West Africa Amendment Proclamation, 1979 (Proclamation AG. 4 of 1979) and the First National Development Corporation of South West Africa Amendment Act, 1980 (Act 27 of 1980) are hereby repealed.32. Short title and commencement
This Act shall be called the Namibia Development Corporation Act, 1993 and shall come into operation on a date to be determined by the Minister by notice in the Gazette.History of this document
15 November 2018
Repealed by
Namibia Industrial Development Agency Act, 2016
01 September 1993
30 August 1993 this version
11 August 1993
Assented to
Cited documents 0
Documents citing this one 22
Gazette 16
Act 4
1. | Banking Institutions Act, 1998 | 224 citations |
2. | Public Enterprises Governance Act, 2006 | 93 citations |
3. | Development Bank of Namibia Act, 2002 | 24 citations |
4. | Namibia Industrial Development Agency Act, 2016 | 10 citations |