CHAPTER 485 - Investment Promotion Centre (Repealed) Act

Investment Promotion Centre Act

Cap 485

(Repealed by Investment Promotion Act, No 6 of 2004)

LAWS OF KENYA

The Investment Promotion Centre Act

Cap 485

Published by the National Council for Law Reporting

With the Authority of the Attorney-General

THE INVESTMENT PROMOTION CENTRE ACT

CHAPTER 485

ARRANGEMENT OF SECTIONS

Section

1-Short title.

2-Interpretation.

3-Establishment of the Centre and its functions.

4-Additional powers of the Centre

5-Board of Directors.

6-Remuneration of Members of the Board.

7-Managing Director and Staff of the Centre.

8-Advances or Rants to the Centre.

9-Surplus Funds.

10-Accounts and Annual Reports

11-Dissolution of the Centre

12-Exemptions.

13-Personal Liability.

14-Regulations.

CHAPTER 485

INVESTMENT PROMOTION CENTRE ACT

Commencement Date: 1986-05-30

An Act of Parliament to establish the Investment Promotion in Centre and for connected purposes

Short title

1.This Act may be cited as the Investment Promotion Centre Act.

Interpretation.

2.In this Act, unless the context otherwise requires -
"business enterprise" includes any sole proprietorship, partnership, company or co-operative society registered or incorporated under any law for the time being in force relating to companies, co-operative societies or businesses;

"Board" means the Board of Directors appointed under section 5;

"Central Bank" means the Central Bank of Kenya established under the Central Bank of Kenya Act (Cap 491);

"Centre" means the Investment Promotion Centre established by section 3;

"managing director" means the managing director appointed under section 7 (1);

"investment" means the purchase of shares, bonds, land, property and property rights which gives the purchaser certain claims to the income produced by the shares, bonds, land property and property rights;

"relevant ministry" means the Ministry for the time being responsible for the specified function.

Establishment of the Centre and its functions.

3.(1) There is hereby established a centre to be known as the Investment Promotion Centre for the purposes of assisting and facilitating investments in Kenya.
(2) The functions of the Centre shall be-

(a) to promote investments in Kenya by local and foreign business enterprises:

(b) to liaise with the Central Bank on matters relating to exchange control;

(c) to liaise with the relevant Ministries responsible for approving all new private sector projects and expansion of existing projects;

(d) to assist business enterprises in implementing the projects approved by the relevant Ministries;

(e) to monitor the performance of the projects approved by the relevant Ministries and compliance with the conditions of approval;

(f) to assist all business enterprises in overcoming managerial, institutional and bureaucratic problems;

(g) to advise the Government periodically on changes in policies, strategies and administrative procedures necessary for the promotion and enhancement of investments in Kenya;

(h) to conduct economic appraisal of Government sponsored projects at the request of the Government;

(i) to exercise all functions and powers and perform all duties which, under or by virtue of any other written law, are or may be vested, or delegated to it.

(3) The Centre shall be a body corporate with perpetual succession and a common seal, with power to hold land and to sue and be sued in its corporate name.

(4) The seal of the Centre shall be authenticated by the signatures of the managing director or some other officer or officers authorized by the Board.

(5) Every document purporting to be an instrument issued by the Centre and to be sealed with the seal of the Centre shall be received in evidence and be deemed to be such an instrument without further proof.

Additional powers of the Centre.

4.Notwithstanding section 3, the Centre may, subject to the approval of the Minister, and subject to such terms and the Centre, conditions as he may impose in giving the approval, have powers -

(a) to purchase, take on lease, hire or otherwise acquire, and to sell, exchange, surrender, lease, mortgage, charge, convert, turn to account, dispose of and deal with, any movable or immovable property and rights of all kinds;

(b) to sell, exchange, mortgage (with or without power of sale), assign, lease, sublet, improve, manage, develop, dispose of, turn to account, grant rights and privileges in respect of and generally otherwise deal with the whole or any part of any business, estates, property rights or undertakings of the Centre, upon any terms, either together or in portions, and as a going concern or otherwise, for such consideration, whether cash, shares, stocks, obligations or securities as the Board may think fit;

(c) to invest and deal with money upon such securities and in such manner as may from time to time be determined, and to place money on deposit or current account with any bank or a financial institution or mortgage finance company licensed under the Banking Act (Cap 488) or a building society registered under the Building Societies Act (Cap 489).

Board of directors.

5.(1) There shall be a Board of Directors for the Centre comprising of -

(a) the Chief Secretary or his representative;

(b) the Permanent Secretaries in the Ministries for the time being responsible for matters relating to -

(i) finance;

(ii) planning;

(iii) commerce and industry;

(iv) local government;

(v) lands;

(vi) agriculture and livestock development; and

(vii) tourism.

(d) the managing director;

(e) not less than five nor more than nine other members appointed by the President, by notice in the Gazette, from amongst persons appearing to him to have had experience in industry, commerce, agriculture, trade, tourism or fisheries.

(2) The President shall appoint the chairman of the Centre from amongst the members of the Board.

(3) The Minister may recommend to the President the removal of a member appointed under subsection (1) (e) if the Minister is satisfied that the member-

(a) has become bankrupt or has made an arrangement with his creditors; or

(b) is incapacitated by physical or mental illness from performing his duties as a member; or

(d) is otherwise unable or unfit to discharge his duties as a member of the Board.

(4) A member appointed under subsection (1) (e) may resign by notice in writing to the Chief Secretary and the chairman of the Board.

(5) Where the chairman is unable to attend any meeting of the Board, the other members may elect one of their number to be chairman of that meeting.

(6) The quorum of the Board shall be six.

(7) The Board may establish a committee of the Board to deal with such functions of the Centre as the Board may determine and may co-opt any person who is not a member of the Board to a committee for such period and purpose as the Board may decide.

(8) Subject to this Act and any regulations made there under, the Board shall regulate its own procedure.

Remuneration of members of the Board.

6.The Centre shall pay to the members who are not public officers such allowances as the Minister may from time to time determine.

The managing director and staff of the Centre.

7.(1) The Minister shall appoint a suitable person to be the managing director of the Centre, and in consultation with the Board, shall appoint such staff, agents and other persons necessary for the proper discharge by the Centre of its functions.

(2) The terms and conditions of service of the managing director, staff, agents or other persons appointed under subsection (1) shall be determined by the Minister.

Advances or rants to the Centre.

8.To enable the Centre to carry out its functions and exercise its powers, the Minister may, with the approval of the National Assembly, make advances or grants to the Centre.

Surplus funds.

9.The Minister may, from time to time, direct the Centre to pay into the Consolidated Fund any money held by the Centre and deemed by the Minister to he surplus to its existing or anticipated requirements.

Accounts and annual reports.

10.(1) The managing director shall cause to be kept proper books of accounts and such other records as may be necessary to reflect the Centre's affairs to explain its transactions.

(2) The books of accounts and other records shall at all times be made available for inspection by the Minister and by any other person authorized by him in that behalf.

(3) The managing director shall, as soon as practicable after the end of each financial year of the Centre, cause to be prepared a statement of accounts in such form as the Minister may from time to time direct.

(4) The accounts of the Centre shall be audited annually by the Auditor-General (Corporations) in accordance with the Exchequer and Audit Act (Cap 412).

(5) The managing director shall, as soon as practicable after the end of each financial year of the Centre, make an annual report, accompanied by the annual statement of accounts, to the Minister dealing generally with the operations or the Centre during the year.

Dissolution of the Centre.

11.The Centre shall not be wound up except by or under the authority of an Act of Parliament.

Exemptions.

12.(1) The Centre shall be exempted from -

(a) the Companies Act (Cap 486);

(b) liability to any taxation imposed by law in respect of income or profits:

(2) The Minister may, with the approval of the National Assembly, by notice in the Gazette, specify any tax duty fee levy cess or other impost as one to which the Centre shall not be liable.

Personal liability.

13.Members of the Board, the managing director, staff and agents of the Centre shall not be personally liable for any act or thing done or omitted to be done by them in the course of the operations of the Centre.

Regulations.

14.The Minister may, after consultation with the Board, make Regulations for the better carrying purposes of this Act, and without prejudice of the foregoing, regulations with regard to matters may be made -

(a) the convening of the meetings of the procedures to be followed there after;

(b) the provision of a common seal and the custody and use thereof.