Swaziland Investment Promotion Act, 1998
Act 1 of 1998
- Commenced on 25 March 1998
- [This is the version of this document at 1 December 1998.]
1. Short title and commencementThis Act may be cited as the Swaziland Investment Promotion Act, 1998, and shall come into force on such date as the Minister may appoint by notice in the Gazette.
2. InterpretationIn this Act, unless the context otherwise requires—“Authority” means the Swaziland Investment Promotion Authority established under section 3;“Board” means the Board of Directors of the Authority established under section 7;“enterprise” means an undertaking carrying on business or commercial activity for gain or reward in any sector of the economy;“foreign national” means—(a)a person who is not a citizen of Swaziland;(b)a company incorporated under the laws of any country other than Swaziland;(c)a partnership or association in which the controlling interest is held by persons who are not citizens of Swaziland;“investment” means a contribution of capital, in cash or in kind, made by a person to a new enterprise or to the expansion or rehabilitation of an existing business enterprise or to the purchase of an existing business enterprise;“investor” means any person, natural or juridical, who has made an investment in Swaziland and is registered under section 26 of this Act, and where the person is a foreign national, the minimum amount of the investment shall be stipulated by the Minister from time to time by notice in the Gazette;“manufacturing” means the substantial transformation of tangible movable property, but does not include construction, installation, assembly, transportation, power generation, or the provision of public utility services;“Minister” means the Minister responsible for Enterprise and Employment in Swaziland, who shall, in relation to the Authority, also be the Minister responsible for the purposes of the Public Enterprises (Control and Monitoring) Act, 1989;“simple assembly” means bringing together of components or the mixing of products which does not result in a substantial transformation of the final product.
Establishment of the Authority
3. Establishment of the Authority
4. Objects of the AuthorityThe objects of the Authority are—
5. Powers of the AuthorityFor the purpose of achieving its objects, the Authority has power to—
6. Functions of the AuthorityThe Authority shall—
7. Establishment and composition of the Board of Directors
8. Procedure at meetings of the Board
9. Vacation of office by Board MembersA Member of the Board, other than a Principal Secretary, shall vacate his office if he—
10. Appointment of the General Manager
11. Duties of the General Manager
12. Termination of appointment of General ManagerThe appointment of the General Manager shall be terminated in the manner provided for in the Public Enterprises (Control and Monitoring) Act, 1989 where:
13. Appointment of Chief Financial OfficerThere shall be appointed a Chief Financial Officer as provided in section 8(2) of the Public Enterprises (Control and Monitoring) Act, 1989.
14. Duties of the Chief Financial OfficerThe Chief Financial Officer shall—
15. Termination of appointment of Chief Financial OfficerThe appointment of the Chief Financial Officer shall be terminated in the manner provided in the Public Enterprises (Control and Monitoring) Act, 1989 where—
16. Funds and assets of the Authority
17. Appointment of auditor
18. Financial yearThe financial year of the Authority shall be from the 1st April to the 31st March of the following year, unless the Minister indicates otherwise by notice published in the Gazette.
Protection of investment and settlement of disputes
19. Freedom of investment
20. Protection of investment
21. Investment disputesSubject to any agreement previously made in writing between the investor and the Government, in the event of a dispute arising between an investor and the government the investor may elect to submit the dispute either—
22. Facilitation and non-discrimination
23. Prevention of corrupt business practicesThe Authority or the Minister shall take suitable measures to prevent and control any alleged corrupt business practice, and, where necessary, recommend appropriate sanction against the offender.
24. Disclosure of information
25. Exemption from personal liabilityNo action or other proceedings shall lie or be instituted against any member of the Board or employee of the Authority for or in respect of anything done or omitted to be done in good faith in the exercise of his functions under this Act.
26. Register of investors
27. RegulationsThe Minister may, by notice in the Gazette, make such regulations as he deems necessary for giving effect to this Act, and may prescribe such penalties as are appropriate for the contravention of the Act provided that the penalties prescribed shall not exceed the penalty prescribed in section 24(2).
History of this document
01 December 1998 this version
25 March 1998
Cited documents 0
Documents citing this one 6
- Swaziland Government Gazette dated 1998-02-13 number 330
- Swaziland Government Gazette dated 1998-05-11 number 351
- Swaziland Government Gazette dated 1999-06-10 number 479
- Government of the Kingdom of Swaziland and Others v Miller and Others (1683 of 2013)  SZHC 248 (5 November 2013)
- Reuben Miller And Others v Government Of The Kingdom Of Swaziland And Others (70 of 2013)  SZSC 3 (21 February 2014)
- Simelane v Director of Public Prosecution and Others (246 of 2007)  SZHC 194 (10 October 2008)