Cap.14:34 58 SPECIAL EcoNOMIC ZoNES No. 7/2016 Special Grants The Minister may subject to the approval of the Minister responsible for finance, prescribe general fiscal and non-fiscal incentives to licensed investors operating in a special economic zone. SCHEDULE (Section 19) POWERS OF AUTHORITY 1. To acquire by lease, purchase, or otherwise, immovable property and construct buildings thereon. 2. To buy, take in exchange, hire or otherwise acquire movable property including vehicles, necessary or convenient for the performance of its functions. 3. To maintain, alter and improve property acquired by it. 4. To mortgage or pledge any assets or part of any assets and, with the approval of the Minister, to sell, exchange, let, dispose of, tum to account or otherwise deal with any assets or part of assets which are not required for the exercise of its functions for such consideration as the Authority may, with the approval of the Minister, determine. 5. To open bank and building society and post office accounts in the name of the Authority and to draw, make, accept, endorse, discount, execute and issue for the purposes of its functions promissory notes, bills of exchange, bills of lading, securities and other negotiable or transferable instruments. 6. To insure against losses, damages, risks and liabilities which it may incur. 7. To construct and maintain warehouses, factories, commercial buildings, offices, freight-sheds, docking facilities, loading and unloading berths, landings for loading and unloading operations, storage facilities or workshops, ports, piers, shipyards, or other structures for the use of itself or other persons for the construction or provision of any of the said facilities. 8. To sell, rent, grant leases, sub-leases or other interests or concessions in respect of land, buildings or any other facility or structure within a special economic zone owned by, or under the control of, the Authority. 9. To import, store, exhibit, pack, unpack, re-pack, manufacture, assemble, refine, purify, mix, transform, operate, re-ship (whether by water or air), and manipulate all kind of merchandise, products, raw materials, containers and other commercial goods other than those goods which are prohibited for importation, storage, or manufacture in a special economic zone. 10. To invest, in such manner and on such security, if any, as the Authority may determine, any funds of the Authority which are not immediately required and to vary or realise any investment so made. 11. To enter into contracts and suretyships or give guarantees in connection with the exercise of its functions and to modify or rescind such contracts or rescind such suretyships or guarantees. 12. With the approval of the Minister, to enter into, review, cancel or abandon arrangements with any government or authority, local or otherwise, that may seem conducive to the exercise of its functions or any of them and to obtain from such government or authority rights, privileges and concessions which the Authority thinks desirable to obtain and carry out, exercise and comply with such anangements, rights, privileges and concessions. 13. With the approval of the Minister to raise loans or bonow money in such amounts and for such purposes and under conditions as may be approved by the Minister. 207