Indigenisation and Economic Empowerment Act updated as at 8th May 2015 “member” means a member of the Board; “Minister” means Minister of State for Indigenisation and Empowerment or any other Minister to whom the President may, from time to time, assign the administration of this Act; "prescribed register" means the register prescribed in regulations made under section 21 and kept by the Board on behalf of the Minister assigned the administration of this Act, wherein particulars of the certificates referred to in section 3(8) and 4(5) are recorded5; “private company” means a company as defined in section 33(1) of the Companies Act [Chapter 24:03]; “public company” means any company which is not a private company or a company licensed under section 26 of the Companies Act [Chapter 24:03]; "sector of the economy", "subsector of the economy" and "sectoral" refer to a prescribed sector or subsector of the economy; 6: “vice-chairperson”, means vice chairperson of the Board appointed in terms of section 7(2). (2)7 A reference to "Minister" in this Act shall, wherever appropriate, be construed as a reference to "line Minister". (3) The appropriate line Minister shall be responsible for prescribing by notice in a statutory instrument anything that may be prescribed under section 3(4): Provided that any such notice which is in force on the date of commencement of the Finance (No. 3) Act, 2014, shall remain in force until the appropriate line Minister prescribes his or her own notice, in which event the notice in force shall, to the extent of any inconsistency with the second-mentioned notice, be deemed to have been repealed. PART II INDIGENISATION AND ECONOMIC EMPOWERMENT: GENERAL OBJECTIVES AND MEASURES 3 Objectives and measures in pursuance of indigenisation and economic empowerment (1) The Government shall, through this Act or regulations or other measures under this Act or any other law, endeavour to secure that— (a) at least fifty-one per centum of the shares of every public company and any other business shall be owned by indigenous Zimbabweans; (b) no— (i) merger or restructuring of the shareholding of two or more related or associated businesses; or (ii) acquisition by a person of a controlling interest in a business; 5 Definition inserted by section 27 of Act 11/2014 with effect from 1st January 2015. 6 Definition inserted by section 27 of Act 11/2014 with effect from 1st January 2015. 7 Subsections (2) and (3) inserted by section 27 of Act 11/2014 with effect from 1st January 2015. -5-