Indigenisation and Economic Empowerment Act updated May 2011 “chief executive officer” means the chief executive officer of the Board appointed in terms of section 9; “controlling interest”, in relation to— (a) a company, means the majority of the voting rights attaching to all classes of shares in the company; (b) any business other than a company, means any interest which enables the holder thereof to exercise, directly or indirectly, any control whatsoever over the activities or assets of the business; “employee share ownership scheme or trust” means an arrangement the dominant purpose or effect of which is to enable employees of a company or group of companies to participate in or receive profits or income arising from the acquisition, holding, management or disposal of the stock, shares or debentures of the company or group of companies concerned: Provided that such stock, shares or debentures are held on behalf of the employees in a trust or in the form of units in an employee unit trust scheme registered or exempted in terms of the Collective Investment Schemes Act [Chapter 24:19] (No. 25 of 1997); “empowerment” means the creation of an environment which enhances the performance of the economic activities of indigenous Zimbabweans into which they would have been introduced or involved through indigenisation; “fixed date” means the date fixed in terms of section 1(2) as the date of commencement of this Act; “Fund” means the National Indigenisation and Economic Empowerment Fund, established in terms of section 12; “indigenisation” means a deliberate involvement of indigenous Zimbabweans in the economic activities of the country, to which hitherto they had no access, so as to ensure the equitable ownership of the nation’s resources; “indigenous Zimbabwean” means any person who, before the 18th April, 1980, was disadvantaged by unfair discrimination on the grounds of his or her race, and any descendant of such person, and includes any company, association, syndicate or partnership of which indigenous Zimbabweans form the majority of the members or hold the controlling interest; “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; “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]; “vice-chairperson”, means vice chairperson of the Board appointed in terms of section 7(2). -4-