Regulation No. 183/2010 Metal and Engineering Corporation Establishment Council of Ministers Regulation | GOALGOOLE | Because you need Information for your goals !
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Regulation No. 183/2010 Metal and Engineering Corporation Establishment Council of Ministers Regulation

COUNCIL OF MINISTERS REGULATION TO
ESTABLISH THE METALS AND ENGINEERING
CORPORATION

This Regulation is issued by the Council of Ministers pursuant to Article 5 of the Definition of Powers and Duties of the Executive Organs of the Federal Democratic Republic of Ethiopia Proclamation No. 471/2005 and Article 47(1)(a) of the Public Enterprises Proclamation No. 25/1992.
1.    Short Title
This Regulation may be cited as the “Metal and Engineering Corporation Establishment Council of Ministers Regulation No. 183/2010.”
2.    Establishment
1/ The Metals and Engineering Corporation (hereinafter the “Corporation”) is hereby established as a public enterprise.
2/ The Corporation shall be governed by the Public Enterprises Proclamation No. 25/1992.
3.    Supervising Authority
A body to be designated by the government shall be the supervising authority of the Corporation.
4.    Head Office
The Corporation shall have its head office in Addis Ababa and may have branch offices elsewhere as may be necessary.
5.    Purposes
The purposes for which the Corporation is established are:
1.    to design, manufacture, erect, and commission manufacturing industries;
2.    to engage in maintenance and overhauling of manufacturing industries;
3.    to manufacture industrial machineries, capital goods and industrial spare parts;
4.    to expand and enhance engineering and technological capabilities through creating partnership for the integration and interfacing industrial resources;
5.    to undertake production, manufacturing, maintenance, overhauling and upgrading of weapons, equipments and parts useful to defense and security forces for combat and war operations;
6.    to sell its products of weapons, equipments and parts to domestic and overseas buyers in conformity with the law;
7.    to build technological capabilities of the countries defense forces by identifying existing and potential needs and through research and development;
8.    in line with directives and policy guidelines issued by the Ministry of Finance and Economic Development aimed at ensuring macroeconomic stability, to sell and pledge bonds and to negotiate and sign loan agreements with local and international financial sources;
9.      to engage in any other related activities necessary for the attainment of its purposes.
6.    Capital
The authorized capital of the Corporation is Birr 10,000,000,000 (Ten Billion Birr) of which 3,178,914,604.55 (Three Billion One Hundred Seventy Eight Million Nine Hundred Fourteen Thousand Six Hundred Four Birr and Fifty Five Cents) is paid up in cash and kind.
7.    Liability
The Corporation shall not be liable beyond its total assets.
8.    Duration of the Corporation
The Corporation is established for an indefinite duration.
9.    Repeal
The Nazareth Canvas Sewing and Garment Factory Establishment Council of Ministers Regulation No. 150/2008 is hereby repealed.
10.     Transfer of Rights and Obligations
1.    The rights and obligations of Nazareth Canvas Sewing and Garment Factory Established under the Council of Minister Regulation No. 150/2008 are hereby transferred to the Corporation.
2.    The rights and obligations of the Ministry of National Defense with respect to enterprises established under it pursuant to sub-article (12) of Article 24 of Proclamation No. 471/2005 and engaged in the production, maintenance and repair of defense industry products are hereby transferred to the Corporation.
11.    Effective Date
This Regulation shall come into force on the date of publication in the Federal Negarit Gazeta.
Done at Addis Ababa, this 9th day of June 2010

MELES ZENAWI
PRIME MINISTER OF THE FEDERAL DEMOCRATIC
REPUBLIC OF ETHIOPIA
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