Bantu Investment Corporation Act, 1959

The Bantu Investment Corporation of South Africa Ltd.. , Abbreviated BIC ( German as: Bantu Investment Corporation of South Africa Ltd. ) was a South African company to control economic investment in the native reserves and subsequent homelands, which was created on the initiative of the apartheid government under the leadership of Prime Minister Hendrik Frensch Verwoerd. The company's headquarters was located in Pretoria. The legal basis for the creation and the future field of work of this state-owned company formed the Bantu Investment Corporation Act (Act No. 34/1959 ). The corporation took in July 1959 on their activities.

Corporate purpose

The purpose of the Bantu Investment Corporation was in the state subsidization of existing enterprises at the forefront of the industry, trade and the financial services sector. Start-up companies in these sectors were then given support if they met the national policy framework. The tasks also included the provision of financial, technical and other resources, as well as advisory services. For this purpose, pursued the B.I.C. general objectives for the promotion of economic efficiency principle, and measures to capital formation. The activities of the B.I.C. focused solely on Bantu individuals or their companies in the homelands. The acceptance of financial contributions from the assets of Africans for mutually agreed investments were the BIC allowed. For special government development agencies in the homelands, the BIC developed Management and strategy plans.

Structures

The establishment of the B.I.C. was performed with a capital of 500,000 South African pound (later 1,000,000 edge ), which was transferred into ordinary shares at each edge of the two South African Bantu Trust, but received no dividends. Through the annual capital allocations of the Trust, the registered capital increased continuously and reached 31 March 1972, a volume of 31.78 million margin.

The composition of the Board was made by the Minister of Bantu Administration and Development ( Bantu Administration). Only white people received a calling in these functions.

The B.I.C. maintained in the provinces of South Africa's own branches. In 1977, the renaming of the B.I.C. was in Corporation for Economic Development Limited ( IBD). This company, however, was gradually dismantled. From it was 1983, the Development Bank of Southern Africa produced.

Legislative follow developments

  • Bantu Homelands Development Corporations Act (Act No. 86/1965 ). This law allowed for the establishment of specific regional development agencies in the homelands.
  • Promotion of Economic Development of Home Lands Act (Act No. 46/1968 ). This law was the possible establishment of development agencies, "white " mobilize their support private capital investors and black leaders should be obtained.

Periodicals B.I.C.

  • Annual report - The Bantu Investment Corporation of South Africa (since 1959 /60), continued later under the title Corporation for Economic Development (South Africa). Annual report
  • Jaarverslag - Bantoe Beleggingskorporasie van Suid -Afrika (1962 / 63-1973 / 74)
Bantustan Hendrik Verwoerd Trust law South African Institute of Race Relations
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