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Thursday, 25 February 2010

The ZDA (Amendment) Bill 2010

Extremely thankful to the wonderful people at the National Assembly who responded to our query and have now made available part of the 2010 bills, with more on the way (including some exciting ones)! I was getting worried that after initiating A Million Words, we were going to be stuck on zero!

We kick off with a 7 page amendment - The Zambia Development Agency (Amendment) Bill 2010. The Bill amends the the Zambia Development Agency Act, 2006, by revising two key areas. There changes relating to revision of licensing restrictions. We also have a  new section that provides immunity from execution of judgments against ZDA assets.

Where any judgment order is obtained against the Agency, no execution, attachment or process of any nature, 10 shall be issued against the Agency or against any property of the Agency, but the Agency shall cause to be paid out of its revenues such amount as may, by the judgment order, be awarded against the Agency to the person entitled to such amount.
The idea is to limit the exposure to the ZDA against its poor judgements and by corollary limit how much individuals can recover. Depending on your view this is either good for tax payers (since it reduces the risk of bailing out ZDA) or bad for them (if it leads to less responsible decisions by ZDA. An important amendment in the world of rapidly expanding role for ZDA e.g. in relation to privatisation and other financial activities.   

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