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Land Bank and Development Corporation Council of Ministers Regulation No. 431-2018

FEDERAL NEGARIT GAZETTE

OF THE FEDERAL DEMOCRATIC REPUBLIC OF ETHIOPIA

Council of Ministers Regulation No. 431/2018

Land Bank and Development Corporation Regulation Council of Ministers Regulation

Council of Ministers Regulation No.431/2018

COUNCIL OF MINISTERS REGULATION TO ESTABLISH LAND BANK AND DEVELOPMENT CORPORATION

This Regulation is issued by the Council of Ministers of the Federal Democratic Republic of Ethiopia pursuant to Article 5 of the Definition of Powers and Duties of the Executive Organs of the Federal Democratic Republic of Ethiopia Proclamation No. 916/2015 and Article 47 (1) (a) of the Public Enterprises Proclamation No. 25/1992.

  1. Short Title

This Regulation may be cited as the “Land Bank and Development Corporation Council of Ministers Regulation No. 431/2018”.

  1. Establishment

1/ A Land Bank and Development Corporation (hereinafter the “Corporation”) is hereby established as a Federal Government public enterprise.

2/ The Corporation shall be governed by the Public Enterprises Proclamation No. 25/1992.

  1. Supervising Authority

The Ethiopian Investment Commission shall be the supervising Authority of the Corporation.

  1. Head Office

The Corporation shall have its head office in Addis

Ababa, and may have branch offices elsewhere in other parts of the country as may be necessary.

  1. Purpose

The Corporation shall have the following purposes regarding landholdings under Federal Government agencies and public enterprises:

1/ To identify each land holding;

2/ To identify and tally landholdings to ensure that they are issued with landholding certificates;

3/ To enable the government to get the maximum benefit possible from the resource by properly developing and managing landholdings;

4/ To develop the landholdings in a manner that facilitates the services Federal Government agencies and public enterprises provide;

5/ To enable the delivery of higher economic and social benefits by employing harmonized management of landholdings;

6/ To ensure the protection of government interests where landholdings are transferred to private possession.

7/ To identify all landholdings under Federal Government agencies and public enterprises and take landholding certificate in its name; to ensure the transfer of previously issued landholding certificates to its name; to have centralized data to help decision-making;

8/To develop through joint venture with other investors or unilaterally, control and manage as holder lands identified as holdings of Federal Government agencies and public enterprises.

  1. Capital

1/ The authorized capital of the Corporation is Birr five billion Birr (5,000,000,000) of which Birr one billion two hundred fifty million (1,250,000,000) is paid up in cash and in kind.

2/ The Corporation shall generate its budget from own sources and administer same.

  1. Liability

The Corporation shall not be liable beyond its total assets.

  1. Duration of the Corporation

The Corporation is established for an indefinite period duration.

  1. Effective Date

This Regulation shall enter into force on the date of publication in the Federal Negarit Gazette.

Done at Addis Ababa, this 5th Day of November 2018.

ABIY AHMED (DR.)

PRIME MINISTER OF THE FEDERAL

DEMOCRATIC REPUBLIC OF ETHIOPIA

 

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