Title and commencement
1. This Act may be cited as the, "Investment Encouragement Act, 1999" Amended (2003), and shall come into force, as from the date of signature.
Repeal and saving
2. The Investment (Encouragement) Act, 1996 shall be repealed; provided that the regulations and orders made, and measures taken thereunder, shall remain in force, as if they have been made, under the provisions of this Act, until revoked, or amended.
Provisions of the Act to prevail
3. The provisions of this Act shall, in case of inconsistency with the provisions of any other law, prevail to the extent of removing the inconsistency between them.
4.(1) The provisions of this Act shall apply, as to such extent, as may achieve the objects thereof; provided that the provisions of the same shall not prejudice such privileges, exemptions and otherwise of guarantees, as may be prescribed to the projects existing at the time of coming into force of this Act.
(2) Notwithstanding the provisions of sub-section (1), all the exemptions granted to imports of the projects, in accordance with the provisions of the previous Investment Acts, shall be revoked, and there shall apply, with respect thereto, the provisions of section 11, hereof; provided that there shall be excluded, from the same, such projects, as may be existing, at the date of coming into force of this Act, which are organized by special agreements, concluded with the Government of the Republic of the Sudan.
5. In this Act, unless the context otherwise requires, :-
"Competent Minister", means any of the Federal Ministers;
"Invested money", means :-
(a) the local currency paid by the Investor and used in the establishment, operation, of the project;
(b) the foreign convertible currency converted through one of the banks registered with the Bank of Sudan, which is used in the establishment, operation, of the project;
(c) the local currency, by which satisfaction, upon the approval of the competent bodies, is made to meet obligations due for payment to the Investor, in foreign currency, where the same is used in the establishment, operation, of the project;
(d) the corporeal capital and any other corporeal rights, such as mortgages, debt securities and all the similar rights, dividends, shares and debentures pertaining to companies, and any form of participation therein, the machinery, equipment, apparatuses, materials and other requisites and the means of conveyance imported, from abroad, or the local ones, for the establishment, operation, of the project;
(e) the incorporeal rights and intellectual property rights, and include copy rights, trade marks, patents, industrial designs, which are used in the project; provided that such rights shall be registered, in accordance with the provisions of the law pertaining to each, and owned, by the Investor, or licensed to use the same, on the part of the proprietor thereof;
(f) such profits, as may be achieved by the project, where the capital of the project is completed therewith, or invested into any other project;
"Investor", means the person who invests his funds, in accordance with the provisions of this Act, into any project , whether he is Sudanese, or non- Sudanese;
"Minister", means the Minister appointed by the President of Republic of Sudan;
"Ministry", means the Ministry of Investment;
"Project", means any economic activity, whatever the legal form thereof, which is included into any of such fields of investment, as may be set out in this Act, and such , as may be prescribed by the Council of Ministers, in accordance with the objects of encouragement of investment provided for in section 6, and the project is approved in accordance with the provisions of this Act;
"State Minister", means the State Minister, who is specified, by the State Council of Ministers , to have competence as to investment.
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