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Infrastructure Development Bank of Zimbabwe Act [Chapter 24:14]
March 24, 2006
Incorporates amendments made by Act 11/2005

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Infrastructure Development Bank of Zimbabwe Act [Chapter 24:14]
Acts 7/1983, 38/1983, 29/1990, 12/1994, 11/2005¹.

¹ Zimbabwe Development Bank Amendment Act, 2005 (No. 11 of 2005) which came into effect on the 24th March, 2006, changing the name of the Bank and the title of the principal Act, and making other major amendments to the principal Act. Section 26 contains transitional provisions; they are detailed below:

Extract from Act 11/2005

26 Transitional provisions
(1) In this section, “Bank” has the meaning given to it in section 2 of the principal Act.

(2) The change of the Bank’s name effected by section four of this Act shall not affect any right or obligation of the Bank, and—
(a) legal proceedings brought by or against the Bank in the name of the Zimbabwe Development Bank may be continued in the name of the Infrastructure Development Bank of Zimbabwe;
(b) references to the Zimbabwe Development Bank in any document shall be construed as references to the Infrastructure Development Bank of Zimbabwe.

(3) It shall not be necessary for a Registrar of Deeds to make an endorsement in his registers, or upon any deed or docu-ment which is recorded in his registers, for the purpose of altering any reference to the Zimbabwe Development Bank to a reference to the Infrastructure Development Bank of Zimbabwe, but a Registrar of Deeds, if so requested in writing by the Bank, shall make the appropriate endorsement, free of charge, to any particular deed, document or register.

(4) Anything which, before the date of commencement of this Act, was decided or done by or on behalf of the Bank under the name of the Infrastructure Development Bank of Zimbabwe shall be valid and effective after that date as if this Act had been in operation when it was decided or done.

(5) The person who, immediately before the date of commencement of this Act, was performing the functions of chief executive officer of the Bank shall, on and after that date, be the chief executive officer of the Bank as if he had been appointed by the Bank’s shareholders in terms of section 8 of the principal Act as amended by this Act, and his term of office shall be deemed to have commenced when the Minister appointed him as chief executive officer.

(6) As soon as practicable after the date of commencement of this Act, the Bank shall—
(a) cancel its issued shares and replace them with shares of the nominal value specified in subsection (1) of section 10 of the principal Act as amended by this Act; and
(b) issue to each of the Bank’s shareholders new shares in an amount equal to the nominal value of the shareholder’s previous shareholding.

Arrangement of Sections

PART I
PRELIMINARY

Section

1. Short title.
2. Interpretation.

PART II
ESTABLISHMENT AND ADMINISTRATION OF THE BANK
3. Establishment.
4. Board of directors.
4A. Responsibilities of Board.
5. Declaration of interest.
6. Meetings of the Board.
7. Committees of Board.
7A. Validity of decisions and acts of Board and committees.
8. Chief executive officer.
9. Staff of Bank.
9A. Policy directions of Minister.

PART III
CAPITAL
10. Authorized share capital.
11. Issue of shares.
12. Allotment of shares.
13. Calls on shares.
14. Prohibition of certain transactions re shares.
15. Limitation of liability of shareholders.

PART IV
THE PURPOSES, POWERS AND FUNDS OF THE BANK
16. Objective of Bank.
17. Powers of Bank.
18. Funds of Bank.
19. Application of funds.
20. Financing of projects bank.
21. Procedure and requirements of financing by Bank.
22. Investment of funds.
23. Reserve funds and distribution of income.

PART V
ACCOUNTS AND AUDIT
24. Financial year.
25. Accounts of Bank.
25A. Audit committee.
25B. Audit of accounts.
26. Annual report.
27. Appropriation of profits.

PART VI
GENERAL
28. Shareholders regulations.
29. Information to be furnished to the Minister and Parliament.
30. Application of Companies Act.
31. Use of name by bank.
32. Winding up of Bank.

SCHEDULE: Powers of Bank.

ACT

AN ACT to provide for the establishment, constitution, duties and powers of a Zimbabwe Development Bank to assist in and promote the economic development of Zimbabwe; and to provide for matters incidental to or connected with the foregoing.

ENACTED by the President and the Parliament of Zimbabwe.

1 Short title
This Act may be cited as the Infrastructure Development Bank of Zimbabwe Act [Chapter 24:14]².

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2 Amended by s. 2 of Act 11/2005. Formerly cited as the Zimbabwe Development Bank Act [Chap-ter 24:14].

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