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Deposit Protection Corporation Act (Chapter 24:29), Act 7/2011
Parliament of Zimbabwe
March 16, 2012

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Act as gazetted 16th March 2012 – not including amendments made by Act 9/2011


DEPOSIT PROTECTION CORPORATION ACT [CHAPTER 24:29],
Act 7/2011

ACT

To establish a Deposit Protection Corporation and to provide for its management, functions and powers; to establish a Deposit Protection Fund for the compensation of depositors in the event of financial institutions becoming insolvent, and to provide for the administration and application of the Fund; to amend the Banking Act [Chapter 24:20]; and to provide for matters connected with or incidental to the foregoing.

ENACTED by the President and the Parliament of Zimbabwe

1 Short title

This Act may be cited as the Deposit Protection Corporation Act [Chapter 24:29].

2 Interpretation

In this Act-

"appropriate registering agency", in relation to-

(a) a banking institution, means the Registrar of Banking Institutions referred to in section 4(1) of the Banking Act [Chapter 24:20];

(b) a building society, means the Registrar of Building Societies appointed in terms of section 5 of the Building Societies Act [Chapter 24:02];

(c) a contributory institution, other than a banking institution or a building society, which is required to be registered under any enactment, means the person who is responsible for registering that institution under the enactment concerned;

"appropriate supervisory agency", in relation to-

(a) a banking institution or financial institution to which Part IX of the Banking Act [Chapter 24:20] applies, means the Reserve Bank;

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