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CHAPTER 21:04

MINERALS MARKETING CORPORATION OF ZIMBABWE ACT

Acts 2/1982, 9/1990 (s. 7), 29/1990 (s. 21), 17/1991, 22/2001 (s. 4).

ARRANGEMENT OF SECTIONS

PART I

PRELIMINARY Section

1. Short title.

PART II

MINERALS MARKETING CORPORATION OFZIMBABWE ANDMINERALS MARKETING BOARD

3. Establishment of Minerals Marketing Corporation of Zimbabwe.
4. Establishment of Minerals Marketing Board.
5. Constitution of Board.
6. Conditions of office of appointed members.
7. Disqualifications for appointment as member.
8. Vacation of office by appointed member.
9. Minister may require appointed member to vacate office.
10. Filling of vacancies on Board.
11. Meetings and procedure of Board.
12. Committees of Board.
13. Remuneration and expenses of appointed members and members of committees.
14. Right of certain officers to attend meetings of Board or committees.
15. Members to declare connection with companies and firms dealing with Corporation.
16. Validity of decisions and acts of Board.
17. Execution of contracts and instruments by Corporation.
18. Transaction of business of an urgent nature.
19. Minutes of proceedings of Board and committees.

PART III

FUNCTIONS, POWERSAND DUTIESOF CORPORATION

20. Functions of Corporation.
21. Powers of Corporation.
22. Principles to be observed by Corporation.
23. Reports of Corporation.
24. Appointment of general manager.
25. Minister may give Corporation directions in national interest.

PART IV

ISSUE OF SHARES ANDDEBENTURES BY CORPORATION

26. Authorized share capital of Corporation.
27. Allotment, issue and transfer of shares of Corporation.
28. Liability of shareholder.
29. Issue of debentures.

PART V

FINANCIAL PROVISIONS RELATING TO CORPORATION

30. Conduct of financial affairs of Corporation.
31. Capital of Corporation.
32. Revenues of Corporation.
33. Dividends and repayment of capital.
34. Investments and loans by Corporation.
35. Corporation to make certain charges to revenue account.
36. Establishment and operation of general reserve.
37. Establishment and operation of purchasing fund.
38. Financial year of Corporation.
39. Accounts of Corporation.
40. Audit of accounts of Corporation.
41. Powers of auditors.

PART VI

CONTROL OF SALE AND EXPORT OFMINERALS

42. Prohibition of sale or export of minerals otherwise than through Corporation.
43. Sale and export of minerals through Corporation.
44. Conditions under which Corporation may negotiate or approve contracts.
45. Liability of Corporation in relation to sale of minerals.
46. Duration of authority to export minerals.
47. Corporation to receive proceeds from sales of minerals.
48. Commission and expenses of Corporation.
49. Orders prohibiting stockpiling of minerals.
50. Corporation may require information as to holding and production of minerals.

PART VII

GENERAL

51. Exemption from liability of Corporation.
52. Investigation into affairs of Corporation.
53. Proceedings on failure of general manager, Board or Corporation to comply with Act.
54. Preservation of secrecy.
55. Use of information for private gain by members and employees.
57. Existing contracts.

SCHEDULE

Powers of Corporation.

AN ACT to establish the Minerals Marketing Corporation of Zimbabwe and to provide for the functions, powers and duties thereof; to provide for the constitution, functions, powers and duties of the Minerals Marketing Board; to provide for the control and regulation of the export, sale and stockpiling of minerals; and to provide for matters incidental to or connected with the foregoing.

[Date of commencement: 7th March, 1983.]

PART I

PRELIMINARY

1          Short title

This Act may be cited as the Minerals Marketing Corporation of Zimbabwe Act [Chapter 21:04].

                   2    Interpretation

• In this Act—

“appointed member” means member appointed in terms of paragraph (a) or (c) of subsection (1) of section

five;

“Board” means the Minerals Marketing Board established by section four;

“Corporation” means the Minerals Marketing Corporation of Zimbabwe established by section three;

“member” means the chairman or any other member of the Board referred to in subsection (1) of section five;

“mineral” means any—

• substance produced from a registered mining location or quarry; or
• product derived from the smelting, refining or other beneficiation of a substance referred to in paragraph (a); or
• manufactured or partly-manufactured thing which is declared in terms of paragraph (a) of subsection (2) to be a mineral;

but does not include any substance or product declared in terms of paragraph (b) of subsection (2) not to be a mineral for the purposes of this Act;

“Minister” means the Minister of Mines or any other Minister to whom the President may, from time to time, assign the administration of this Act;

“quarry” has the meaning assigned to it in subsection (1) of section 5 of the Mines and Minerals Act [Chapter 21:05];

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CHAPTER 20:23

ZAMBEZI RIVER AUTHORITY ACT

Acts 19/1987, 18/1989 (s.41), 12/1999.

ARRANGEMENT OF SECTIONS

Section

1. Short title.
3. Council of Ministers.
4. Zambezi River Authority.
5. Transfer of employees.
6. Transfer of assets, liabilities and obligations.
7. Submission of annual reports of Authority before Parliament.
8. Limitation of liability of Authority and its officers.
9. References to Higher Authority for Power and to Corporation in other enactments, etc.

SCHEDULE: Agreement Between the Republic of Zimbabwe and the Republic of Zambia Concerning the Utilization of the Zambezi River.

AN ACT to enable effect to be given to certain provisions of an inter-State agreement relating to the utilization of the Zambezi River concluded between the governments of the Republics of Zimbabwe and Zambia; and to provide for matters incidental to or connected with the foregoing.

[Date of commencement: 1st October, 1987.]

1    Short title

This Act may be cited as the Zambezi River Authority Act [Chapter 20:23].

2    Interpretation In this Act—

“Agreement” means the agreement between the Republic of Zimbabwe and the Republic of Zambia relating to the utilization of the Zambezi River, which agreement is set out in the Schedule;

“assets” includes rights of any description;

“Authority” means the Zambezi River Authority referred to in section four;

“Corporation” means the Central African Power Corporation constituted under section 36 of the Order in Council;

“Council” means the Council of Ministers referred to in section three;

“fixed date” means the1st October, 1987;

“Higher Authority for Power” means the Higher Authority for Power constituted under section 33 of the Order in Council;

“Minister” means the Minister of Transport and Energy or any other Minister to whom the President may, from time to time, assign the administration of this Act;

“National Electricity Undertakings” means the Zimbabwe Electricity Supply Authority and the Zambia Electricity Supply Corporation, or any successor organizations thereto, and references to a National Electricity Undertaking shall be construed accordingly;

“obligations” includes obligations of any description, whether statutory, contractual, delictual or otherwise;

“Order in Council” means the Federation of Rhodesia and Nyasaland (Dissolution) Order in Council, 1963, of the United Kingdom;

“the two States” means the Republics of Zimbabwe and Zambia, and references to a State shall be construed accordingly.

                       3    Council of Ministers

• Notwithstanding section ten, the Higher Authority for Power, which shall henceforth be known as the Council of Ministers, shall continue in existence.
• The composition, functions and procedure of the Council shall be as set out in Articles 4, 5 and 6 of the Agreement.

                       4    Zambezi River Authority

• Notwithstanding section ten, the Corporation, which shall henceforth be known as the Zambezi River Authority, shall continue in existence as a body corporate capable of suing and being sued in its corporate name and of doing all such things and performing all such acts as are necessary for or incidental to the carrying out of its functions under this Act as read with the Agreement.
• The composition, functions, administration, financing. procedure, privileges and immunities of the Authority shall be as set out in Articles 7, 8, 9, 10, 11, 12, 13, 14, 15 and 17 of the Agreement.

                       5    Transfer of employees

The Authority shall transfer or take such steps as are appropriate to effect the transfer of its employees in accordance with, employees. and to such extent as will be necessary to give effect to, Article 29 of the Agreement and any directions given thereunder by the Council.

                       6    Transfer of assets, liabilities and obligations

• The Authority shall transfer or take such steps as are appropriate to effect the transfer of its assets, liabilities and obligations in accordance with, and to such extent as will be necessary to give effect to, Article 30 of the Agreement and any agreement relating to the distribution of the assets, liabilities and obligations reached thereunder.
• For the purposes of any transfer under this section—

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AFRICAN DEVELOPMENT FUND (ZIMBABWE) ACT

Act 34/1983.

AN ACT to confirm the legal personality of the African Development Fund within Zimbabwe; to confer certain privileges and immunities on such Fund; and to provide for matters incidental to or connected with the foregoing.

[Date of commencement: 9th December, 1983.]

1    Short title

This Act may be cited as the African Development Fund (Zimbabwe) Act [Chapter 22:02].

                       2    Interpretation

In this Act—

“Agreement” means the agreement signed at Abidjan on the 29th November, 1972, providing for the establishment and operation of a body to be known as the African Development Fund;

“Fund” means the African Development Fund established in terms of the Agreement;

“Minister” means the Minister of Finance or any other Minister to whom the President may, from time to time, assign the administration of this Act.

                       3    Legal capacity of the Fund

The fund shall have full juridical personality within Zimbabwe and, in particular, full capacity—

• to contract;
• to acquire and dispose of movable and immovable property; and (c) to institute legal proceedings.

                       4    Immunity from legal process

• The Fund shall enjoy immunity from any form of legal process, except in cases arising out of, or in connection with the exercise of its powers to receive loans in accordance with Article 8 of the Agreement, in which case actions may be brought against the Fund in any competent court in whose area of jurisdiction the Fund has its office or has appointed an agent for the purpose of accepting service or notice of process or has otherwise agreed to be sued:

Provided that no action shall be brought against the Fund by the State or by any agency or instrumentality of the State or by any entity or person directly or indirectly acting for or deriving claims from the State or from any agency or instrumentality of the State.

• Notwithstanding subsection (1), the Fund and its property and assets wherever located and by whomsoever held, shall be immune from all forms of seizure, attachment or execution before the delivery of final judgment against the Fund.

                       5    Immunity of assets, archives and freedom of assets from restriction

• The property and assets of the Fund, wherever located and by whomsoever held, shall be immune from search, requisition, confiscation, expropriation or any other form of taking or foreclosure by executive or legislative action.
• The archives of the Fund and in general all documents belonging to it or held by it, shall be inviolable, wherever located.
• To the extent necessary to carry out the purpose and functions of the Fund, and subject to the provisions of the Agreement, all property, currencies and other assets of the Fund shall be free from exchange or other restrictions by financial controls, regulations or moratoria of any kind.

                       6    Privileges of communications

Official communications of the Fund shall be accorded the same treatment as is accorded to the official communications of other international financial institutions of which Zimbabwe is a member.

                       7    Immunities and privileges of officials and personnel

All governors and directors and their alternates and the President and personnel of the Fund including experts performing missions for the Fund—

• shall be immune from legal process with respect to acts performed by them in their official capacity;
• when they are not local nationals, shall be accorded no less favourable immunities from immigration restrictions, alien registration requirements and national service obligations, and no less favourable facilities as regards exchange regulations, than are accorded by the State to the representatives, officials and employees of comparable rank of any other international financial institution of which Zimbabwe is a member; and
• shall be granted no less favourable treatment in respect of travelling facilities than is accorded to representatives, officials and employees of comparable rank of any other international financial institution of which Zimbabwe is a member.

                       8    Exemption from taxation

(1) The Fund, its assets, property, income, operations and transactions, shall be exempt from all direct taxation and from all custom duties or taxes having equivalent effect on goods imported and exported for its official use and the Fund shall also be exempt from any obligation for the payment, withholding or collection of any tax or duty:

Provided that—

• the Fund shall not claim exemption from taxes which are no more than charges for services rendered; and
• articles imported under an exemption provided for in this paragraph shall not be sold in Zimbabwe except under conditions agreed with the State.

(2) No tax shall be levied on or in respect of salaries and emoluments paid by the Fund to the President and personnel of the Fund including experts performing missions for it.

                       9    Minister’s powers

The Minister may make such regulations and give such directions as he may deem necessary or convenient for the carrying out of the objects and purposes of this Act.

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CHAPTER 22:05

EXCHANGE CONTROL ACT

Acts 62/1964, 8/1967, 15/1970, 43/1975, 42/1977 (s. 3), 22/2001 (s. 4), 14/2002 (s.29) 16/2004 (s. 10), 6/2005 (s 29), 3/2009; R.G.N 1135/1975; S.I. 14/2004.

AN ACT to confer powers and impose duties and restrictions in relation to gold, currency, securities, exchange transactions, payments and debts, and the import, export, transfer and settlement of property, and for purposes connected with the matters aforesaid.

[Date of commencement: 1st June, 1965.]

1    Short title

This Act may be cited as the Exchange Control Act [Chapter 22:05].

                   2    Regulatory powers of the President

(1) Notwithstanding anything to the contrary contained in any enactment, the President may make such regulations relating directly or indirectly to—

• gold, currency and securities and transactions relating thereto; and
• exchange transactions; and (c) the control of—
  • imports into and exports from Zimbabwe; and
  • the transfer or settlement of property; and
  • payments; and
  • transactions in relation to debts;

as he deems fit.

(2) Regulations made under subsection (1) may provide for—

• the prohibition or restriction of dealings in or possession of any gold, currency or securities;
• the prohibition or restriction of the importation into and exportation from Zimbabwe of any property;
• the acquisition by any person or assignment to any person or vesting in any person of any property, other than land, or any right thereto and for the determination of compensation in respect thereof;
• the prohibition or restriction of any dealing in or in relation to any property with persons resident outside Zimbabwe;
• requiring any person to make statements or produce documents for the purposes of such regulations;
• entering on any premises and the search of any premises or person for the purpose of giving effect to any such regulation;
• empowering such authorities, persons or classes of persons as may be specified in the regulations—
  • to make orders, rules or directions for any of the purposes for which regulations may be made under this Act;
  • to confer the power to make such orders, rules or directions on any other authority, person or class of persons;
• the registration or licensing of persons who carry on any business of dealing in currency, and the fees payable in respect of the application for, and issue and renewal of, registration certificates or licences.

[Paragraph inserted by section 29 of Act 14 of 2002]

• Different regulations, orders, rules or directions may be made under this section for, or in relation to, different persons or classes of persons, countries, and generally, in relation to anything with respect to which provision is made in subsection (1).
• The power to make regulations, orders, rules or directions under this section shall extend to the making of regulations, orders, rules or directions having extra-territorial operation.
• Regulations, orders, rules or directions under this section that provide penalties for contraventions thereof may impose upon any person charged with a criminal offence the burden of proving particular facts.

[Subsection inserted by Act 3 of 2009]

                   3    Evidence and presumptions

• Any document purporting to be a permit, authority, permission, direction, notice, order or other instrument made or issued by or on behalf of any person or authority in pursuance of any provision of this Act, and to be signed by or on behalf of any such person or authority, shall be received in evidence, and shall, until the contrary is proved, be deemed to be a permit or other instrument so made or issued and signed.
• Prima facie evidence of a document referred to in subsection (1) may be given by production of a document purporting to be certified as a true copy thereof by such person and in such manner as may be prescribed in regulations made in terms of section two.
• Any person charged with any act or omission which is an offence under this Act if the act is done or omitted to be done without a permit, exemption, permission or other authorization, shall be presumed to have done or to have omitted to do such act without such permit, exemption, permission or other authorization, as the case may be, unless it is proved that he was in possession of such permit, exemption, permission or other authorization, as the case may be, when he performed or omitted to perform the act in question.

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CHAPTER 23:01

CAPITAL GAINS TAX ACT

Acts 54/1981, 30/1982, 32/1983, 7/1984, 24/1984, 19/1985, 4/1988, 16/1988, 22/1989, 10/1990, 19/1990, 21/1991, 17/1992, 12/1993, 19/1994, 13/1996, 29/1998, 21/1999, 22/1999, 18/2000, 22/2001, 27/2001, 15/2002, 10/2003, 17/2004, 18/2004, 29/2004, 2/2005, 8/2005, 6/2006, 12/2006 16/2007, 3/2009;5/2009. SIs: 222E/1999.

ARRANGEMENT OF SECTIONS PART I

PRELIMINARY Section

1. Short title.

PART II

ADMINISTRATION

3. Delegation of functions by Commissioner.
4. [Repealed]
5. [Repealed]

PART III

CAPITALGAINS TAX

6. Charging of capital gains tax.
7. Calculation of capital gains tax.
8. Interpretation of terms relating to capital gains tax.
9. When capital amount deemed to have accrued.
10. Exemptions from capital gains tax.
11. Deductions allowed in determination of capital gain.
12. Circumstances in which no deductions may be made.
13. Damage to or destruction of specified asset.
14. Determination of fair market price of specified assets.
15. Transfers of specified assets between companies under the same control.
16. Transfers of specified assets between spouses.
17. Transfer of business property by individual to company under his control.
18. Provisions for sales of immovable property under suspensive conditions.
19. Provisions relating to credit sales where ownership passes.
20. Provisions for the reductions in costs of specified assets.
21. Provision for sales of principal private residences.
22. Substitution of business property.

PART IIIA

CAPITAL GAINS WITHHOLDINGTAX

22A. Interpretation in Part IIIA.

22B. Capital gains withholding tax.

22C. Depositaries to withhold tax.

22D. Agents to withhold tax not withheld by depositaries.

22E. Payee to pay tax not withheld by depositary or agent.

22F. Exemptions.

22FA.      Registration of depositaries. 22G. Depositaries to furnish returns.

22H. Penalty for non-payment of tax.

22I. Refund of overpayments.

22J. Credit where tax has been withheld.

22K. Application of Part IIIA to sales concluded before 1.1.1999.

22L. Suspension of provisions of Part II A to marketable securities.

PART IV

RETURNS AND ASSESSMENTS

23. Application of provisions of Taxes Act relating to returns and assessments.

PART V

REPRESENTATIVE TAXPAYERS 24. Application of provisions of Taxes Act relating to representative taxpayer.

PART VI

OBJECTIONS ANDAPPEALS 25. Objections and appeals.

PART VII

PAYMENT AND RECOVERY OF TAX 26. Day and place for payment of tax.

PART VIII

GENERAL

27. Application of provisions of Taxes Act relating to offences, evidence, forms and regulations.
28. Application of provisions of Taxes Act relating to relief from double taxation.
29. Application of provisions of Taxes Act relating to tax avoidance.
30. Transitional provision re capital gains and losses of married women.

30A. Capital gains tax not withheld in terms of Part IIIA to be paid before transfer of specified asset.

31. Returns by Registrar of Deeds , financial institutions and other persons.

AN ACT to provide for the raising of a tax on capital gains, and to make provision for matters ancillary or incidental thereto.

[Date of commencement: 1st August, 1981.]

PART I

PRELIMINARY

1    Short title

This Act may be cited as the Capital Gains Tax Act [Chapter 23:01].

         2    Interpretation

(1) In this Act—

“approved employee housing trust fund” means an arrangement embodied in a notarised trust deed which satisfies the Commissioner-General that its dominant purpose or effect is to enable a company or group of companies to finance and construct housing for its employees on terms that will eventually allow the employees to acquire ownership of their homes from the trust;

[Definition inserted by Act 6 of 2006]

“assessed capital loss” means the amount by which the sum of the deductions to be made under subsections (2) and (3) of section eleven from the capital amount (as defined in Part III) of any taxpayer exceeds such capital amount:

Provided that where the total amount of the assessed capital loss of a person in respect of sales in any year of assessment is one hundred United States dollars or less the assessed capital loss arising from such sales shall be reduced by such amount;

[Definition inserted by Act 5 of 2009]

“deed of sale” means an agreement in respect of a specified asset the effect of which is that ownership of the specified asset shall pass to a person upon or after payment by him of the whole or a certain portion of the amount payable under the agreement;

 

 

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CHAPTER 22:17

AFRICAN EXPORT-IMPORT BANK (MEMBERSHIP OF ZIMBABWE AND BRANCH OFFICE AGREEMENT) ACT

Acts 10/2005, 6/2006.

AN ACT to enable effect to be given within Zimbabwe to the Agreement for the Establishment of the African Export-Import Bank and the Agreement between the African Export-Import Bank and the Government of the Republic of Zimbabwe concerning the Location of the Branch Office of the African Export-Import Bank; and to provide for matters incidental to or connected therewith.

[Date of commencement : 24th March, 2006.]

WHEREAS the Agreement for the Establishment of the African Export-Import Bank (hereinafter called “the Bank”) was concluded on May 8, 1993, among certain African States and International Organisations (hereinafter called “the Bank Agreement”), including Zimbabwe, by virtue of which Zimbabwe became a member of the

Bank;

AND WHEREAS by Article VI of the Bank Agreement it is provided that each member State shall take all legislative action under its national law and all administrative measures as are necessary to enable the Bank to effectively fulfil its purpose and carryout the functions entrusted to it and that, in particular, it shall accord to the Bank, in its territory, the status, immunities, exemptions, privileges, facilities and concessions set forth in the Bank Agreement;

AND WHEREAS by Article V of the Bank Agreement the Bank shall establish branch offices in the territories of African countries selected by the Board of Directors of the Bank;

AND WHEREAS at the General Meeting of Shareholders of the Bank held at Abuja, Federal Republic of

Nigeria, on October 27 and 28, 1993, it was decided to locate the first Branch Office of the Bank in Harare, Zimbabwe, at a date to be determined by the Board of Directors;

AND WHEREAS the Board of Directors of the Bank at its 10th Meeting held on July 20, 1995, decided to open the Branch Office of the Bank in Harare, Zimbabwe, on July 1, 1996;

AND WHEREAS by Article V.4 of the Bank Agreement it is provided that the State in whose territory a branch office is to be located shall sign with the Bank, and take all necessary measures to make effective in its territory, an agreement regarding the location of the branch office:

NOW, THEREFORE, be it enacted by the President and the Parliament of Zimbabwe as follows:—

                       1    Short title

This Act may be cited as the African Export-Import Bank (Membership of Zimbabwe and Branch Office Agreement) Act [Chapter 22:17].

[Section amended by Act 10 of 2005]

                       2    Interpretation

In this Act—

“Bank” means the African Export-Import Bank (“Afreximbank”) established by the Bank Agreement;

“Bank Agreement” means the Agreement for the Establishment of the African Export-Import Bank (“Afreximbank”) signed in Abidjan, Ivory Coast, by African States and certain International Organisations on the 8th of May, 1993;

“Branch Office Agreement” means the agreement regarding the location of the branch office of the Bank concluded in accordance with Article V.4 of the Bank Agreement;

“Memorandum of Understanding” means the Memorandum of Understanding between the Government of the Republic of Zimbabwe and the Bank concerning—

• the grant of the use and occupancy of a temporary Branch Office of the Bank and related facilities until such time as the Bank constructs a permanent Branch Office building, and related facilities; and
• the transfer by the Government of the Republic of Zimbabwe of title to a parcel of land in

Harare, Zimbabwe, to the Bank for the construction of the permanent Branch Office of the Bank;

“Minister” means the Minister of Finance or any other Minister to whom the President may, from time to time, assign the administration of this Act.

                       3    Provisions of Bank Agreement to have force of law

All the provisions of the Bank Agreement shall have the force of law in Zimbabwe, including in particular (but without prejudice to the generality of the foregoing) the provisions set out in the First Schedule: Provided that nothing in Article XIV of the Bank Agreement shall be construed as—

• entitling the Bank to import goods free of customs duty without any restriction on their subsequent sale; or
• ….

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CHAPTER 22:16

BALANCE OF PAYMENTS REPORTING ACT

Act 4/2004

ARRANGEMENT OF SECTIONS

Section

1. Short title.
3. Designation of exporters.
4. Declaration of reportable transactions.
5. Establishment of reporting systems.
6. Operating rules of reporting systems.
7. Reporting of reportable transactions.
8. Control of undesirable conduct in regard to reporting system.
9. Unauthorised access to or manipulation of reporting system.
10. Powers of entry and search.
11. Preservation of secrecy.
12. Use of confidential information for personal gain.
13. Suspension of rights of financial institution or designated exporter.
15. Reserve Bank to consult financial institutions and designated exporters and to observe rules of natural justice.
16. Exercise of functions by Reserve Bank.

AN ACT to provide for the reporting of transactions affecting the balance of payments of Zimbabwe; and to provide for matters connected with or incidental to the foregoing.

[Date of commencement: 27th August, 2004.]

1    Short title

This Act may be cited as the Balance of Payments Reporting Act [Chapter 22:16].

                       2    Interpretation

(1) In this Act—

“banking business” means the business of accepting deposits withdrawable or repayable on demand or after a fixed period or after notice and the employment of those deposits, in whole or in part, by lending or any other means for the account and at the risk of the person accepting the deposits;

“designated exporter” means a person declared in terms of section three to be a designated exporter;

“financial institution” means—

• a banking institution registered or required to be registered under the Banking Act [Chapter 24:20]; or
• a building society registered or required to be registered in terms of the Building Societies Act [Chapter 24:02]; or
• a person, other than a banking institution or building society, that carries on the business of buying, selling, exchanging and additionally, or alternatively, transferring foreign currency; or (d) any other person that carries on banking business in Zimbabwe;

“foreign currency” includes—

(a)   any currency which is legal tender in a country outside Zimbabwe; and (b)    any payment instruction which—

• is issued outside Zimbabwe and is intended to enable the person in whose favour it is issued to obtain, directly or indirectly, Zimbabwean currency or foreign currency from some other person on the credit of the person issuing the instruction; or
• is issued in Zimbabwe and is intended to enable the person in whose favour it is issued to obtain, directly or indirectly, foreign currency from some other person on the credit of the person issuing the instruction;

“Minister” means the Minister of Finance and Economic Development or any other Minister to whom the President may, from time to time, assign the administration of this Act;

“operating rules” means rules made in terms of subsection (1) of section six;

“payment instruction” means an instruction to a financial institution to transfer funds or make a payment, and includes—

(a)   a cheque, draft, banker’s acceptance, bill of exchange, travellers cheque or letter of credit; and (b)       an instruction made by electronic means;

“reportable transaction” means any transaction to which a financial institution or a designated exporter is a party and which—

• involves—
  • the purchase or sale of foreign currency; or
  • the exchange of foreign currency for Zimbabwean currency; or
  • the exchange of foreign currency of any particular kind for foreign currency of some other kind; or
  • the transfer of funds from or into Zimbabwe; or
  • the incurring of any debt, obligation or liability on the part of a Zimbabwean resident to make a payment outside Zimbabwe; or
  • the incurring of any debt, obligation or liability on the part of a foreign resident to make a payment in Zimbabwe;

or

• is declared to be a reportable transaction in terms of section four;

“reporting system” means a reporting system established in terms of subsection (1) of section five;

“Reserve Bank”, subject to section sixteen, means the Reserve Bank of Zimbabwe established by the Reserve Bank of Zimbabwe Act [Chapter 22:10];

“supervisor” means—

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CHAPTER 22:15 RESERVEBANK OFZIMBABWE ACT

Acts 5/1999, 22/2001 (s. 4), 16/2004, 3/2009 (s. 45), 5/2009 (s. 17)

ARRANGEMENT OF SECTIONS

PART I

PRELIMINARY Section

1. Short title.
3. Application of Act to certain institutions.

PART II

RESERVE BANK OFZIMBABWE

4. Continuation of former Reserve Bank.
5. Head office of Bank.
6. Functions of Bank.
7. Powers of Bank.
8. Bank's relations with State.
9. Publication of Bank’s discount rates.
10. Business with banking institutions.
11. Lending to banking institutions.
12. Inter-bank clearing and payment arrangements.
13. Discount operations of Bank.

PART III

GOVERNOR ANDDEPUTY GOVERNORS

14. Governor and Deputy Governors.
15. Term of office of Governor and Deputy Governors.
16. Disqualifications for appointment as Governor or Deputy Governor.
17. Vacation of office by Governor or Deputy Governor.
18. Terms and conditions of office of Governor and Deputy Governors.
19. Functions of Governor.
20. Delegation of Governor’s functions.

PART IV

BOARD OF THERESERVE BANK

21. Board of the Bank.
22. Appointment and conditions of office of directors.
23. Disqualifications for appointment as director.
24. Vacation of office by director.
25. Disclosure of interests by members of Board.
26. Functions of Board.
27. Chairman and vice-chairman of Board.
28. Procedure at meetings of Board.
29. Committees of Board.
30. Validity of Board’s decisions and acts.

PART V

FINANCIALPROVISIONS

31. Capital of Bank.
32. Allocation of profits.
33. Reserve provisions.
34. Allocation of losses or gains due to exchange rate fluctuations and pursuit of monetary policies.
35. Financial statements.
36. Audit of Bank’s accounts.
37. Powers of auditors.
38. Investigation into Bank’s affairs.
39. Returns by Bank.

PART VI

BANKNOTES AND COINAGE

40. Issue of banknotes.
41. Legal tender of banknotes.
42. Offences relating to banknotes.

42A. Issue of Reserve Bank bearer cheques.

42B. Issue of Reserve Bank vouchers.

43. Issue of coins.
44. Legal tender of coins.

44A. Legal tender of foreign currencies.

PART VII

MONETARY POLICY

45. Bank’s responsibility for monetary policy.
46. Statements of monetary policy.

PART VIII

EXCHANGE RATE POLICY, INTERNATIONAL RESERVES AND EXCHANGE CONTROL

47. Exchange rate policy.
48. Clearing and payment agreements.
49. International reserve.
50. Reports by dealers in foreign exchange.

PART IX

ASSISTANCE TO FOREIGN REGULATORYAUTHORITIES

51. Request for information by foreign regulatory authority.
52. Contents of request.
53. Power to require information, documents or other assistance.
54. Exercise of powers by officers.
55. Penalty for failure to comply with requirement to answer questions, etc.
56. Restrictions on disclosure of information.
57. Exceptions to restrictions on disclosure.

PART X

GENERAL

58. Information to banking institutions.
59. Officers and other employees of Bank.
60. Preservation of secrecy.
61. Impersonation of member of Board or officer or employee of Bank.
62. Powers of Minister upon non-compliance by Bank with Act.
63. Restriction on names of companies.
65. Repeal of Cap 22:10 and savings.

AN ACT to confer and impose functions on the Reserve Bank of Zimbabwe and to provide for its management; to regulate the issue of banknotes and coins; to provide for matters connected with banking, currencies, monetary policy and coinage; to provide for the supervision of banking institutions; to authorise the provision of information to foreign regulatory authorities; to repeal the Reserve Bank of Zimbabwe Act [Chapter 22:10]; and to provide for matters connected with or incidental to the foregoing.

[Date of commencement: 13th August, 1999.]

PART I

PRELIMINARY

1    Short title

This Act may be cited as the Reserve Bank of Zimbabwe Act [Chapter 22:15].

         2    Interpretation

In this Act—

“Bank” means the Reserve Bank of Zimbabwe referred to in section four;

“banking business” means the business of accepting deposits of money withdrawable or repayable on demand or after a fixed period or after notice and the employment of those deposits, in whole or in part, by lending or by any other means for the account and at the risk of the person accepting such deposits;

“banking institution” means a commercial bank, accepting house, discount house or finance house registered or required to be registered in terms of the Banking Act [Chapter 24:20];

“Board” means the Board of the Reserve Bank constituted in terms of section twenty-one;

“demand liabilities” means liabilities which, when they are created, are made payable within thirty days or are made subject to less than thirty days’ notice before payment;

“Deputy Governor” means a Deputy Governor of the Bank appointed in terms of section fourteen;

 

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Procurement Act (Chapter 22:14)

AN ACT to establish a State Procurement Board and to provide for its functions; to make provision for the procurement of goods, construction work and services by the State, statutory bodies and other persons; and to provide for matters connected with or incidental to the foregoing.

[Date of commencement: 1st August, 2001.]

 

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STATE LOANS AND GUARANTEES ACT

Acts 15/1974, 24/1975, 12/1978, 52/1981, 18/1983, 9/1989, 11/1997, 22/2001 (s. 4); R.G.N. 1135/1975.

ARRANGEMENT OF SECTIONS

PART I

PRELIMINARY Section

1. Short title.

PART II

PROVISIONS RELATINGTO STATELOANS

3. Borrowing powers.
4. Manner of raising State loans.
5. Certain State loans exempt from tax.
6. Proceeds of State loans.
7. Security for State loans and expenses in connection therewith.
8. Repayment of State loans and payment of expenses in connection therewith.

PART III

SINKINGFUNDS

9. Interpretation in Part III.
10. Establishment of sinking funds.
11. Trustees for sinking funds.
12. Payments into sinking funds.
13. Application of moneys in sinking funds.

PART IV

PROVISIONS RELATING TO GUARANTEES BYTHE STATE

14. Interpretation in Part IV.
15. Power to give guarantees.
16. Security for guarantees.
17. Payments in connection with guarantees.
18. Disclosure of information concerning guarantees.

PART V

GENERAL

19. Minister to be exempt from certain obligations.
20. Registrar to make entries necessary to give effect to court orders.
21. Forgery of securities.
22. Powers of Minister.

AN ACT to provide for the raising, administration and repayment of loans by the State and for the giving of guarantees in respect of certain loans; and to provide for matters incidental to or connected with the foregoing.

[Date of commencement: 1st July, 1974.]

PART I

PRELIMINARY

1    Short title

This Act may be cited as the State Loans and Guarantees Act [Chapter 22:13].

                       2    Interpretation

In this Act—

“bond” means a document issued in pursuance of Part II acknowledging a debt and binding the State to pay a specified sum at a stated time or on special conditions, and includes a debenture or other form of certificate of indebtedness;

“financial year” means the period of twelve months ending on the 30th June in any year;

“local authority” means a municipality, town or rural district council;

“Minister” means the Minister of Finance or any other Minister to whom the President may, from time to time, assign the administration of this Act;

“State loan” means a sum of money borrowed in terms of Part II;

“statutory corporation” means a corporate body established directly by an enactment having the force of law in Zimbabwe for special purposes;

“stock” means stock issued in pursuance of Part II;

“Treasury bill” means a Treasury bill issued in pursuance of Part II.

PART II

PROVISIONS RELATING TO STATELOANS

                       3    Borrowing powers

• The President may authorize the Minister to borrow, subject to this Act, a sum of money for any purpose considered by the President to be necessary or expedient.
• The aggregate of the amounts that may be borrowed in terms of subsection (1) in any financial year by way of loans raised within Zimbabwe less any amounts repaid on those loans during that financial year shall not exceed thirty per centum of the general revenues of Zimbabwe in the previous financial year:

Provided that the limit fixed in terms of this subsection may be exceeded in any financial year if the Minister obtains the authority of a resolution of Parliament to do so.

[Subsection amended by Act 11 of 1997]

                       4    Manner of raising State loans

• The Minister may, when so authorized in terms of section three, borrow money upon such conditions as he may fix.
• Without derogation from the generality of subsection (1), the Minister may, in terms of that subsection, borrow by way of—
• the issue of bonds or stock; or
• the issue of Treasury bills; or (c) an advance or bank overdraft.

                       5    Certain State loans exempt from tax

The Minister may fix as a condition of a State loan that the capital and the interest payable thereon shall be exempt, either in whole or in part, from— (a) all taxes, present and future; or

(b) any particular tax; payable in terms of any enactment and, if the Minister does so provide, the capital and the interest payable thereon shall be so exempt.

Provided that the Minister shall not exercise the power conferred by this section in relation to a State loan where the capital is represented by securities that are registered in Zimbabwe unless Parliament has, by resolution, approved the exercise of such power in relation to that particular State loan.

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SAVINGS CERTIFICATES ACT

Acts 57/1963, 13/1970; R.G.N. 452/1970.

AN ACT to provide for the issue of savings certificates and the repayment of savings certificates issued under a law of the Federal Legislature and for matters incidental to the foregoing.

[Date of commencement: 1st December, 1963.]

1    Short title

This Act may be cited as the Savings Certificates Act [Chapter 22:12].

                       2    Interpretation

In this Act—

“appropriate Minister” means the Minister to whom the administration of the Posts and Telecommunications Corporation Act [Chapter 12:02] has been assigned;

“Corporation” means the Posts and Telecommunications Corporation established by the Posts and Telecommunications Corporation Act [Chapter 12:02];

“Minister” means the Minister of Finance or any other Minister to whom the President may, from time to time, assign the administration of this Act.

                       3    Issue of savings certificates

• The Minister may, when so authorized by the President, issue savings certificates in Zimbabwe and may at any time withdraw any issue of savings certificates.
• Every savings certificate—
• shall have on its face the amount thereof and the date of maturity;
• shall be issued at a discount;
• shall be repaid at its face value upon maturity, which shall be at such date, not more than ten years from the date of issue, as the President shall have prescribed for that particular issue.
• The President, in authorizing an issue of savings certificates, shall prescribe the denominations, price of issue and period of currency of such certificates, and may prescribe conditions for the payment of interest on the face value of certificates unredeemed after the maturity date for that particular issue.
• The President may prescribe as a condition of any particular issue that the interest thereon shall be exempt from income tax and supertax, present and future, payable or chargeable under any enactment. The interest on savings certificates issued with such a condition shall, notwithstanding anything contained in any enactment, be so exempt.

                       4    Minister may impose conditions

(1) The Minister may, when so authorized by the President, impose conditions not inconsistent with this Act as to all or any of the following matters—

(a) the conditions on which a savings certificate may be surrendered prior to the date of maturity; (b) the aggregate face value of savings certificates of any issue which may be held by any person; (c) such other conditions as he may deem to be expedient.

(2) The Minister may fix a higher aggregate face value under paragraph (b) of subsection (1) for persons or institutions or trusts whose receipts and accruals are exempt from income tax.

                       5    Administration

• Subject to this Act, the control, management, issue and repayment of savings certificates shall be vested in and entrusted to the Corporation:

Provided that the Minister, after consultation with the appropriate Minister, may issue directions to the Corporation concerning the control, management, issue and repayment of savings certificates and the Corporation shall comply with such directions.

• Savings certificates shall be available for purchase by the public at such public offices as the Corporation shall determine.

                       6    Repayment of savings certificates

The Minister shall, as circumstances require, pay out of the Consolidated Revenue Fund, which is hereby appropriated to the purpose, to the Corporation such sums as may be required to meet the amount due in respect of the repayment of savings certificates.

                       7    Undeemed certificates

If any savings certificate remains unclaimed by any person having a just and lawful right thereto for a period of forty-five years from the date when the certificate was issued, then the right to claim repayment of such certificate shall be extinguished.

                       8    Savings certificates issued under Act No. 29 of 1954

Savings certificates issued in terms of the Post Office Savings Bank and Savings Certificates Act, 1954 (No. 29 of 1954) the repayment of which becomes the responsibility of Zimbabwe by virtue of an Order in Council issued under the Rhodesia and Nyasaland Act, 1963, of the United Kingdom shall be repaid in accordance with the terms of issue by the Corporation from moneys paid to the Corporation

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RHODESIA AND MALAWI COMMON SERVICES GUARANTEE ACT

Acts 64/1963, 10/1964, 46/1964, 90/1964; R.G.N. 214/1964.

AN ACT to empower the State to guarantee the discharge by certain corporations of their obligations under agreements between such corporations and governments or other organizations outside Zimbabwe; and for matters incidental thereto and connected therewith.

[Date of commencement: 20th December, 1963.]

1    Short title

This Act may be cited as the Rhodesia and Malawi Common Services Guarantee Act [Chapter 22:11].

                       2    Interpretation

In this Act—

“agreement” means an agreement made between a corporation and— (a)           a government or any division or department of a government; or

(b)   any other body or organization outside Zimbabwe;

“corporation” means—

• the Central African Airways Corporation constituted by the Order in Council; or
• the Zambezi River Authority, formerly the Central African Power Corporation, constituted by the Order in Council; or
• the Rhodesia Railways referred to in the Order in Council; as the case may be;

“International Bank” means the International Bank for Reconstruction and Development;

“Minister” means the Minister of Finance or any other Minister to whom the President may, from time to time, assign the administration of this Act;

“Order in Council” means the Federation of Rhodesia and Nyasaland (Dissolution) Order in Council 1963 of the United Kingdom.

                       3    Guarantee of obligations of corporation

(1) The Minister may, on such terms and conditions as he thinks fit—

• guarantee the discharge by a corporation of its obligations under any agreement; and
• undertake such other obligations as he may consider expedient in relation to or pursuant to any such agreement; and may give written authority to any person to sign and execute any such guarantee or undertaking as his representative.
• Any sum required for fulfilling any guarantee given in terms of subsection (1) is hereby charged on, and shall be paid by the Minister or such officer in his Ministry as he may authorize thereto out of, the general revenues and assets of Zimbabwe, which are hereby appropriated to the purpose, and any sum received by way of repayment of any sum so paid shall be paid into the Consolidated Revenue Fund.
• As soon as possible after any guarantee is given in terms of subsection (1) the Minister shall lay a statement thereof before Parliament.
• If any sum has been paid out of the general revenues and assets of Zimbabwe in terms of subsection (2) the Minister shall, as soon as possible after the end of each financial year of the corporation concerned, beginning with that in which the sum was paid and ending with that in which all liability in respect of that sum and any interest payable thereon is finally discharged, lay before Parliament a statement relating thereto.

                       4    Application of borrowing of corporation

Any loan made by the International Bank to a corporation in terms of an agreement shall be applied by the corporation to the purposes specified in that agreement:

Provided that any part of the loan which cannot be so applied shall be applied only to such other purposes as may be approved by the Government of the United Kingdom, the Government of Zimbabwe and the International Bank.

                       5    Repayment of sums paid by United Kingdom under guarantee

Any sums issued out of the Consolidated Fund of the United Kingdom on account of any guarantee given by the Treasury of the United Kingdom in respect of any loan made to a corporation by the International Bank shall, to the extent of any guarantee given by the Minister in respect of that loan in terms of subsection (1) of section three, be repaid to the Treasury of the United Kingdom by the Minister or such officer in his Ministry as he may authorize thereto out of the general revenues and assets of Zimbabwe, which are hereby appropriated to the purpose, with interest thereon at such rates as the Treasury of the United Kingdom in consultation with the Minister may fix.

                       6    Implementation of agreements

• Notwithstanding anything contained in any enactment, the President may exercise all such powers and authorities and do or cause to be done all such things as appear to him to be necessary for giving full and complete effect to any guarantee given, and for the carrying out of any obligations undertaken, by the Minister in terms of subsection (1) of section
• The State, a local authority, a corporation or a statutory commission (in this subsection referred to as the borrower) shall not, without the consent of the President, create any lien on any of its assets as security for any loan raised by it outside Zimbabwe or for any guarantee given by it in respect of any loan raised outside Zimbabwe unless it is expressly provided that the lien will ipso facto equally and rateably secure the payment of the principal of and interest and other charges on any loan made by or any bonds issued pursuant to any loan made by the International Bank to any of the aforesaid borrowers, whether or not the latter loan was made to the borrower who desires to create the lien.

In this subsection—

“lien” includes mortgage, pledge, charge, privilege and priority of any kind;

“statutory commission” means the Reserve Bank of Zimbabwe or any body incorporated directly by an enactment.

• For the avoidance of doubt it is hereby declared that for the purposes of subsection (2) a loan shall be deemed to have been made to a corporation if such loan was made to any other body and thereafter was assumed by that corporation.

                       7    No stamp or other duty payable

No stamp or other duty and no fees or other charge