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BANKING ACT (CHAPTER 24:20)
Act 9/1999, 22/2001 (s. 4), 12/2002, 4/2004, 16/2004, 1/2005, 6/2005, /2009 (s. 54)
ARRANGEMENT OF SECTIONS PART I
- Short title.
- Application of Act.
ADMINISTRATION 4. Registrar of Banking Institutions and other officers.
REGISTRATION OF BANKING INSTITUTIONS
- Banking business and banking activities not to be conducted except by registered banking institutions.
- Classes of banking business.
- Banking activities.
- Registration of banking institutions.
- Terms and conditions of registration.
- Registration certificates.
- Register of banking institutions.
- Annual fee payable by registered banking institutions.
- Amendment of registration.
- Cancellation of registration.
- Registration and cancellation of registration to be notified in Gazette and in newspaper.
CONDUCT OFBUSINESS BY BANKING INSTITUTIONS
- Commencement of banking business.
- Conduct of banking and other business.
- Board of banking institution.
- Disqualification for appointment to board of banking institution.
- Principal administrative office and principal officers of banking institution.
- Banking institution to display its name and fact that it is registered.
- Change of name of banking institution.
- Certain titles and descriptions reserved for use by registered banking institutions.
- Alteration of constitution or rules of conduct by banking institution.
- Amalgamations and transfers of business.
- Acquisition of significant interest in banking institution.
- Establishment of branches, etc., outside Zimbabwe by banking institutions.
- Representative offices of foreign banking institutions.
- Minimum equity capital of banking institutions.
- Minimum reserves to be maintained with Reserve Bank.
- Prescription of further financial requirements.
RESTRICTIONS ON CERTAIN TRANSACTIONS BY BANKING INSTITUTIONS
- Banking institution not to buy or make loans against own shares.
- Restriction on payment of dividends, etc., by banking institutions.
- Banking institution not to engage in non-banking business without permission.
- Restriction on extending credit to officers, employees and certain shareholders and their relatives.
ACCOUNTS, STATEMENTS ANDOTHER RECORDS
- Accounts and annual financial statement.
- Records of transactions.
- Statements and other documents to be submitted to Reserve Bank and Registrar.
- Display of certain information where banking business is conducted.
AUDIT COMMITTEES, AUDITORS AND AUDIT
- Audit committees.
- Appointment of auditor.
- Disqualifications from appointment as auditor.
- Responsibilities of auditor.
- Powers of auditor.
SUPERVISION AND INVESTIGATION OFBANKING INSTITUTIONS
- Responsibilities of Reserve Bank.
- Appointment of supervisors and inspectors.
- Powers of supervisors.
- Action that may be taken by Reserve Bank where banking institution found to have contravened condition of registration, etc.
- Investigation into banking institution.
- Procedure on completion of investigation.
- Action by Reserve Bank following investigation.
- Expenses of investigation.
CURATORSHIP AND WINDING UP OFBANKING INSTITUTIONS
- Placing of banking institution under curatorship.
- Effect of placing banking institution under curatorship.
- Duties and powers of curator.
- Freezing of deposits and investments of banking institution under curatorship.
- Special provisions relating to winding up or judicial management of banking institution.
ADDITIONALPOWERS OF RESERVE BANK AND REGISTRAR
- Deposit of approved securities by banking institution against cancellation of registration.
- Loans by Reserve Bank to banking institutions.
- Extension of time-limits.
- Translations of documents, etc., may be demanded.
- Powers of Reserve Bank and Registrar where unregistered person is suspected of conducting banking business.
- Order prohibiting anticipated or actual contraventions of certain provisions of this Act.
- Reserve Bank and Registrar may supply statistics. PART XII
DEPOSIT PROTECTION SCHEME
- Interpretation in Part XII.
- Deposit Protection Fund.
- Deposit Protection Board.
- Functions of Board.
- Financial year of Fund.
- Books of account and audit of Fund.
- Contributions to Fund.
- Payment of compensation to depositors in event of insolvency of contributory institution.
- Requirements for documents submitted to Registrar or Reserve Bank.
- False statements, etc.
- Preservation of secrecy.
- Use of confidential information for personal gain.
- Annual reports of Reserve Bank and Registrar.
- Exercise of functions by Reserve Bank.
- Evidence and presumptions.
- Amendment of Acts.
- Repeal of Cap. 24:01, transitional provisions and savings.
Amendment of Acts.