INFRASTRUCTURE DEVELOPMENT BANK OF ZIMBABWE ACT

Acts 7/1983, 38/1983, 29/1990, 12/1994, 11/2005.

ARRANGEMENT OF SECTIONS

PART I

PRELIMINARY

1. Short title.

PART II

ESTABLISHMENT AND ADMINISTRATION OF THE BANK

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. Authorised share capital.
11. Issue of shares.
12. Allotment of shares.
13. Calls on shares.
14. Prohibition of certain transactions re
15. Limitation of liability of shareholders.

PART IV

THE PURPOSES, POWERS AND FUNDS OFTHE BANK

16. Objectives of Bank.
17. Powers of Bank.
18. Funds of Bank.
19. Application of funds.
20. Financing of projects by 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.

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

[Date of commencement: 1st May, 1984.]

PART I

PRELIMINARY

                       1    Short title

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

[Short title amended by section 2 of Act 11 of 2005]

                       2    Interpretation

In this Act—

“Bank” means the Infrastructure Development Bank of Zimbabwe referred to in section three;

[Definition amended by section 3 of Act 11 of 2005]

“Board” means the board of directors referred to in section four;

“chief executive officer" means the chief executive officer of the Bank appointed in terms of section eight;

[Definition inserted by section 3 of Act 11 of 2005]

“director” means a director of the Bank; “fixed date” ….

[Definition repealed by section 3 of by Act 11 of 2005]

“institutional shareholders” means such national or international institutions or corporations as may be authorised by the Minister to be shareholders;

“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.

PART II

ESTABLISHMENT AND ADMINISTRATION OF THE BANK

                       3    Establishment

There is hereby established the Infrastructure Development Bank of Zimbabwe which shall be a body corporate and which shall be capable of suing and being sued and, subject to this Act, of doing or performing all such acts or things as a body corporate may by law do or perform.

[Section amended by section 4 of Act 11 of 2005]

                       4    Board of directors

• There shall be a board of directors of the Bank which shall, subject to any policy directions that may be given to it by the Minister in terms of section nine A, be responsible for the policy and administration of the affairs and business of the Bank.

[Section amended by section 5 of Act 11 of 2005]

• The Board shall consist of not fewer than twelve and not more than fifteen directors, as may be determined from time to time by the shareholders, who shall be appointed, subject to this Act, by the Minister and the institutional shareholders in the following proportions—
• the Minister shall be entitled to appoint the same proportion of the total number of directors as the number of the Bank’s shares held by the State bears to the Bank’s total issued share capital; and
• the institutional shareholders shall be entitled to appoint the remaining directors in proportion to their holdings of the Bank’s shares.

[Section amended by section 5 of Act 11 of 2005]

(3) For the purposes of determining the directors to be appointed by institutional shareholders, any such shareholder who holds less than—