2018
CIVIL
A VIAT!ON
A~1ENIJ:vli'NT
?lio. 10
(:))Any dividends or other moneys received by the Minister or
all\ other person on behalf of the State in right of or on the disposal of
any security or right acquired by virtue of this section shall be paid into
the Consolidated Revenue Fund.
(4) Stamp duty shall not be chargeable under the Stamp Duties
Act !Chapter 23:091(a)
in respect of any security issued in compliance with a
direction under subsection ( l ); or
(b)
where any converti blc sec uri tics were issued in compliance
with a direction under subsection ( 1). in respectoftheexercisc
of the conversion rights attached to any such security.
(5) The Minister shall not-
89
(a)
give a direction under subsection (I) at a time when the
Airports Company has ceased to be wholly owned by the
State; or
(b)
exercise any power conferred on him or her by this section,
or dispose of any security issued or allotted to him or
her pursuant to this section, or dispose of any right in
such security, except after consultation with the Minister
responsible for finance.
Assumption of debts; conversion of loans transferred to
Airports Company
( 1) In this section"transferred loan" means any moneys lent to the Authority by
the State, the liability to repay which vests in the Airports
Company by virtue of section 84.
(2) The assumption of or succession to the liabilities in respect
of domestic and international debts of the Authority and Government of
Zimbabwe before the transfer date shal I be as agreed between the Minister,
Authority, Airports Company and the Minister responsible for finance.
(3) ln relation any loans transferred to the Airports Company, the
Company, if directed to do so by the Minister, shall issue such securities
as the Minister may require to(a)
the Minister or a person nominated by the Minister: or
(b)
any person entitled to require the issue of the securities
following their initial allotment to a person referred to in
paragraph (a):
up to an amount equal to the amount of any transferred loan.
(4) The issue of securities in terms of subsection (3) shall have
the etlcct of extinguishing by novation the transferred loan in respect of
which the securities were issued. up to the nominal value of the sec uri tics.
(5) Section 88(2) to (5) shall, with such changes as may be
necessary, apply to the issue of securitie~ under this section and to the
rights of holders of such securities.
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Minister may give directions to Authority
( l) Notwithstanding anything to the cuntrar) in this Act. the
i'vl i nister may gi 1c the Board of the Authority eli rcctions in I Hi ting in order
to ensure the proper transkr of the assets and liabilities of the Authority
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