INFRASTRUCTURE DEVELOPMENT BANK OF ZIMBABWE ACT . EXTRACT FROM ACT 11/2005 26 Transitional provisions (1) In this section, “Bank” has the meaning given to it in section 2 of the principal Act. (2) The change of the Bank’s name effected by section four of this Act shall not affect any right or obligation of the Bank, and— (a) legal proceedings brought by or against the Bank in the name of the Zimbabwe Development Bank may be continued in the name of the Infrastructure Development Bank of Zimbabwe; (b) references to the Zimbabwe Development Bank in any document shall be construed as references to the Infrastructure Development Bank of Zimbabwe. (3) It shall not be necessary for a Registrar of Deeds to make an endorsement in his registers, or upon any deed or document which is recorded in his registers, for the purpose of altering any reference to the Zimbabwe Development Bank to a reference to the Infrastructure Development Bank of Zimbabwe, but a Registrar of Deeds, if so requested in writing by the Bank, shall make the appropriate endorsement, free of charge, to any particular deed, document or register. (4) Anything which, before the date of commencement of this Act, was decided or done by or on behalf of the Bank under the name of the Infrastructure Development Bank of Zimbabwe shall be valid and effective after that date as if this Act had been in operation when it was decided or done. (5) The person who, immediately before the date of commencement of this Act, was performing the functions of chief executive officer of the Bank shall, on and after that date, be the chief executive officer of the Bank as if he had been appointed by the Bank’s shareholders in terms of section 8 of the principal Act as amended by this Act, and his term of office shall be deemed to have commenced when the Minister appointed him as chief executive officer. (6) As soon as practicable after the date of commencement of this Act, the Bank shall— (a) cancel its issued shares and replace them with shares of the nominal value specified in subsection (1) of section 10 of the principal Act as amended by this Act; and (b) issue to each of the Bank’s shareholders new shares in an amount equal to the nominal value of the shareholder’s previous shareholding. 17 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 Zimbabwe Development Bank Amendment Act, 2005 (No. 11 of 2005) which came into effect on the 24th March, 2006, changing the name of the Bank and the title of the principal Act, and making other major amendments to the principal Act. Section 26 contains transitional provisions; they are set out at the end of this document. Amended by s. 2 of Act 11/2005. Formerly cited as the Zimbabwe Development Bank Act [Chapter 24:14]. Definition amended by s. 3 of Act 11/2005. The Bank was formerly known as the Zimbabwe Development Bank. Definition inserted by s. 3 of Act 11/2005, replacing the former term "managing director". Amended by s. 4 of Act 11/2005 (substitution of the Bank's new name). Amended by s. 5 of Act 11/2005. Words substituted by s. 5 of Act 11/2005. Subsection substituted by s. 5 of Act 11/2005. Subsection substituted by s. 5 of Act 11/2005. Subsection substituted by s. 5 of Act 11/2005. Paragraph (b) substituted by s. 5 of Act 11/2005 Subsection amended by s. 5 of Act 11/2005 (insertion of "and who are non-executive directors". Section inserted by s. 6 of Act 11/2005. Section 7 repealed and ss. 7 and 7A substituted by s. 7 of Act 11/2005 Section 7 repealed and ss. 7 and 7A substituted by s. 7 of Act 11/2005. Section substituted by s. 8 of Act 11/2005 (formerly referred to the managing director). 24 March, 2006 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 9 Subsection amended by s. 9 of Act 11/2005 ("chief executive officer" substituted for former "managing director"). Section inserted by s. 10 of Act 11/2005. Section substituted by s. 11 of Act 11/2005. Section substituted by s. 11 of Act 11/2005. Section substituted by s. 12 of Act 11/2005. Subsection inserted by s. 13 of Act 11/2005. Subsection inserted by s. 13 of Act 11/2005. Section substituted by s. 14 of Act 11/2005 Words substituted by s. 15 of Act 11/2005 (formerly "undertaking"). Paragraph inserted by s. 15 of Act 11/2005. Words inserted by s. 15 of Act 11/2005. Subsections (1) and (2) repealed by s. 16 of Act 11/2005. Subsection (1) substituted by s. 17 of Act 11/2005. Subsection (1) substituted by s. 18 of Act 11/2005. Subsection (3) amended by s. 18 of Act 11/2005. Section 25 repealed and ss. 25, 25A and 25B substituted by s. 19 of Act 11/2005. Section 25 repealed and ss. 25, 25A and 25B substituted by s. 19 of Act 11/2005. Section 25 repealed and ss. 25, 25A and 25B substituted by s. 19 of Act 11/2005. Subsection repealed by s. 20 of Act 11/2005. Words substituted by s. 20 of Act 11/2005 (formerly the power vested in the President, without reference to the Board). Subsection substituted by s. 22 of Act 11/2005. Paragraph substituted by s. 23 of Act 11/2005. [Chapter 24:14]