5 INFRASTRUCTURE DEVELOPMENT BANK OF ZIMBABWE ACT (2) If a company through inadvertence or otherwise, is registered, whether originally or by reason of a change of name, by a name which is in conflict with subsection (1), the Minister may, by notice in writing, direct the company to change its name and the company shall do so within a period of six weeks from the date of the direction or within such longer period as the Minister may allow. government or authority rights, privileges and concessions which it thinks desirable to obtain and carry out, exercise and comply with such arrangements, rights, privileges and concessions. 10. To employ, upon such terms and conditions as the Board considers fit, such persons as may be necessary for conducting the affairs of the Bank and suspend or discharge any such persons. 11. To pay such remuneration and allowances and grant such leave of absence and to pay such bonuses and the like to its employees as the Board considers fit. 12. To provide pecuniary benefits for its employees on their retirement, resignation, discharge or other termination of service or in the event of their sickness or injury and for their dependants, and for that purpose to effect policies of insurance, establish pension or provident funds or make such other provision as may be necessary to secure for its employees and their dependants any or all of the pecuniary benefits to which the provisions of this paragraph relate. 13. To purchase, take in exchange, hire or otherwise acquire land or dwellings for use or occupation by its employees. 14. To construct dwellings, outbuildings or improvements for use or occupation by its employees on land purchased, taken on lease or in exchange or otherwise acquired by the Bank. 15. To sell or let dwellings and land for residential purposes to its employees. 16. To make or guarantee loans to its employees or their spouses in accordance with remuneration policies approved by the Board.38 17. To provide security in respect of loans such as are described in paragraph 16 by the deposit of securities, in which the Bank may invest such moneys as the Board considers necessary for the purpose. 18. To make loans to any employee of the Bank— (a) for the purpose of purchasing vehicles, tools or other equipment to be used by him in carrying out its duties; or (b) not exceeding three months’ salary or wages payable to him, for any purpose on such security as the Board considers adequate. 19. To do anything for the purpose of improving the skill, knowledge or usefulness of its employees, and in that connection to provide or assist other persons in providing facilities for training, education and research. 20. To do anything which by this Act is required or permitted to be done by the Bank. 21. Generally to do all such things as are calculated to facilitate or are incidental or conducive to the performance of the functions of the Bank or the exercise of its powers in terms of this Act or any other law. 32 Winding up of Bank The Bank shall not be wound up except by or under the authority of an Act. 1. 2. 3. 4. 5. 6. 7. 8. 9. SCHEDULE (Section 17 (2) ) POWERS OF BANK To acquire premises necessary or convenient for the exercise of its functions and the performance of its duties and for that purpose to buy, take in exchange/hire or otherwise acquire immovable property and interests therein and rights thereover and concessions, grants, powers and privileges in respect thereof. To buy, take in exchange, hire or otherwise acquire movable property necessary or convenient for the exercise of its functions and the performance of its duties. To maintain, alter or improve property acquired by it. To mortgage or pledge any property or part thereof and to sell, exchange, lease, dispose of, turn to account or otherwise deal with any property or part thereof which is not required for the exercise of its functions or the performance of its duties for such consideration as it may determine. To acquire, take possession of or dispose of any property in respect of which it has any interest by way of mortgage, pledge or otherwise. To draw, make, accept, endorse, discount, execute and issue for the purposes of its functions or duties promissory notes, bills of exchange, bills of lading, securities and other negotiable or transferable instruments. To insure against losses, damages, risks and liabilities which it may incur. To make contracts and enter into suretyships or give guarantees in connection with the exercise of its functions or the performance of its duties and to modify or rescind such contracts or rescind such suretyships or guarantees. With the approval of the Minister, to enter, renew, cancel or abandon arrangements with any government or authority, local or otherwise, that may seem conducive to the exercise of its functions or the performance of its duties or any of them and to obtain from such END OF ACT Please see next page for extract from Act 11/2005 (transitional provisions) and notes on amendments. [Chapter 24:14] 8 24 March, 2006