4 ACT To provide for the administration of troubled financial institutions; to provide for formulation and implementation of schemes of resolution in respect of such institutions; and to provide for matters connected with or incidental to the foregoing. ENACTED by the President and the Parliament of Zimbabwe. [Date of commencement: 14th January, 2005.] PART I PRELIMINARY 1 Title This Act may be cited as the Troubled Financial Institutions (Resolution) Act [Chapter 24:28]. 2 Application This Act shall apply to all financial institutions referred to in section 6(1), including those formed, registered or incorporated before the date of commencement of this Act: Provided that if the Reserve Bank proposes to issue a declaration in relation to a financial institution, and, before such declaration is issued, there is made or presented to the court⎯ (a) an application in terms of section 191 of the Companies Act for the sanctioning of a compromise or arrangement proposed between the financial institution and its creditors or members, sections 191 to 194 of that Act; or (b) a petition for the winding up of the financial institution in terms of section 207 of the Companies Act, Part V or VI of that Act; or (c) an application for a provisional judicial management order in terms of section 299 of the Companies Act, Part V or VI of that Act; shall apply to such financial institution unless, within thirty days after the date of presentation of the petition or the making of the application, as the case may be, the Reserve Bank issues a declaration in respect of the financial institution.