2015
BANKING fu\JENTllv!E~"T
(e)
No.12
by the repeal of section 36 and the substitution of-
"36 Intervention by Reserve Bank and Corporation before
insolvency of contributory institution
(1) Where it appears to the ReserveBankortheCorporation that
a contributmy institution is financially distressed or is or may become
insolvent, the Reserve Bank and the Corporation shall consult together
on the most appropriate measures to take in regard to the institution.
(t)
(g)
(h)
(i)
(j)
(k)
(1)
43
(2) Notwithstanding any other provision of this Act, the
Corporation may pay from the Fund all or part of the cost of measures
taken by the Reserve Bank under any law to prevent the insolvency
of a contributory institution, if it appears to the Corporation that such
payment is likely to be less than the compensation payable to depositors
in the event of the institution's insolvency.";
in section 37 ("Curators and judicial managers to notify Cmporation of
insolvency of contributory institution") by the deletion of "curator or"
wherever it occurs;
in section 38 ("Corporation as curator or liquidator and power to appoint
agents") by the deletion of "curator or" wherever it occurs;
by the repeal of sections 47 and 48;
by the repeal of section 52;
in section 56 ("Hindering or obstructing examiner or other official") by
the deletion of "an examiner or";
in section 57 ("Preservation of secrecy") in subsection (1) by the repeal
of paragraph (c);
in section 58 ("Use of confidential information for personal gain") in
subsection (I) by the repeal of paragraph (c).
Amendment of Act 1 of 2010
The Reserve BankofZimbabweAmendmentAct, 2010 (No.1 of2010) is amended
by the repeal of section 19 and the Schedule.
44
Amendment of Act 2 of 2015
The Reserve Bank of Zimbabwe (Debt Assumption) 2015 (No. 2 of 2015) is
amended by the repeal of section 6 and the substitution of-
"6
Application of Part Ill of Cap. 22:21
Part III of the Public Debt Management Act [Chapter 22:21] shall
apply, with the necessary changes, in respect of any obligations assumed
in ten11S of section 4 as if the obligation were a State loan bonowed in
ten11S of that Act.".
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Transitional provisions and savings
(1) In this section-
"fixed date" means the date of commencement of this Act.
(2) Any word or expression which is defined in the principal Act as amended
by this Act shall bear the same meaning when used in this section.
(3) If, on the fixed date, any person holds more shares in a banking institution
or controlling company than is permitted by section 15A or 15B of the principal Act,
the banking institution or controlling company shall without delay notify the Registrar
of that fact, providing the Registrar with such information about the shareholder's
identity and address as the Registrar may reasonably require, and the Registrar may,
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