2015 No.l2 11 Amendment of section 19 of Cap. 24:20 Section 19 ("Disqualification for appointment to board of banking institution") of the principal Act is amended(a) in subsection (1)(i) by the repeal of paragraph (a) and the substitution of the following paragmphs"(a) in the case of a non-executive director, he or she is a director of more than four other companies in Zimbabwe; or (al) in the case of an executive director, he or she is a director of more than three other companies in Zimbabwe; or"; (ii) in paragmph (c) by the deletion from subparagraph (iii) of "or perjury" and the substitution of", perjury, money-laundering or the financing ofterrorism"; (b) 12 by the insertion after subsection (2) of the following subsection"(3) No person who has served as a director of a banking institution for a continuous period of ten years shall be eligible for reappointment to the board of that institution unless at least five years have elapsed since he or she last served on that board.". Amendment of section 20 of Cap. 24:20 Section 20 ("Principal administrative office and principal officers of banking institution") of the principal Act is amended(a) by the repeal of subsections (1) and (2) and the substitution of"(1) Every banking institution and controlling company shall maintain a principal administrative office in Zimbabwe and shall infom1 the Registrar, in writing, of the office's address. (2) Every banking institution and controlling company shall, upon w1itten notification to the Registrar of their names and other prescribed particulars, and with the approval of the Registrar (which approval shall not be withheld except upon positive evidence of the unfitness of the persons concemedtoholdoffice) appoint inZimbabwe(a) a chief executive officer; and (b) a chief accounting officer; and (c) a compliance officer; and (d) an intemal auditor; and (e) a company secretary and (f) such other officers as may be prescribed. (2a) The chief executive officer and the chief accounting officer appointed in tel111S of subsection (2) shall (despite anything to the contrary in the memorandum or articles of association of the banking institution or controlling company) be non-voting members of the board of the banking institution or controlling company. (2b) A banking institution or controlling company shall not(a) appoint a person to hold simultaneously two or more of the offices referred to in subsection (2) except on a temporary or acting basis (and in that event for not more than six months continuously); or (b) without the written permission of the Registrar, appoint a person to an office referred to in subsection (2) if he 225