General Laws Amendment Act, 2011
Act No. 5 of 2011
"(h) specify the results of public consultations done.";
(i) by the repeal of section 115;
(j) by the insertion after paragraph 6(e) of the First Schedule of the following "(f) billboards;
(g) telecommunications projects for the laying of fibre optic cables";
(k) by the insertion in the Fifth Schedule Part I of the following
"Optunia
Cactus rosea".
13 Amendment of section 2 of Cap. 22:14
Section 2 ("Interpretation")(2) of the Procurement Act [Chapter 22:14] (No. 2 of 1999), is
amended by the repeal of the proviso and the substitution of the following"Provided that the Minister shall not make any such declaration in relation to a person,
other than a body corporate wholly owned or controlled by the State, without that person's
consent.".
14 New section inserted in Cap. 22:15
(1) With effect from the 18th June, 2010, the Reserve Bank of Zimbabwe Act [Chapter
22:15] (No. 5 of 1999) is amended by the insertion of the following section after section 63A"63B
Legal proceedings against Bank
The State Liabilities Act [Chapter 22:13] applies with necessary changes to legal
proceedings against the Bank, including the substitution of references therein to a Minister
by references to the Governor.".
(2) The amendment made by subsection (1) shall apply to proceedings against the Reserve
Bank of Zimbabwe that were pending on the 18th June, 2010.
15 Amendment of section 36 of Cap. 24:02
The Building Societies Act [Chapter 24: 02] is amended in section 36 ("Financial
year of society") by the deletion of the "30th June" and the substitution of "31st December".
16 Amendment of section 2 of Cap. 24:20
The Banking Act [Chapter 24:20] (No. 9 of 1999) is amended—
(a) in section 2 (“Interpretation”) by the insertion of the following definitions—
“”insider”, in relation to a banking institution, means any employee, officer, director,
or principal shareholder of the institution, and includes any related interest of
such insider;
“minimum capital” means capital representing a permanent commitment of funds by
the shareholders of the banking institution (net of any loans and advances given
to an insider and any borrowed capital) which is available to meet losses incurred
without imposing a fixed unavoidable charge on the institution’s earnings, and
includes such of the following elements as are available to the institution after
making any required deductions—
(a) issued and fully paid up ordinary shares or common stock;
(b)
paid up non-cumulative irredeemable preference shares;
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