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(c) directions that the company named therein shall be under the control and
management of the administrator, and that any other person vested with the
management of the company’s affairs shall from the date of commencement of the
order be divested thereof; and
(d) such other directions as to the control and management of the company, or any
matter incidental thereto, including directions conferring upon the administrator the
power, subject to the rights of the creditors of the company, to raise money in any
way without the authority of shareholders, as the Minister may consider necessary.
(2) The appropriate Minister, after consultation with the administrator, may at any time
and in any manner, on the application of a creditor, a member of the company, the Master or
any person who would have been entitled to petition for the winding-up or apply for the
judicial management of the company concerned, vary the terms of a reconstruction order or
cancel it by further notice published in the Gazette.
6
Effect of reconstruction order
A reconstruction order shall have the following effect, namely that—
(a) the administrator shall assume the control and management of the company and
recover and take possession of all the assets of the company; and
(b) no action or proceeding shall be proceeded with or commenced against the company
except by leave of the administrator and subject to such terms as the administrator
may impose; and
(c) any attachment or execution put in force against the assets of the company after the
commencement of the reconstruction shall be void; and
(d) every disposition of the property, including rights of action, of the company and
every transfer of shares or alteration in the status of its members, made after the
commencement of the reconstruction, shall, unless the administrator otherwise
orders, be void.
7
Transmission of reconstruction order to certain officers
(1) The administrator shall, within seven days of the commencement of the
reconstruction, transmit a copy of the reconstruction order and of every order amending or
setting aside the same to the Registrar, Master and Sheriff and—
(a) in respect of any immovable property within Zimbabwe which appears to be an asset
of the company, to the Registrar of Deeds; and
(b) in respect of any interest in minerals within Zimbabwe which appears to be an asset
of the company, to the Secretary of the Ministry responsible for mines; and
(c) to the messenger of every magistrates court by the order whereof it appears that
property of the company is under attachment; and
(d) in respect of any account with a financial institution known by the administrator to
be operated by the company, the chief executive officer of every such institution.
(2) Upon receipt by the Registrar of Deeds of a reconstruction order he or she shall enter
a caveat against the transfer of any immovable property or the cancellation or cession of any
bond registered in the name of or belonging to the company.