DISTRIBUTED BY VERITAS
VERITAS MAKES EVERY EFFORT TO ENSURE THE PROVISION OF RELIABLE INFORMATION,
BUT CANNOT TAKE LEGAL RESPONSIBILITY FOR INFORMATION SUPPLIED.
Act No. 11 of 2005
Published in the Government Gazette on Friday 24th March, 2006
Commencement: 24th March, 2006.
ACT
To amend the Zimbabwe Development Bank Act [Chapter 24:14], section 10 of
the Capital Gains Tax Act [Chapter 23:01] and the Income Tax Act [Chapter
23:06]; and to provide for matters connected therewith or incidental thereto.
ENACTED by the President and the Parliament of Zimbabwe.
1
Short title
This Act may be cited as the Zimbabwe Development Bank Amendment Act, 2005.
2
Amendment of section 1 of Cap. 24:14
Section 1 (“Short title”) of the Zimbabwe Development Bank Act [Chapter 24:14]
(hereinafter called “the principal Act”) is amended by the deletion of “Zimbabwe Development
Bank” and the substitution of “Infrastructure Development Bank of Zimbabwe”.
3. Amendment of section 2 of Cap. 24:14
Section 2 (“Interpretation”) of the principal Act is amended—
(a) by the repeal of the definition of “Bank” and the substitution of—
““Bank” means the Infrastructure Development Bank of Zimbabwe referred to in
section three;”;
(b) by the insertion of the following definition—
““chief executive officer” means the chief executive officer of the Bank appointed
in terms of section eight;”;
(c) by the repeal of the definition of “fixed date”;
4
Amendment of section 3 of Cap. 24:14
Section 3 (“Establishment”) of the principal Act is amended by the deletion of “Zimbabwe
Development Bank” and the substitution of “Infrastructure Development Bank of Zimbabwe”.
5
Amendment of section 4 of Cap. 24:14
Section 4 (“Board of Directors”) of the principal Act is amended—
(a) in subsection (1) by the deletion of “as to policy which may be given to it by the
Minister” and the substitution of “any policy directions that may be given to it by the
Minister in terms of section nine A”;
(b) in subsection (2) by the deletion of “eleven members” and the substitution of “not
fewer than twelve and not more than fifteen directors, as may be determined from time
to time by the shareholders, who shall be”;
(c) by the repeal of subsections (3) and (4) and the substitution of the following
subsections—
“(3) For the purposes of determining the directors to be appointed by
institutional shareholders, any such shareholder who holds less than—