URBAN COUNCILS ACT Chapter 29:15 (ii) a statutory corporation established by or in terms of a law in force in Zimbabwe; or which are guaranteed by the State; (d) deposits with the Post Office Savings Bank; (e) shares in or deposits with a building society registered in terms of the Building Societies Act [Chapter 24:02]; (f) savings certificates issued in terms of the Savings Certificates Act [Chapter 22:12]; (g) temporary advances to a capital account for a purpose for which the council has borrowing power, pending the raising of the necessary loan; (h) temporary advances to a consolidated loans fund operated by a municipal council in terms of section two hundred and ninety-seven; (i) loans to other local authorities; (j) such other manner as the Minister and the Minister responsible for finance may approve. (2) Where any investment has been made in terms of subsection (1)— (a) any interest earned and any benefit received on the realization of the investment shall be credited to the fund or account from which the investment was made; and (b) any loss incurred on the realization of the investment shall be debited to the fund or account from which the investment was made. (3) If a council has accepted any moneys in trust by virtue of a document of trust which directs how such moneys shall be invested or dealt with, the council shall invest or deal with such moneys as directed by that document. (4) For the purposes of subsection (3)— “document of trust” means a document in terms of which— (a) the municipality, town or council is constituted the trustee or holder or any moneys; or (b) a donation or bequest of any moneys is made in favour of the municipality, town or council; and directions are included controlling the use by the council of such moneys. 303 Writing-off of bad debts A council may write off amounts, excluding rates, owing to the council by any person if— (a) the council considers that such amounts are irrecoverable; or (b) in the opinion of the council the difficulties, disadvantages or costs of collection thereof outweigh the value thereof. 304 Appointment of auditors (1) On or before the commencement of each financial year the council shall appoint as auditor for that financial year a person or persons approved by the Minister who are registered as public auditors in terms of the Public Accountants and Auditors Act [Chapter 27:12] or who, in the opinion of the Minister, are otherwise competent to carry out the functions of auditors in terms of this Part, and any person so appointed shall act as auditor of the council: Provided that no mayor or councillor or partner, employer, employee or spouse of a mayor or councillor may be appointed or continue as auditor of the council concerned. (2) A council shall not cancel the appointment of an auditor unless— (a) such cancellation has been resolved at a special meeting of the council held for the purpose, of which meeting the auditor was given notice and at which he was afforded an opportunity to address the council; and (b) the Minister has approved the cancellation of the appointment. (3) If a vacancy in the office of auditor of a council occurs owing to death, cancellation of appointment, resignation or other cause, the council, with the approval of the Minister, shall appoint some other person or persons who are registered as public auditors in terms of the Public Accountants and Auditors Act [Chapter 27:12] or who, in the opinion of the Minister, are otherwise competent to carry out the functions of auditors in terms of this Part, and any person so appointed shall act as auditor of the council for the remainder of the period for which the original appointment was made. 123