Indigenisation and Economic Empowerment Act updated May 2011 22 Transfer of assets, obligations, etc. of National Investment Trust to Fund (1) In this section and section 20⎯ “National Investment Trust” means the National Investment Trust of Zimbabwe referred to in section 13(1); “transfer date” means the date fixed in terms of subsection (2); “Unit Trust Account” means the Unit Trust Account of the Fund referred to in section 13(1). (2) The assets and rights of the National Investment Trust together with any liabilities or obligations attaching to them, shall be transferred to the Unit Trust Account in right of the Fund with effect from such date as the Minister specified by notice published in the Gazette. (3) All bonds, hypothecations, deeds, contracts, instruments, documents and working arrangements which subsisted immediately before the relevant transfer date in relation to any asset, right or liability or obligation transferred in right of the Fund under this section and to which the National Investment Trust was party shall, on and after that date, be as fully effective and enforceable against or in favour of the Fund as if the Fund had been named therein. (4) For the avoidance of doubt it is declared that all the rights held by unit holders or investors in the Trust on or before the transfer date shall continue to be held in the Unit Trust Account without diminution after that date by those unit holders or investors. 23 Transfer of employees of National Investment Trust to Board and conditions of service of transferred employees (1) With effect from the transfer date every person employed by the National Investment Trust immediately before that date shall, with his or her consent, be transferred to the service of the Board on terms not less favourable than those enjoyed by him or her immediately prior to his or her transfer. (2) Until such time as conditions of service are drawn up by the Board, the terms and conditions of service applicable to employees of the National Investment Trust shall continue to apply to every employee transferred to the Board as if every such person were still in the service of the National Investment Trust. FIRST SCHEDULE (Section 7(3)) PROVISIONS APPLICABLE TO BOARD AND COMMITTEES Paragraph 1. Disqualification for appointment as member. 2. Terms and conditions of office of members. 3. Vacation of office by appointed members of Board. 4. Suspension of members. 5. Filling of vacancies of Board. 6. Meetings and procedure of Board. 7. Committees of Board. 8. Minutes of proceedings of Board and committees. 9. Validity of decisions and acts of Board and committees. - 15 -