Indigenisation and Economic Empowerment Act updated May 2011 Financial management of the Fund 3.(1) All monies received on behalf of the Fund shall be paid into a banking account and no money shall be withdrawn therefrom except by means of cheques signed by such persons as are authorised by the Board. (2) Any part of the Fund not immediately required for the purposes of the fund may be invested in such manner as the Board may determine. Books of account and audit of Fund 4.(1) The Board shall ensure that— (a) proper accounts and other records relating thereto are kept in relation to all the financial transactions of the Fund; and (b) in respect of each financial year— (i) a balance-sheet; and (ii) a statement of the transactions referred to in paragraph (a); are prepared without undue delay. (2) The accounts of the Fund shall be audited by the Comptroller and Auditor-General, who shall have all the powers conferred upon him or her or her by section 9 of the Audit and Exchequer Act [Chapter 22:03] as though the assets of the Fund were public moneys or State property and persons employed by the Board were employees of the State. FOURTH SCHEDULE (Section 16) NATIONAL INDIGENISATION AND ECONOMIC EMPOWERMENT CHARTER Paragraph 1. Principles of the Charter 2. Objectives of the Charter 3. Code of ethics. 4. Monitoring and evaluation mechanisms. Principles of the Charter 1. This Charter shall be premised on the following fundamental principles: (a) good corporate governance; (b) development of a highly competitive, sustainable and industrialised economy benefiting from the country’s endowments including its natural resources; (c) equal opportunities for all, including gender sensitive ownership and participation in the economy by indigenous Zimbabweans; (d) accelerated rural development; (e) development and utilisation of modern science and technology; and (f) sustainable natural resource utilisation. - 42 -