Chapter 22:20 Sovereign Wealth Fund of Zimbabwe Act 10/2013 Power of Chairperson in cases of urgency 6. Subject to any restrictions or conditions imposed by the Board, the chairperson of the Board may, in cases of urgency or emergency, take whatever action or decision he or she thinks appropriate on the Board’s behalf: Provided that he or she shall report to the Board at its next meeting on any action or decision taken in terms of this subparagraph, and the Board may confirm, vary or revoke the action or decision concerned. Terms of office and conditions of service of members 7. (1) Subject to this Part, a member shall hold office for such period, not exceeding three years, as the Minister may fix at the time of his or her appointment: Provided that the Minister shall ensure that so far as possible there are always at least two members who have held office for three years or more. (2) On the expiry of the period for which a member has been appointed, he or she shall continue to hold office until he or she has been re-appointed or a successor has been appointed: Provided that a member shall not continue to hold office in terms of this subparagraph for more than six months. (3) A person who ceases to be a member shall be eligible for re-appointment: Provided that no director shall serve for more than twelve years, whether continuously or in two or more separate periods of office. (4) Members shall be paid— (a) such remuneration, if any, as the Board may fix; and (b) such allowances, if any, as the Board may fix to meet any reasonable expenses they may incur in connection with the Board’s business. (5) The remuneration and allowances payable to directors in terms of subparagraph (4) shall be paid from the Fund. PART II PROCEDURE OF BOARD Meetings and procedure of Board 8. (1) The Board shall hold its first meeting on a date and at a place fixed by the Minister, and thereafter shall meet for the dispatch of business and adjourn, close and otherwise regulate its meetings and procedure as it thinks fit: Provided that the Board shall meet at least once every three months. (2) The chairperson of the Board— (a) may convene a special meeting of the Board at any time; and (b) shall convene a special meeting of the Board on the written request of not fewer than two members, which meeting shall be convened for a date not sooner than seven days and not later than thirty days after the chairperson’s receipt of the request. (3) Written notice of a special meeting convened in terms of subparagraph (2) shall be sent to each member not later than forty-eight hours before the meeting and shall specify the business for which the meeting has been convened. 19