Chapter 22:20 Sovereign Wealth Fund of Zimbabwe Act 10/2013 SOVEREIGN WEALTH FUND OF ZIMBABWEBOARD 5 Establishment of Sovereign Wealth Fund of ZimbabweBoard (1) There is hereby established the Sovereign Wealth Fund of Zimbabwe Board which shall, subject to this Act, administer the Fund. (2) The Board is a body corporate capable of suing and being sued in its own name and, subject to this Act, of doing everything that bodies corporate can do by law. (3) For the avoidance of doubt it is declared that no legal proceedings involving the Fund may be instituted, continued or concluded except by, against or on behalf of the Board as the administrator of the Fund. 6 Composition of Board (1) The Board shall consist of— (a) the Chief Executive Officer, who shall be an ex officio member of the Board; and (b) nine members, including the Chairperson, appointed by the Minister with the approval of the President, being persons whom the Minister and the President are satisfied-(i) are persons of recognised integrity; (ii) have proven competence in finance, investment, economics, business management or law; (iii) represent the diversity of the peoples and communities of Zimbabwe, in addition to being gender balanced as required by subsection (2); (iv) are not members of the Government or of Parliament; (iv) are not members of the Civil Service or other employees of the State; (v) have not been convicted of any crime involving dishonesty or moral turpitude, even if pardoned. (2) In appointing the members of the Board, the Minister shall endeavour to secure that at least half of the membership of the Board is made up of women. (3) The Chairperson of the Board shall appointed by the President, for which purpose the President may seek the advice of the Minister. (4) The Minister shall appoint a female member of the Board (if the Chairperson is a man) or a male member of the Board (if the Chairperson is a woman) as the Vice-Chairperson of the Board, who shall exercise the functions of the Chairperson during any period that the Chairperson is unable to exercise his or her functions. (5) The Minister shall as soon as is practicable after the Board is constituted publish the names of persons appointed to the Board by the notice in the Gazette, but the validity of the appointment of the appointed members does not depend on such publication. (6) The provisions relating to the terms and conditions of office, vacation of office, filling of vacancies, meetings and procedures of the Board and other related matters are set out in the First Schedule. 5