DISTRIBUTED BY VERITAS
VERITAS MAKES EVERY EFFORT TO ENSURE THE PROVISION OF RELIABLE INFORMATION,
BUT CANNOT TAKE LEGAL RESPONSIBILITY FOR INFORMATION SUPPLIED.
Act No. 12 of 2005
Published in the Government Gazette on Friday 24th March, 2006
Commencement: 24th March, 2006.
ACT
To empower the State to undertake the discharge of certain obligations of the
Zimbabwe United Passenger Company; and to provide for matters connected
with or incidental to the foregoing.
ENACTED by the President and the Parliament of Zimbabwe.
1
Short title
This Act may be cited as the Zimbabwe United Passenger Company (Debt Assumption)
Act, 2005.
1
Interpretation
In this Act"creditor" means the Metropolitan Bank of Zimbabwe, or its successors in title, to whom
the Zimbabwe United Passenger Company owes an obligation under an agreement of
loan entered into with the Metropolitan Bank of Zimbabwe in 2002, for the purchase of
buses by the Zimbabwe United Passenger Company.
2
Assumption of obligations by the State
(1) Subject to this Act the Minister responsible for finance shall, on behalf of the State,
assume responsibility for the discharge of(a) the outstanding obligations of the Zimbabwe United Passenger Company under the
agreement of loan entered into with the Metropolitan Bank of Zimbabwe in 2002, for
the purchase of buses by the Zimbabwe United Passenger Company, which
outstanding debt amounts to forty-one billion dollars;
(b) such other obligations as he or she may consider expedient in relation to the agreement
aforesaid;
and may give written authority to any person to sign and execute as his or her representative any
undertaking, agreement or document pursuant to any such assumption of responsibility.
(2) The terms and conditions under which the Minister assumes responsibility in terms of
subsection (1) for the discharge of any obligation under the said agreement shall be fixed by the
Minister with the consent of the creditor concerned.