No.h|NLT Movnsm Cnp. 14:35 PnopERTy Sncunrry INrsREsrs operate as a first preferential charge in respect of so much of the immovable property of the company as is mentioned and descdbed therein as bound by way of security for tbe fulfilment of the obligation undertaken by the company thereunder."; (iv) by the insertion after subsection (7) of the following subsection- "(8) For the avoidance of doubt, any bond registered for pulposes of binding movable property in terms of this section , shall be effected in terms of the Movable Proputy Security lnterestsAcr [Clwpter I4:351(No.9 of 2017)."; (b) section l0? "(Register of mortgages and debentures and register of debenture holder)'by the insertion after subsection (8) of the following subsection- '(9) For the avoidance of doubt, any bond registered for prposes of biding movable prroperty in terms of this section shall be effected in temrs of *re Movable Property Seurity lnterests Aa.IChapter 14:3fl (No.9 of Nl7).*. (9) The Co-operative Societi es ActlClapter 24:0flis amended by ihe repeal of section 30 ("Creation of securities in favour of register,ed societies') and the zubstitution of the following* "30 Creation of securities in favour of registered societies Subject to any prior mortgage registered ovu iurmovable property, any debt payable to a registered society by any member, past member or &ceased nrember sball be a first charge on all prodrrce of labour and things used in connection with production raised, purchasedor poduced in whole or in pan &om any loan, whether in money or in goods, given to him or her by the society: hovided that nothing in this s€ction shall affect ttreclairr of any bonafide purchaser or Eansferee without notice.". (10) The Infrastructural Development Bank of ZmbabwelChapter anrended in- (a) (b) 24:I4l is section 17 ('Powets of Bank') in subsection (1)(a2) bythe insertion after "mortgage" of *security intet€st"; in the Sdrcdule- (i) in paragraph 4 by the insertion of "create a security interest in" before "nil)rtgagg"; (ii) in paragraph 5 by the insertion of "a security interest" before "mortgage", Tlre Banking Act \Clnpter 24:201 is amended in section 56 f'Freezing of deposits and investments of banking institutions under curatorship") in subsection (5) (c) by the deletion of '!ledge" and the substitution of "pledge or security intersst". ( I 1) 13 Transitional pmvisions (1) In this section- "prior security interest" means a rightcovered by a security agreement entered into before the fixed date that is a security interest within the meaning of this Act and to which this Act would have applied if it had been in force at the time when the securitv int€rest was creabd. 156