Indigenisation and Economic Empowerment Act updated as at 8th May 2015 (3) Where the Board has been given a direction in terms of subsection (1), it shall ensure that the direction and any views it has expressed thereon are set out in its annual report submitted in terms of the Audit and Exchequer Act [Chapter 22:03] and section 10(1)(a). PART IV NATIONAL INDIGENISATION AND ECONOMIC EMPOWERMENT FUND 12 Establishment and objects of National Indigenisation and Economic Empowerment Fund (1) There is hereby established a fund, to be known as the National Indigenisation and Economic Empowerment Fund. (2) Subject to this Act, the objects of the Fund shall be— (a) to provide financial assistance to indigenous Zimbabweans for any of the following purposes— (i) the financing of share acquisitions; and (ii) the warehousing of shares under employee share ownership schemes or trusts; and (iii) management buy-ins and buy-outs; and (b) to provide finance for business start-ups, rehabilitation and expansion; (c) to finance market research in connection with the objectives of the Act; (d) to finance capacity-building projects on behalf of indigenous Zimbabweans; and (e) any other purpose which the Minister considers will promote the economic empowerment of indigenous Zimbabweans. 13 Unit Trust Account of National Indigenisation and Economic Empowerment Fund (1) Subject to this section, the National Investment Trust of Zimbabwe (hereafter in this section called “the Trust”) established by a Notarial Deed of Trust on the 18th July, 1999, and registered in the Deeds Registry (No. MA635/2000) is, with effect from the transfer date referred to in section 22, revoked and all its assets and liabilities are transferred to a special account of the National Indigenisation and Economic Empowerment Fund called the “Unit Trust Account”. (2) Notwithstanding subsection (1)— (a) units held by unit holders or investors in the Trust on or before the transfer date shall, on and after the transfer date, be deemed to be units held by those unit holders or investors in the Unit Trust Account of the Fund; (b) the provisions of the Notarial Deed of Trust of the National Investment Trust of Zimbabwe (hereafter in this section called “the Trust Deed”), as incorporated in the Second Schedule with such consequential amendments as are required to bring it into compliance with this section, shall continue to apply to existing and future unit holders or investors in the Unit Trust Account of the Fund. (3) For the purposes of subsection (2)(b)— - 13 -