Indigenisation and Economic Empowerment Act updated as at 8th May 2015 (2) Any company and any other business which, without reasonable excuse, refuses, fails, or neglects to comply with the request made in terms of subsection (1) shall be guilty of an offence and liable to a fine not exceeding level five. 20 Appeals (1) If any person is aggrieved by— (a) a decision by the Minister to disapprove a transaction in terms of section 4(2); or (b) an order issued by the Minister in terms of section 5(2), (4) or(5); or (c) his or her liability to pay any levy imposed under Part V; he or she may, within thirty days after being notified of the decision or of the action being taken, appeal to the Administrative Court. (2) The noting of an appeal in terms of this section shall not, pending the determination of the appeal, suspend the decision, order or other action appealed against unless the Administrative Court directs otherwise. 21 Regulations (1) The Minister after consultation with the Board, may make regulations providing for any matters which by this Act are required or permitted to be prescribed or which, in his or her opinion, are necessary or convenient to be provided for in order to carry out or give effect to this Act. (2) Regulations made in terms of subsection (1) may provide for offences and penalties which may be imposed for contraventions of the regulations, which penalties shall not exceed a fine of level twelve or imprisonment for a period not exceeding five years or both such fine and such imprisonment. 22 Transfer of assets, obligations, etc. of National Investment Trust to Fund (1) In this section and section 20⎯ “National Investment Trust” means the National Investment Trust of Zimbabwe referred to in section 13(1); “transfer date” means the date fixed in terms of subsection (2); “Unit Trust Account” means the Unit Trust Account of the Fund referred to in section 13(1). (2) The assets and rights of the National Investment Trust together with any liabilities or obligations attaching to them, shall be transferred to the Unit Trust Account in right of the Fund with effect from such date as the Minister specified by notice published in the Gazette. (3) All bonds, hypothecations, deeds, contracts, instruments, documents and working arrangements which subsisted immediately before the relevant transfer date in relation to any asset, right or liability or obligation transferred in right of the Fund under this section and to which the National Investment Trust was party shall, on and after that date, be as fully effective and enforceable against or in favour of the Fund as if the Fund had been named therein. (4) For the avoidance of doubt it is declared that all the rights held by unit holders or investors in the Trust on or before the transfer date shall continue to be held in the Unit Trust Account without diminution after that date by those unit holders or investors. - 16 -