Indigenisation and Economic Empowerment Act updated as at 8th May 2015 PART 4 THE CHIEF EXECUTIVE OFFICER AND MANAGERS Powers of managers 9. The managers shall be a company or a consortium of companies, appointed by the Board, who are responsible to the unit holders for the management and control of the Unit Trust Account and for the issue and redemption of units of the scheme. Subject to this Schedule the managers, in their own name and in the name of the Unit Trust Account, shall have power to do all such things and enter into all such arrangements as are necessary to achieve the provisions, intentions and objects of the Unit Trust Account in such manner as in the opinion of their proper officers may be most advantageous to the unit holders and, without prejudice to the generality of the foregoing, shall have the following powers : 9.1 To purchase movable and immovable property and provide services and carry on business of any kind in such manner as the managers could do if they were the beneficial owner thereof; 9.2 To expend Unit Trust Account funds on the maintenance, construction, improvement, alteration or demolition of buildings on land owned by the Unit Trust Account in right of the Fund; 9.3 Subject to the approval of the Board, to invest moneys in such manner as their officers may think fit and vary such investments from time to time; 9.4 To borrow money and if necessary mortgage immovable property or grant any other form of legal hypothecation as security therefor; 9.5 To let and hire property; 9.6 To pay all rates, taxes, imposts and charges lawfully levied or imposed upon the Unit Trust Account assets and any other expenses incurred in connection with the administration of the Unit Trust Account; 9.7 To engage the services of accountants, legal practitioners, architects, quantity surveyors, land surveyors, valuers, agents, brokers or other professional advisers as they may consider necessary to transact all or any other business of whatsoever nature required o be done under this Schedule; 9.8 To appoint an agent or agents to represent them for any specific purpose, and to perform such powers and duties on their behalf as they may deem expedient; 9.9 To institute proceedings in any court of law for the recovery of amounts due to the Unit Trust Account or to compel the fulfilment of obligation in their favour; 9.10 To defend any proceedings which may be instituted against the Unit Trust Account; 9.11 To allow time for payment of debts due to the Unit Trust Account and to compromise claims by the Unit Trust Account in the discretion of their officers; 9.12 To compromise and settle for such consideration and upon such terms and conditions as their officers may deem advisable on all matters arising in relation to the Unit Trust Account, and all such compromises and settlements shall be final and binding upon all unit holders; 9.13 To enter into indemnities, guarantees or suretyships of every description, either gratuitously or for consideration, which in their absolute discretion they may deem fit; - 26 -