Indigenisation and Economic Empowerment Act updated May 2011 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; 9.14 With the approval of the Board, to purchase, select, sell, exchange or alter any of the deposited property provided that nothing in this paragraph shall impose any liability on them to bear the expenses of stamping any certificate or any transfer relating to the deposited property. Duties of managers 10 1. It shall be the duty of the managers to: 10.1.1 prepare all cheques, warrants, statements and notices which the Board has to issue, send or serve as provided; 10.1.2 stamp the documents referred to in paragraph 10.1.1 and deposit them together with the necessary stamped addressed envelopes with the Board so as to afford the Board ample time to examine and check them and sign such cheques, warrants, statements and notices and dispatch them on the day on which they ought to be dispatched; 10.1.3 prepare all certificates required to be issued and to deposit them with the Board for signature. - 25 -