Public Finance Management Act [Chapter 22:19] as amended as at 28 October 2016 designated corporate body unless the Minister by notice in the Gazette excludes any such corporate body or company. 40 Public entities that are not prescribed (1) The accounting officer of a Ministry responsible for any public entity that is not a designated corporate body or is not specified in terms of section 39(b) shall, within thirty days of the formation, creation, incorporation or registration of the public entity, notify the Treasury, in writing, that the public entity is not so designated or specified. (2) The Minister shall not, in terms of section 39(a), designate the following— (a) any constitutional entity; and (b) the Reserve Bank of Zimbabwe referred to in the Reserve Bank of Zimbabwe Act [Chapter 22:15]; and (c) the Audit-Office referred to in the Audit Office Act. 41 Accounting authorities (1) Every public entity shall have an authority which shall be accountable for the purposes of this Act. (2) If the public entity— (a) has a board or other controlling body, that board or body shall be the accounting authority for that entity; or (b does not have a board or other controlling body, the chief executive officer or the person in charge of that public entity shall be the accounting authority for that public entity unless the enactment or memorandum and articles of association or foundational document relating to that public entity designates another person as the accounting authority. (3) The Treasury may, in exceptional circumstances, approve or appoint a person other than one referred to in subsection (2) as the accounting authority for a public entity. (4) The Treasury may at any time withdraw an approval or instruction made in terms of subsection (3). 42 Fiduciary duties of accounting authorities (1) The accounting authority for a public entity shall— (a) exercise the utmost care to ensure reasonable protection of the assets and records of the public entity; (b) act with fidelity, honesty, integrity and in the best interests of the public entity in managing the affairs of the public entity; (c) on request, disclose to the appropriate Minister all material facts, including those reasonably discoverable, which in any way may influence the decisions or actions of the appropriate Minister in relation to that public entity; (d) seek, to the extent that it is competent for the accounting authority to do so, to prevent any prejudice to the financial interests of the State. (2) An accounting authority or (if the accounting authority is a board or other body) every member of the accounting authority may not— - 28 -