President assents to two bills

HARARE - Zimbabweans looking to borrow money from banks will now be able to use cows and goats as collateral after President Robert Mugabe on Friday signed the Movable Property Security Interests Bill into law.

Mugabe also appended his signature to the Public Procurement and Disposal of Public Assets Bill which will pave way for the establishment of a regulatory body to oversee state procurement.

The two bills had been transmitted to the president for his assent and signature by the Speaker of the National Assembly Jacob Mudenda in July.

Chief Secretary to the President and Cabinet Misheck Sibanda gave notice in the Government Gazette published on Friday that the two bills had become law.

“The following laws, which were assented to by His Excellency the President, are published in terms of section 131 (6) of the Constitution of Zimbabwe -- Public Procurement and Disposal of Public Assets Bill Act (Chapter 22:23) (No.5 of 2017) Movable Property Security Interests Bill into law Act (Chapter 14:15  (No.9 of 2017),” Sibanda said.

The two Acts came into force on Friday.

The Movable Property Security Interests Bill seeks to provide for movable property to be used as security for the purpose of obtaining loans.

The movable property or asset will include any tangible property such as motor vehicle, jewellery, equipment and machinery, household goods and livestock among others.

The Act will enable borrowers and lenders to recognise movable assets as collateral, thereby supporting credit financing secured with such assets.

The Public Procurement and Disposal of Public Assets Bill seeks to repeal the Procurement Act and abolish the State Procurement Board.

In place of the Board, it will set up a new body to be called the Procurement Regulatory Authority of Zimbabwe which will not conduct procurement proceedings but will instead oversee and regulate procurement activities conducted by government ministries, parastatals and local authorities.

Comments (1)

The Cow-Goat Bond currency now in circulation..... back to the yester-year century of trading!!! Yazo Gwadama Zimbabwe iye!!!!!

Mukanya - 7 August 2017

Post a comment

Readers are kindly requested to refrain from using abusive, vulgar, racist, tribalistic, sexist, discriminatory and hurtful language when posting their comments on the Daily News website.
Those who transgress this civilised etiquette will be barred from contributing to our online discussions.
- Editor

Your email address will not be shared.