President assents to two bills

Source: President assents to two bills – DailyNews Live

Farayi Machamire      7 August 2017

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.