National Savings and Credit Act, 1972
- Commenced on 1 April 1973
- [This is the version of this document as it was at 31 December 1996 to 6 October 2005.]
Part I – Preliminary
1. Short titleThis Act may be cited as the National Savings and Credit Act.** This Act is deemed to have come into operation on or from the 1st April, 1973 (S.I. No. 84 of 1973)
2. InterpretationIn this Act, unless the context otherwise requires—"Bank" means the National Savings and Credit Bank of Zambia established under section three;"Board" means the Board of Directors of the Bank appointed under section four;"Chief Executive Officer" means the person for the time being holding the office of general manager under section seven;"depositor" means a person who deposits a sum of money with the Bank under this Act;"employee" means any person in the service of the Bank or engaged in connection with any business of the Bank;"Savings Bank" means the Post Office Savings Bank of Zambia.
Part II – Establishment and administration of the Bank
3. Establishment of BankThere is hereby established the National Savings and Credit Bank of Zambia which shall by that name be a body corporate with perpetual succession and a common seal and shall be capable of suing and being sued and, subject to the provisions of this Act, of doing or performing all such acts or things as a body corporate may by law do or perform.
4. Board of Directors
5. Quorum and meetings of BoardThe quorum of the Board shall be four, which shall include either the Chairman or the Deputy Chairman or both, and, subject to the provisions of this Part, the Board may from time to time prescribe rules governing its meetings.
6. Establishment of committeesThe Board may establish one or more committees comprising some or all of its members to carry out such functions as the Board may delegate to any of such committees.
7. Appointment and employment of general manager
8. Employment of staff
Part III – Business, purpose and funds of the Bank
9. Business of BankThe business of the Bank shall be—
10. Power to administer funds on behalf of any person or agencyThe Bank may, on behalf of any person or agency, administer any funds on such terms and conditions as may be approved by the Board.
11. Funds of BankThe funds of the Bank shall consist of—
12. Application of fundsThe funds of the Bank shall be applied towards—
13. Investment of fundsThe Board may invest all or a part of the funds of the Bank not immediately required for the purposes mentioned in this Act in good and sound investment, including—
14. Financial yearThe Board shall determine the financial year of the Bank.
15. Accounts and audit
16. Regulations for depositsThe Board shall, with the approval of the Minister, make regulations—
17. Appointment of agentsThe Board may, with the approval of the Minister, appoint agents upon such terms and conditions as it may determine to carry out such functions under this Act as may be assigned to them by the Board.
Part IV – Loans
18. Loans to depositors
19. Loans to persons other than depositorsThe Bank may, with the written permission of and upon such terms and conditions as the Minister may approve, lend money to persons other than depositors.
20. Aggregate amount of loansThe Bank shall not make any loan if the aggregate of the outstanding loans would thereby exceed fifty per centum of the deposits with the Bank at the time.
21. Board or committee to exercise power to make loans
Part V – Zambia Savings Certificates
22. Issue of Zambia Savings Certificates
23. Bank may impose conditions
24. Control, management, issue, etc., of Zambia Savings Certificates
25. Establishment of Zambia Savings Certificates Fund
26. RepaymentWhen an application for the repayment of any Zambia Savings Certificates is made, the Bank shall forthwith effect such repayment in accordance with the conditions (if any) imposed in terms of section twenty-three.
27. Unredeemed Zambia Savings Certificates
28. Moneys from sale of Zambia Savings CertificatesMoneys received from the sale of Zambia Savings Certificates shall not be regarded as borrowings for the purposes of the Loans and Guarantees (Authorisation) Act.[Cap. 366]
29. Reports and accounts
30. Issue of other savings certificatesNothing in this Part shall be deemed to prohibit the Bank from issuing savings certificates other than Zambia Savings Certificates.
Part VI – Miscellaneous
31. Non-disclosure of informationSave as is otherwise provided in this Act, no employee shall disclose the name or any information regarding the transactions of a depositor or of a purchaser of a Zambia Savings Certificate except—
Part VII – Repeal and transitional provisions
32. Winding up of affairs of Savings Bank and its dissolution
33. Vesting of assets and liabilities of Savings Bank in Bank
34. Registration of property to be transferred by Savings BankWhenever, in pursuance of this Act, any property, rights, liabilities or obligations of the Savings Bank are transferred by it to the Bank or any person or the Government in respect of the transfer of which any written law provides for registration, it shall be the duty of the Savings Bank to make an application in writing to the proper officer of the appropriate registration authority for the registration of such transfer, and it shall be the duty of such officer to make such entries in the appropriate register as shall give effect to such transfer and, where appropriate, to issue to the transferee concerned a Certificate of Title in respect of the said property or to make necessary amendments to the register, as the case may be, and, if presented therefor, to make endorsement on the deeds relating to the title, right or obligation concerned; and no registration fees, stamp duty or other duties shall be payable in respect thereof.
35. Terms of service of employees on transfer to BankWhere any person who was, whether on secondment or otherwise, in the service of the Savings Bank immediately before the commencement of this Act transfers from that service to the service of the Bank, it shall be the duty of the Bank to ensure that his terms and conditions of service with the Bank shall be no less favourable than those he enjoyed while in the service of the Savings Bank, and that his service with the Savings Bank shall be treated as service with the Bank for the purposes of determining his rights to or eligibility for pension, gratuity, leave or other benefits.
36. Repeal on or from appointed dateThe Post Office Savings Bank and Savings Certificates Act and regulations made thereunder shall be deemed to have been repealed on or from the appointed date.
37. RegulationsThe Board may, with the approval of the Minister, by statutory instrument, make regulations—
History of this document
07 October 2005 amendment not yet applied
31 December 1996 this version
01 April 1973
|National Savings and Credit (Appointment of Members of Board) (Amendment) Order, 1989||Statutory Instrument 18 of 1989|
|National Savings and Credit (Appointment of Members of Board) Order, 1987||Statutory Instrument 36 of 1987|