CHAPTER 58 - ADMINISTRATOR-GENERAL ACT: SUBSIDIARY LEGISLATION

INDEX TO SUBSIDIARY LEGISLATION

Interest on Administrator-General's Investments Rules

Administrator-General (Fees) Rules

INTEREST ON ADMINISTRATOR-GENERAL’S INVESTMENTS RULES

[Sections 19 and 33]

[Rules by the Minister]

Act 13 of 1994,

GN 105 of 1950.

WHEREAS the Administrator-General has at all times in his hands moneys standing to the credit of various estates, being temporary cash balances awaiting distribution or investment:

AND WHEREAS in cases where moneys have so stood to the credit of an estate and the Administrator-General has deemed it impracticable or not for the benefit of the estate to keep the moneys separate and earn interest thereon, it has been his practice to pay such moneys until required into an account at a certain bank in accordance with section 19(2) of the Administrator-General's Act:

AND WHEREAS the Administrator-General has from time to time invested in securities issued by the Governments of the former Protectorate of Northern Rhodesia and of Southern Rhodesia and in the Post Office Savings Bank, and on fixed deposit with certain banks, the cash balance standing to the credit of the said account which in his opinion was in excess of that required for the time being to answer demands in respect of beneficiaries, creditors and other persons:

AND WHEREAS he has credited from time to time to the various estates under his administration the interest which in his opinion a private executor or administrator could have obtained and was under a duty to obtain for the benefit of each estate:

AND WHEREAS it is expedient to legalise the said dealings by the Administrator-General with the moneys as aforesaid and to provide for the payment into general revenue of the balance of the dividends and interest not so credited to individual estates by the Administrator-General:

NOW WHEREAS, the following Rules have been made:

1. These Rules may be cited as the Interest on Administrator-General’s Investments Rules.

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