CHAPTER 423
NATIONAL SAVINGS AND CREDIT ACT

Arrangement of Sections

   Section

PART I
PRELIMINARY

   1.   Short title

   2.   Interpretation

PART II
ESTABLISHMENT AND ADMINISTRATION OF THE BANK

   3.   Establishment of Bank

   4.   Board of Directors

   5.   Quorum and meetings of Board

   6.   Establishment of committees

   7.   Appointment and employment of general manager

   8.   Employment of staff

PART III
BUSINESS, PURPOSE AND FUNDS OF THE BANK

   9.   Business of Bank

   10.   Power to administer funds on behalf of any person or agency

   11.   Funds of Bank

   12.   Application of funds

   13.   Investment of funds

   14.   Financial year

   15.   Accounts and audit

   15A.   Confidentiality

   16.   Regulations for deposits

   17.   Appointment of agents

PART IV
INSOLVENCY AND DISSOLUTION

   22.   Insolvency

   23.   Effect of dissolution of Bank

[Parts V and VI repealed by Act 23 of 2005]

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 Bank

   35.   Terms of service of employees on transfer to Bank

   36.   Repeal on or from appointed date

   37.   Regulations

AN ACT

to provide for the establishment and administration of a National Savings and Credit Bank of Zambia in place of the Post Office Savings Bank of Zambia with a view to promoting national savings; and to provide for matters incidental to or connected with the foregoing.

[1st April, 1973]

Act 24 of 1972,

Act 23 of 2005.

PART I
PRELIMINARY

1. Short title

This Act may be cited as the National Savings and Credit Act.1

2. Interpretation

In this Act, unless the context otherwise requires—

"Bank"  means the National Savings and Credit Bank of Zambia established under section 3;

"Bank of Zambia"  means the Bank of Zambia established under the Bank of Zambia Act;

[Ins by s 2 of Act 23 of 2005.]

"Board"  means the Board of Directors of the Bank appointed under section 4;

"Chief Executive Officer"  means the person for the time being holding the office of general manager under section 7;

"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;

"financial institution"  has the meaning assigned to it by the Banking and Financial Services Act;

[Ins by s 2 of Act 23 of 2005.]

"Savings Bank"  means the Post Office Savings Bank of Zambia.

PART II
ESTABLISHMENT AND ADMINISTRATION OF THE BANK

3. Establishment of Bank

   (1) There 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.

[S 3 renumbered as s 3(1) by s 3(a) of Act 23 of 2005]

   (2) The Bank is a financial institution for purposes of the Banking and Financial Services Act.

[S 3(2) ins by s 3(b) of Act 23 of 2005.]

   (3) Notwithstanding sub-section (2), the Bank shall only conduct business as authorised under section 9.

[S 3(3) ins by s 3(b) of Act 23 of 2005.]

   (4) After the date of the coming into force of this Act, the Bank of Zambia may prescribe such transition periods as are appropriate to permit the Bank to achieve compliance with the licensing and other requirements of the Banking and Financial Services Act.

[S 3(3) ins by s 3(b) of Act 23 of 2005.]

4. Board of Directors

   (1) Save as to the appointment of the Chief Executive Officer as a member of the Board under sub-section (2) of section 7, the Minister may, by statutory order, appoint the members of the Board of Directors. The Board shall be responsible for the policy and administration of the affairs and business of the Bank, and shall consist of—

      (a)   a Chairman;

      (b)   the Chief Officer; and

      (c)   not less than five nor more than nine other members.

   (2) The Chairman shall hold office for such period and upon such terms as the Minister may determine:

Provided that the Chairman may at any time resign his office by giving two month's prior written notice to the Minister.

   (3) A member of the Board (other than the Chairman and the Chief Executive Officer) shall hold office for such term (being not less than one year nor more than three years) as the Minister may determine at the time of his appointment, and he shall be eligible for reappointment at the expiration of the term for which he is so appointed:

Provided that such member may at any time resign his office by giving two month's prior written notice to the Minister.