Tanzania
Tanzania Postal Bank Act
Chapter 301
- Published in Tanzania Government Gazette
- Commenced on 1 March 1992
- [This is the version of this document at 31 July 2002.]
- [Note: This legislation has been thoroughly revised and consolidated under the supervision of the Attorney General's Office, in compliance with the Laws Revision Act No. 7 of 1994, the Revised Laws and Annual Revision Act (Chapter 356 (R.L.)), and the Interpretation of Laws and General Clauses Act No. 30 of 1972. This version is up-to-date as at 31st July 2002.]
Part I – Preliminary provisions (ss. 1-3)
1. Short title and application
This Act may be cited as the Tanzania Postal Bank Act and applies to Mainland Tanzania as well as Tanzania Zanzibar.2. Interpretation
In this Act, unless the context requires otherwise—"assets" means real and personal property of every kind including—(a)rights under contract and agreement;(b)books, books of accounts and records;(c)all other rights, interests in and claims to, real or personal property, whether liquidated or unliquidated, certain or contingent, accrued or accruing;"Bank" means the Tanzania Postal Bank established by section 4;"Board" means the Board of Directors established by section 7;"effective date" means the date when this Act comes into operation;"liabilities" means all obligations under contract or agreement including savings and deposits of all kinds;"Minister" means the Minister for the time being responsible for finance;"TPOSB" means the Tanganyika Post Office Savings Bank;"transition period" means a period of not less than twelve months commencing from the date declared by the Minister as the beginning of the transition period.3. ***
[Transferred to s. 1.]Part II – The Tanzania Postal Bank (ss. 4-13)
4. Establishment of the Bank
5. Objects and functions of the Bank
6. Establishment of General Reserve Fund
7. Board of the Bank
8. Board to supervise the Bank
The Board shall be responsible for the conduct, management and supervision of the affairs, business and operations of the Bank and in particular, shall—9. Meetings of the Board
10. Management of the Bank
11. Authorised capital and shares
12. Restriction on shareholding
(a) the Government of the United Republic | 41 per centum |
(b) the Revolutionary Government of Zanzibar | 10 per centum |
(c) the Tanzania Posts Corporation | 30 per centum |
(d) other shareholders | 19 per centum |
13. Meetings of shareholders
Part III – Operations of the Bank (ss. 14-21)
14. Bank to operate on certain principles
In pursuance of its objects, the Bank shall—15. Ordinary capital resources of the Bank
The ordinary resources of the Bank shall consist of the following—16. Special Funds
17. Restriction on the use of resources and facilities of the Bank
The resources and facilities of the Bank shall be used exclusively to implement the objects of the Bank as set forth in section 5.[s. 16]18. Interest, commission and fees
19. Revaluation Account, General Reserve Fund and allocation of profits
20. Bank to operate within network of Tanzania Posts Corporation
21. Regulations
Part IV – Financial provisions (s. 22)
22. Accounts and Audit
Part V – Repeals, savings and transitional provisions (ss. 23-28)
23. Repeal of R.L. Cap. 87
24. ***
[Repealed by Act No. 11 of 1992.][s. 23]25. ***
[Omitted.][s. 24]26. ***
[Omitted.][s. 24]27. ***
[Omitted.][s. 24]28. Bank to be exempted from income tax
The Bank shall be exempt from the payment of any income tax or any levy during the period of five years after the transitional period.[s. 27]History of this document
31 July 2002 this version
Consolidation
01 March 1992
Commenced