Tanzania
National Bank of Commerce (Reorganisation and Vesting of Assets and Liabilities) Act
Chapter 404
- Published in Tanzania Government Gazette
- Commenced on 1 October 1997
- [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
This Act may be cited as the National Bank of Commerce (Reorganisation and Vesting of Assets and Liabilities) Act.2. Application
3. Interpretation
Part II – The Consolidated Holding Corporation (ss. 4-8)
4. Establishment of the Corporation
5. Duration of Corporation
6. Functions and resources of the Corporation
7. Management of the Corporation
8. Power of the Corporation in relation to residual assets
Subject to the provisions of this Act, to the directions of the Minister and to any instruction which may be given by the Committee, the Corporation shall have and exercise in relation to all the residual assets and liabilities all the powers that the former bank had in relation to them.Part III – Reorganisation and vesting provisions (ss. 9-11)
9. Former bank to cease operation
10. Vesting of assets and liabilities of former bank into new entities
11. Entertainment of a suit, claim or matter in court
Part IV – Consequential and transitional provisions (ss. 12-20)
12. Transitional period
There shall be a transitional period of not more than twelve months commencing from the vesting date within which, subject to this Act, all necessary measures shall be taken to facilitate the winding up of the affairs and business of the former bank and its subsidiary companies, the effectual transfer and vesting of its assets and liabilities and the transfer and discharge of the affairs of the employees of the former bank.[s. 11]13. Transition Management Committee
14. Provisions concerning instruments
15. Provisions regarding employees of former bank
16. Provisions applicable to transferred staff
17. Continuation and completion of disciplinary proceedings
18. Taxation
Notwithstanding anything contained in any written law for the time being in force, no transaction entered into or action taken in pursuance of the reorganisation of the former bank in accordance with the provisions of this Act, or the Acts providing for the incorporation of the designated new entities, shall attract the charge of any tax or duty on the Company, the NMB, the Corporation or the Bank.[s. 17]19. Repeal of Act No. 1 of 1967
[Repeal of the National Bank of Commerce (Establishment and Vesting of Assets and Liabilities) Act.][s. 18]20. Savings
Notwithstanding the repeal of the National Bank of Commerce (Establishment and Vesting of Assets and Liabilities) Act11, all subsidiary legislation made under it in force immediately before the vesting date and which are required for the continuation of the business of the former bank or its subsidiary company shall continue in force until they are revoked or replaced.History of this document
31 July 2002 this version
Consolidation
01 October 1997
Commenced
Cited documents 2
Legislation 2
1. | Law of Limitation Act | 3422 citations |
2. | Public Corporations Act | 52 citations |