ARRANGEMENT OF SECTIONS
1. Short title and application.
THE TANZANIA POSTAL BANK
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.
9. Meetings of the Board.
10. Management of the Bank.
11. Authorised capital and shares.
12. Restriction on shareholding.
13. Meetings of shareholders.
OPERATIONS OF THE BANK
14. Bank to operate on certain principles.
15. Ordinary capital resources of the Bank.
16. Special Funds.
17. Restriction on the use of resources and facilities of the Bank.
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.
22. Accounts and Audit.
REPEALS, SAVINGS AND TRANSITIONAL PROVISIONS
23. [Repeal R.L. Cap. 87.]
28. Bank to be exempted from income tax.
THE TANZANIA POSTAL BANK ACT
An Act to establish the Tanzania Postal Bank and to provide for related matters.
[1st March, 1992]
[G.N. No. 20 of 1992]
11 of 1991
11 of 1992
PRELIMINARY PROVISIONS (ss 1-3)
This Act may be cited as the Tanzania Postal Bank Act and applies to Mainland Tanzania as well as Tanzania Zanzibar.
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.
[Transferred to s. 1.]
THE TANZANIA POSTAL BANK (ss 4-13)
(1) There is hereby established a bank which shall be known as the Tanzania Postal Bank.
(2) The Bank shall be a body corporate and shall–
(a) have perpetual succession and a common seal;
(b) in its corporate name, be capable of suing and being sued; and
(c) be capable of purchasing or acquiring in any other way, and alienating, any movable or immovable property.
(3) The Bank shall be a bank for the purposes of the Banking and Financial Institutions Act *.
(1) The objects of the Bank shall be–
This section of the article is only available for our subscribers. Please click here to subscribe to a subscription plan to view this part of the article.