CHAPTER 301
TANZANIA POSTAL BANK ACT

[PRINCIPAL LEGISLATION]

ARRANGEMENT OF SECTIONS

   Section

Title

PART I
PRELIMINARY PROVISIONS

   1.   Short title and application.

   2.   Interpretation.

   3.   [Omitted.]

PART II
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.

PART III
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.

   21.   Regulations.

PART IV
FINANCIAL PROVISIONS

   22.   Accounts and Audit.

PART V
REPEALS, SAVINGS AND TRANSITIONAL PROVISIONS

   23.   [Repeal R.L. Cap. 87.]

   24.   [Repealed.]

   25.-27.   [Omitted.]

   28.   Bank to be exempted from income tax.

CHAPTER 301
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]

Acts Nos.
11 of 1991
11 of 1992

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.   Omitted

   [Transferred to s. 1.]

PART II
THE TANZANIA POSTAL BANK (ss 4-13)

4.   Establishment of the Bank Act No. 11 of 1992 Sch.">

   (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 *.

5.   Objects and functions of the Bank Act No. 11 of 1992 Sch.">

   (1) The objects of the Bank shall be–

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