NETHERLANDS BANK OF RHODESIA LIMITED (PRIVATE) ACT ( CHAPTER 24:08)

NETHERLANDS BANK OF RHODESIA LIMITED (PRIVATE) ACT

Act 18/1967.

AN ACT to confirm and give effect to the Agreement which provides for the assumption of all assets, liabilities, rights, obligations and all activities pertaining to the Rhodesian business of the Netherlands Bank of South Africa Limited by the Netherlands Bank of Rhodesia Limited, a banking company about to be incorporated in Rhodesia, and for matters incidental thereto.

[Date of commencement: 1st August, 1967.]

WHEREAS the Netherlands Bank of South Africa Limited (hereinafter called “the South African Bank”) is a company incorporated with limited liability under the laws in force in the Republic of South Africa, having its registered office in Netherlands Bank Building, corner Church and Andries Streets, Pretoria, and carrying on business as a registered commercial bank in Netherlands Bank Buildings, 81 Main Street, Johannesburg, and elsewhere in the said Republic;

AND WHEREAS the South African Bank is registered in Rhodesia in terms of the Banking Act, 1964 (No. 65 of 1964) as a commercial bank, and has for many years carried on business therein as such in all its forms at Anlaby House, Angwa Street, Salisbury, and elsewhere in Rhodesia, in the course of which it has acquired and incurred and presently has many rights, assets, liabilities, obligations and other interests;

AND WHEREAS the Netherlands Bank of Rhodesia Limited (hereinafter called “the Rhodesian Bank”) is a

company about to be incorporated with limited liability under the laws in force in Rhodesia and to be registered as a commercial bank under the Banking Act aforesaid for the purpose inter alia of acquiring and developing the

Rhodesian business of the South African Bank;

AND WHEREAS the South African Bank has entered into an Agreement with the Trustee of the Rhodesian Bank to be formed which is set out in the Schedule;

AND WHEREAS under the Roman-Dutch Law it is doubtful whether the Rhodesian Bank can assume the assets, liabilities, rights, obligations and the business of the South African Bank in terms of the said Agreement without obtaining the consent to this said assumption of all its customers and additionally or alternatively other persons with whom it has entered into business relations;

AND WHEREAS in any event it is impracticable to obtain the consent of all the South African Bank's customers and additionally or alternatively such other persons who will or might be affected by the implementation of the said Agreement;

AND WHEREAS it is desirable to achieve certainty as to the rights and liabilities assumed by the Rhodesian

Bank;

AND WHEREAS the only practicable method by which the desired certainty can be achieved is by legislative enactment;

AND WHEREAS the assets of the Rhodesian Bank when it has been incorporated and the Vendor’s Agreement has been carried out will be more than adequate to meet all the liabilities which will be assumed by it thereunder;

NOW, THEREFORE, be it enacted as follows—

1    Short title

This Act may be cited as the Netherlands Bank of Rhodesia Limited (Private) Act [Chapter 24:08].

                       2    Interpretation

In this Act—

“Rhodesian Bank” means the Netherlands Bank of Rhodesia Limited, about to be incorporated;

“Rhodesian business”, in relation to the South African Bank, means the business of a commercial bank carried on in and from Rhodesia by the South African Bank;

“South African Bank” means the Netherlands Bank of South Africa Limited.

3 Confirmation of the Agreement From the 1st August, 1967—

• all the assets and all the liabilities of the Rhodesian business of the South African Bank shall vest in and become binding upon the Rhodesian Bank;
• the Rhodesian Bank shall have the same rights and be subject to the same obligations in respect of the said assets and