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PEOPLES OWN SAVINGS BANK OF ZIMBABWE ACT (CHAPTER 24:22)

CHAPTER 24:22

PEOPLES OWN SAVINGS BANK OF ZIMBABWE ACT

Act 18/1999, 22/2001 (s. 4).

ARRANGEMENT OF SECTIONS

PART I

PRELIMINARY Section

  1. Short title.

PART II

PEOPLE’SOWN SAVINGS BANK OFZIMBABWE AND PEOPLE’S OWN SAVINGS BANK BOARD

  1. Establishment of People’s Own Savings Bank of Zimbabwe.
  2. Functions and powers of Savings Bank.
  3. People’s Own Savings Bank Board.
  4. Disqualifications for appointment to Board.
  5. Terms of office and conditions of service of members.
  6. Vacation of office by appointed member.
  7. Suspension of member.
  8. Dismissal of Board.
  9. Filling of vacancies on Board.
  10. Vice-chairman of Board.
  11. Meetings and procedure of Board.
  12. Committees of Board.
  13. Members of Board and committees to disclose certain connections and interests.
  14. Minutes of proceedings of Board and of committees.
  15. Remuneration and allowances of members of Board and of committees.
  16. Policy directions to Board.
  17. Reports of Board.
  18. Validity of decisions andacts of Board.

PART III

STAFF OFSAVINGS BANK

  1. Chief Executive Officer.
  2. Chief Accounting Officer.
  3. Other staff of Savings Bank.

PART IV

ISSUE OFSHARES AND DEBENTURES BY SAVINGS BANK

  1. Authorised share capital of Savings Bank.
  2. Issue, allotment and transfer of shares of Savings Bank.
  3. Liability of shareholders.
  4. Issue of debentures.

PART V

FINANCIALPROVISIONS RELATING TO SAVINGS BANK

  1. Funds of Savings Bank.
  2. Investment of funds of Savings Bank.
  3. Financial year of Savings Bank.
  4. Reserve fund.
  5. Application of profits of Savings Bank.
  6. Accounts of Savings Bank and statement of accounts.
  7. Audit of Savings Bank’s accounts.
  8. Internal auditor

PART VI

DEPOSITS

  1. Security of deposits.
  2. Persons by whom deposits may be made.
  3. Entitlement to repayment of deposits.
  4. Persons to whom deposits may be repaid.
  5. Certain deposits of deceased depositors to be transferred to Guardian’s Fund.
  6. Remittances to and from other savings banks. PART VII

GENERAL

  1. Determination of disputes.
  2. Preservation of secrecy.
  3. Non-liability of Savings Bank for lawful acts.
  4. Execution of contracts and instruments by Savings Bank
  5. Destruction or alteration of documents.
  6. Repeal of Cap. 24:10 and savings.

SCHEDULE

Powers of Savings Bank.

AN ACT to establish the People’s Own Savings Bank of Zimbabwe and to provide for its functions and administration; to repeal the Post Office Savings Bank Act [Chapter 24:10]; and to provide for matters connected with or incidental to the foregoing.

[Date of commencement: 1st April, 2001.]

PART I

PRELIMINARY

1    Short title

This Act may be cited as the People’s Own Savings Bank of Zimbabwe Act [Chapter 24:22].

                       2    Interpretation

In this Act—

“appointed member” means a member referred to in paragraph (a) or (d) of subsection (1) of section five;

“Board” means the People’s Own Savings Bank Board established in terms of section five;

“Chief Accounting Officer” means the person appointed as Chief Accounting Officer of the Savings Bank in terms of section twenty-two;

“Chief Executive Officer” means the person appointed as Chief Executive Officer of the Savings Bank in terms of section twenty-one;

“committee” means a committee of the Board;

“curator”, in relation to a person who is mentally disordered or intellectually handicapped or is otherwise incapable of managing his own affairs, includes anyone who, in the Chief Executive Officer’s opinion, is responsible for managing or administering that person’s property;

“depositor” means a person by whom or on whose behalf a deposit has been made with the Savings Bank;

“member” means a member of the Board, including the chairman and vice-chairman of the Board;

“Minister” means the Minister of Finance or any other Minister to whom the President may, from time to time, assign the administration of this Act;

“Savings Bank” means the People’s Own Savings Bank of Zimbabwe established by section three.

PART II

PEOPLE’SOWN SAVINGS BANK OFZIMBABWE AND PEOPLE’S OWN SAVINGS BANK BOARD

                       3     Establishment of People’s Own Savings Bank of Zimbabwe

There is hereby established a body corporate to be known as the People’s Own Savings Bank of Zimbabwe, which shall be capable of suing and being sued in its own name and, subject to this Act, of doing anything that bodies corporate may do by law.

                       4     Functions and powers of Savings Bank

(1) The functions of the Savings Bank shall be—

  • to carry on the business of a savings bank, that is to say, the acceptance of deposits that are repayable, with interest, to or for the benefit of the depositors concerned; and
  • to provide banking and financial services for the people of Zimbabwe; and
  • to encourage saving by the people of Zimbabwe; and
  • to grant loans and advances secured by investments held by the Savings Bank.

(2) In the exercise of its functions, the Savings Bank shall have power, subject to this Act, to do or cause to be done, either by itself or through its agents, all or any of the things set out in the Schedule, either absolutely or conditionally and either solely or jointly with others.

                       5     People’s Own Savings Bank Board

(1) Subject to this Act, the operations of the Savings Bank shall be controlled by a board, to be known as the

People’s Own Savings Bank Board, consisting of

  • a chairman, who shall be appointed by the Minister; and
  • the Chief Executive Officer; and
  • the Chief Accounting Officer; and
  • not fewer than four and not more than six other members appointed by the Minister.

(2) Members referred to in paragraph (a) or (d) of subsection (1) shall be appointed by the Minister after consultation with the President and in accordance with such directions as the President may give him, and shall be chosen for their ability and experience in finance or for their suitability otherwise for appointment

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