Search statutes, citations, and provisions

Provision text match · Malawi · en

African Development Bank Act

Act 16 of 1968

Certain provisions of the Bank Agreement to have force of law

4. Certain provisions of the Bank Agreement to have force of law The provisions of the Bank Agreement set out in the Second Schedule shall have the force of law in Malawi: Provided that nothing in the Bank Agreement shall be construed as— (a) entitling the Bank to import goods free of customs duty without any restrictions on their subsequent sale in Malawi;

Topics: accession approval, banking, borrowing, cross-border payments

Provision text match · Malawi · en

Post Office Savings Bank Act

Act 40 of 1967

Establishment of Savings Bank

3. Establishment of Savings Bank (1) The Post Office Savings Bank of Malawi, hereinafter referred to as the former Savings Bank, subsisting immediately before the commencement of this Act by virtue of the Post Office Savings Bank Ordinance (now repealed), hereinafter referred to as the repealed Ordinance, shall be deemed to be the Post Office Savings Bank es

Topics: account closure, account disputes, account dormancy, accounting

Provision text match · Malawi · en

Standard Bank Limited and Barclays Bank D.C.O. Act

Act 13 of 1971

Trust property

4. Trust property (1) Any property or rights transferred to or vested in the new bank by virtue of this Act which, immediately before the appointed day , were held by The Standard Bank Limited or Barclays Bank D.C.O., respectively, whether solely or jointly with any other person— (a) as trustee or custodian trustee under any trust deed, settlement, covenant

Topics: admissibility of documents, arbitration, asset transfer, asset vesting

Provision text match · Malawi · en

Financial Services (Capital Adequacy for Banks) Directive, 2018

Monetary penalties

11. Monetary penalties (1) Notwithstanding paragraph 10 above, the Registrar shall impose the following monetary penalties for violation of this Directive— (a) for banks, up to fifty million Kwacha (K50, 000,000); and (b) for natural persons who are members of the board of directors, or senior management up to ten million Kwacha (K 10,000,000). (2) With resp

Topics: bank definitions, bank governance, banking, capital adequacy

Provision text match · Malawi · en

Bankers' Books Evidence Act

Act 47 of 1966

Interpretation

quiry or arbitration in which evidence is or may be given. (2) In this Act, the expressions “bank” and “banker" mean any person carrying on banking business within the meaning of the Banking Act and duly registered under that Act, also any savings bank operated by a registered commercial bank, and also any post office savings bank. [Cap. 44:01] (3) The fact

Topics: bank liability, bank records, bankers' books, banking

Provision text match · Malawi · en

Banking Act

Act 10 of 2010

Advertisement of financial services

44. Advertisement of financial services No person, other than a licensed bank , shall advertise that he performs banking services in Malawi normally rendered by banks.

Topics: account opening, accounting policies, administrative penalties, advertising

Provision text match · Malawi · en

Ex-Servicemen’s Memorial Home Act

Act 33 of 1971

Power to operate a banking account

7. Power to operate a banking account The Board may open, maintain and operate in its name a banking account at such bank as it may think fit.

Topics: administration, annual accounts, appointments, asset holding

Provision text match · Malawi · en

Malawi Institute of Management Act

Act 7 of 1989

Bank account

14. Bank account The Board may hold on a current or other account with a registered bank funds of the Institute and for such purposes as the Minister may approve.

Topics: accounts, allowances, appointments, asset management

Provision text match · Malawi · en

Local Government Act

Act 42 of 1998

Council to open bank account

47. Council to open bank account The Council shall open and maintain a bank account for all revenues and other monies raised or received by it under this Act or any other written law.

Topics: accounts audit, administration, administrative proceedings, agreements

Provision text match · Malawi · en

Political Parties Act, 2018

Act 1 of 2018

Separate bank account for private funding

28. Separate bank account for private funding A political party shall ensure that all donations received by the party under section 27 in the form of money are deposited into a separate bank account held in the name of the political party.

Topics: accounts, appeal/review procedure, appeals, appointments

Provision text match · Malawi · en

Insolvency Act

Act 9 of 2016

Bank account and investment

238. Bank account and investment (1) The Official Receiver shall have a bank account and he shall pay into that account all money that he receives in that capacity in such manner as may be prescribed. (2) The Official Receiver may invest money that is not immediately required to be paid out in the administration of an estate in an investment of a type approv

Topics: Court, adjudication, administration, administrator

Provision text match · Malawi · en

Trustee Act

Act 24 of 1967

Power to deposit money at bank and to pay calls

17. Power to deposit money at bank and to pay calls (1) Trustees may, pending the negotiation and preparation of any mortgage , or during any other time while an investment is being sought for, pay any trust money into a bank to a deposit or other account, and all interest, if any, payable in respect thereof shall be applied as income. (2) Trustees may apply

Topics: agency, application of legislation, appointment of trustees, appointment powers

Provision text match · Malawi · en

Roads Authority Act

Act 28 of 1998

Section 19

19. Holdings of the Funds of the Authority All sums received for the purposes of the Authority shall be paid into one or more banking accounts at such bank or banks as the Board may determine, and no amount shall be withdrawn except under the authority of the Board and by means of cheques signed by such persons as are authorized in that behalf by the Board .

Topics: agency structure, annual report, appointments, asset transfer

Provision text match · Malawi · en

Electoral Commission Act

Act 11 of 1998

Holdings of funds of the Commission

17. Holdings of funds of the Commission (1) All sums received for the purposes of the Commission shall be paid into one or more banking accounts at such bank or banks as the Commission may determine, and no amount shall be withdrawn therefrom except under the written authority of the Commission and by means of cheques signed by such persons as are authorized

Topics: accreditation, annual reporting, appointment process, appointments

Provision text match · Malawi · en

Roads Fund Administration Act

Act 4 of 2006

Holdings of the Roads Fund

. Holdings of the Roads Fund (1) All sums received for the purposes of the Administration and the Roads Fund shall be paid into one or more banking accounts at such bank or banks as the Board may determine, and no amount shall be withdrawn except under the authority of the Board and by means of cheques signed by such persons as are authorized in that behalf

Topics: annual planning, appointments, audit, banking

Provision text match · Malawi · en

Reserve Bank of Malawi Act

Act 8 of 1989

Section 30

30. Monetary functions In pursuance of its monetary policy the Bank shall influence the flow of money and credit, and may issue regulations with respect to the level of interest rates and foreign exchange rates.

Topics: anti-interference offences, appointment eligibility, appointment process, appointments

Provision text match · Malawi · en

Rural Electrification Act

Act 21 of 2004

Section 15

15. Holdings of the Fund All sums received for purposes of the Committee and the Fund shall be paid into one or more banking accounts at such bank or banks or other financial institutions as the Committee may determine, and no amount shall be withdrawn therefrom except under the authority of the Committee and by means of cheque or other authorization signed

Topics: accounting, allowances, annual report, annual review

Provision text match · Malawi · en

Malawi National Examinations Board Act

Act 12 of 1969

Finance

be applied to the purposes for which the Board is established under this Act. (3) The funds of the Board shall be paid into a bank and the banking account or accounts shall be operated in such manner as the Board may determine.

Topics: accounts, administrative rules, appointments, auditing

Provision text match · Malawi · en

Immunities and Privileges Act

Act 16 of 1984

The Eastern and Southern African Trade and Development Bank (otherwise referred to as "PTA Bank") 28

27. The Eastern and Southern African Trade and Development Bank (otherwise referred to as "PTA Bank")

Topics: communications, diplomatic bag, documents, institution

Provision text match · Malawi · en

Payment Systems Act

Act 15 of 2016

Right of a bank to request original payment instrument or image thereof

34. Right of a bank to request original payment instrument or image thereof (1) Subject to section 32 , where a paying bank has reason to believe that a cheque or payment instrument is fraudulent, it may request the collecting bank to provide to the paying bank, the original payment instrument or a legible image thereof. (2) The paying bank shall, within two

Topics: account protections, administrative sanctions, arbitration, authorization