The National Bank of Commerce (Re-organisation and Vesting of Assets and Liabilities) (Amendment) and Act, 2007

1. Short title and construction. & Part II A m e n d m e n t o f t h e P r in c ip a l A c t

5. Amendment of Section 8. 129 No. 10 National Bank o f Commerce (Re-organisation and Vesting o f Assets and Liabilities) (Amendment) 2007 THE UNITED REPUBLIC OF TANZANIA No. I O o f 2 0 0 7 I A s s e n t . J a kaya M r is iio K ik w e t e, President 18"’ May; 2007 An Act to amend the National Bank of Commerce (Re-organisation and Vesting of Assets and Liabilities) Act, Cap. 404 E n a c t e d by Parliament of the United Republic o f Tanzania. PART I P r e l i m in a r y P r o v i s i o n s

1. This Act may be cited as the National Bank o f Commerce (Re-organisation and Vesting of Assets and Liabilities) (Amendment) Act, 2007. and shall be read as one with the National Bank o f Commerce (Re-organisation and Vesting of Assets and Liabilities) Act, hereinafter referred to as the "principal Act". short title and PART II A m e n d m e n t o f t h e P r in c ip a l A c t

2. Section 3 o f the principal Act is amended b y - A m en d ­ ment of Section 3 (a) inserting in the appropriate alphabetical order the following definitions- 'ATHCCT means the Air Tanzania Holding Corporation established under CaP 205 section 1 0 of the Air Tanzania Corporation Re-organization and Vesting 131 No. 10 National Bank o f Commerce (Re-organisation and Vesting o f Assets and Liabilities) (Amendment) 2007 o f Assets and Liabilities Act which expired on 1st dav of December 2006; Cap. 248 "LA R T': means the former Loans and Advances Realization Trust established under the Loans and Advances Realization Trust Act, which expired on the 30"' day of June. 2006; Cap. 2 1 2 "SIMU 2000” means SIMU 2000 Ltd incorporated under the Companies Cap. 248 Act; "Tribunal" means the LART Loans Recovery Tribunal established under the Loans and Advances Realization Trust Act. (b) deleting the definition o f the words "’residual assets'’ and substituting for it the following definition^ "residual assets’’ means the assets o f the former bank which are not vested in the company or the NMB and includes the assets o f LART, ATHCO and SIMU 2000;”

3. Section 5 o f the principal Act is amended by repealing subsection (1) and replacing for it the following subsection: A m en d ­ m en t o f Section 5 "(1) The Coqioration shall continue in existence for such time as there remain undischarged assets and liabilities of the former bank, LART, ATHCO and SIMU 2000, but shall in any case not continue in existence beyond 30"'June, 2011 unless, within a period o f up to six months prior to the date o f its cessation o f operations, the Corporation is granted a new lease of life by a resolution in that behalf by the National Assembly.”.

4. Section 6 o f the principal Act is amended by- A m en d ­ ment o f Section 6 fa) deleting paragraph (d) of subsection (1) and substituting for it the following paragraph­ e d ) to receive or take over and discharge all claims against- (i) the former bank, which are not vested in the Company or the NMB; (ii) the LARI' in relation to residual assets and liabilities which remain undischarged as at 30,h June, 2006; 132 No. 10 National Bank o f Commerce (Re-organisation and Vesting o f Assets &m d Liabilities) (Amendment) 2007 (iii) any other residual assets and liabilities of which remain undischarged upon cessation of operations of ATHCO and SIMU 2000; (e) take over and institute or continue cases arising out o f residual assets and liabilities o f LART, ATHCO and SIMU 2000 that remain undetermined in the .courts of law:” (b) renumbering paragraph (e) as paragraph (f): (c) inserting after subsection (1) the following provisions- ;‘(1A) All cases to which LART. ATHCO and SIMU 2000 was or would have been a party, shall be continued at the court at which it was filed or instituted. ( I B) All cases before the Tribunal to which LART was a party shall upon application by the Corporation be transferred to the court of competent jurisdiction as the corporation may determine and be concluded as at 30,Jl June 2011. (IC) Where the cases under subsection (1 A) and (1 B) are not concluded within the prescribed period, the Attorney General shall take over and continue such cases." A m en d ­ ment o f Section 8

5. Section 8 o f the principal Act is amended by., (a) inserting immediately after the word “bank'’ a comma; and (b) inserting immediately after a comma the phrase “the LART, ATHCO and SIMU 2000”. Passed in the National Assembly on the 12lh April, 2007 D a m i a n S. L. F o k a , Clerk o f the National Assembly 133