The Banking and Financial Institutions (Compulsory Liquidation) (Amendment) Regulations, 2024

This provision gives the Regulations their short title and says they must be read together with the principal Regulations.

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Jurisdiction: Tanzania
Instrument: Regulation
Citation: The Banking and Financial Institutions (Compulsory Liquidation) (Amendment) Regulations, 2024
Version: Undated source snapshot
Language: en
Official source: View official record ↗

compulsory liquidation creditors committee liquidation governance publication requirements regulatory amendments regulatory text amendment

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This provision gives the Regulations their short title and says they must be read together with the principal Regulations. This provision amends regulation 4 so that the wording “one newspaper” is replaced with “two newspapers”. This provision amends regulation 5 by replacing “any business” in paragraph (c) with “liquidation”. Members of the Creditors Committee must elect a chairperson and secretary at their first meeting after appointment, and the Committee must act as a link between the liquidator and creditors, share information, and regulate its own proceedings.

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Provisions of The Banking and Financial Institutions (Compulsory Liquidation) (Amendment) Regulations, 2024

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1
These Regulations may be cited as the Banking
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AI-assisted research summary: This provision gives the Regulations their short title and says they must be read together with the principal Regulations.

1. These Regulations may be cited as the Banking and Financial Institutions (Compulsory Liquidation) (Amendment) Regulations, 2024 and shall be read as one with the Banking and Financial Institutions (Compulsory Liquidation) Regulations, 2024 hereinafter referred to as the “principal Regulations”. Amendment of regulation 4
2
The principal Regulations are amended in
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AI-assisted research summary: This provision amends regulation 4 so that the wording “one newspaper” is replaced with “two newspapers”.

2. The principal Regulations are amended in regulation 4 by deleting the words “one newspaper” appearing in subregulation (4) and substituting for them the words “two newspapers”. Amendment of regulation 5
3
The principal Regulations are amended in
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AI-assisted research summary: This provision amends regulation 5 by replacing “any business” in paragraph (c) with “liquidation”.

3. The principal Regulations are amended in regulation 5 by deleting the words “any business” appearing in paragraph (c) and substituting for them the word “liquidation”. Amendment of regulation 10
4
The principal Regulations are amended in
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AI-assisted research summary: Members of the Creditors Committee must elect a chairperson and secretary at their first meeting after appointment, and the Committee must act as a link between the liquidator and creditors, share information, and regulate its own proceedings.

4. The principal Regulations are amended in regulation 10 by adding immediately after subregulation (2) the following: “(3) Members of the Creditors Committee shall, during their first meeting 1 Banking and Financial Institutions (Compulsory Liquidation) (Amendment) GN. NO.1077 (Contd.) upon appointment, elect from amongst themselves a chairperson and a secretary of the Committee. (4) The Creditors Committee shall serve as a link between the liquidator and the creditors and in that capacity it shall receive and deliberate on information from the liquidator and share such information with creditors. (5) The Creditors Committee shall regulate its own proceedings.”. Dodoma, 17th December, 2024 EMMANUEL M. TUTUBA, Governor 2

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The Banking and Financial Institutions (Compulsory Liquidation) (Amendment) Regulations, 2024

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Provisions of The Banking and Financial Institutions (Compulsory Liquidation) (Amendment) Regulations, 2024

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