THE TANZANIA INVESTMENT BANK (REPEAL AND TRANSITIONAL PROVISIONS) ACT

This Act may be cited as the Tanzania Investment Bank (Repeal and Transitional Provisions) Act.

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Jurisdiction: Tanzania
Instrument: Act or statute
Citation: THE TANZANIA INVESTMENT BANK (REPEAL AND TRANSITIONAL PROVISIONS) ACT
Version: Undated source snapshot
Language: en
Official source: View official record ↗

asset transfer banking functions business transfer company incorporation Company lawcorporate objects corporate powers employee transfer employment terms investment investment banking liability transfer pension continuity short title transition period winding up

Statute overview

About this statute

This Act may be cited as the Tanzania Investment Bank (Repeal and Transitional Provisions) Act. This section defines key terms used in the Act, including assets, bank, company, effective date, liabilities, Minister, and transition period. The Minister must arrange for the incorporation of Tanzania Investment Bank Limited (TIB Limited) by the effective date, and the company is established as a body corporate. The company’s objects must include taking over, continuing, and perpetuating the bank’s functions, plus other activities needed or helpful to further those objects. The company must take over the bank’s assets, liabilities, and business for the investment portfolio from the effective date.

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Provisions of THE TANZANIA INVESTMENT BANK (REPEAL AND TRANSITIONAL PROVISIONS) ACT

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1
Short title
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AI-assisted research summary: This Act may be cited as the Tanzania Investment Bank (Repeal and Transitional Provisions) Act.

1. This Act may be cited as the Tanzania Investment Bank (Repeal and Transitional Provisions) Act. Interpretation
2
3. Establishment of company
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AI-assisted research summary: This section defines key terms used in the Act, including assets, bank, company, effective date, liabilities, Minister, and transition period.

2. In this Act, unless the context requires otherwise- “assets” means real and personal property of every kind, including- (a) rights under contract and agreement; (b) books, books of accounts and records; and (c) all other rights, interest and claims in or to, real or personal property, whether liquidated or unliquidated, certain or contingent, accrued or accruing; “bank” means the Tanzania Investment Bank; “company” means the company incorporated in pursuance of the provisions of section 3; “effective date” means the 1st day of July, 2001; “liabilities” means all obligations under contract or agreement, including savings and deposits of all kinds; “Minister” means the Minister responsible for finance; and “transition” means the period of not less than six months commencing from the effective date. 562 ©2025 Government of Tanzania. All rights reserved. No part of this book may be reproduced or distributed without permission of OAG. THE TANZANIA INVESTMENT BANK (REPEAL AND TRANSITIONAL PROVISIONS) ACT [CAP. 81 R.E. 2023] Establishment of company Objects and functions of company Vesting of assets and liabilities of bank Transition
3
Establishment of company
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AI-assisted research summary: The Minister must arrange for the incorporation of Tanzania Investment Bank Limited (TIB Limited) by the effective date, and the company is established as a body corporate.

3.–(1) The Minister shall, not later than the effective date, cause to be incorporated, subject to this Act, a company to be known as the Tanzania Investment Bank Limited or TIB Limited. (2) The company shall be a body corporate and shall- (a) have perpetual succession and a common seal; (b) in its corporate name, be capable of suing and being sued; (c) be capable of purchasing and otherwise acquiring or alienating any movable or immovable property; and (d) have power to exercise and perform any other powers and functions which are conferred by or under this Act or any other written law.
4
Objects and functions of company
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AI-assisted research summary: The company’s objects must include taking over, continuing, and perpetuating the bank’s functions, plus other activities needed or helpful to further those objects.

4. The objects of the company shall include to- (a) take over, continue and perpetuate the performance of all the functions of the bank; and (b) undertake such other activities as may be necessary or advantageous for the purposes of furthering the preceding objects.
5
Vesting of assets and liabilities of bank
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AI-assisted research summary: The company must take over the bank’s assets, liabilities, and business for the investment portfolio from the effective date.

5.–(1) The company shall, with effect from the effective date, take over all the assets, liabilities and business of the bank in relation to the investment portfolio. (2) All the assets, rights and liabilities in respect of the banking services portfolio to which the bank was entitled or subject shall, with effect from the effective date, be vested in the company in accordance with the provisions of this Act.
6
Transition
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AI-assisted research summary: A transition period of up to six months starts from the effective date.

6.–(1) There shall be a period of transition of not more than six months commencing from the effective date. (2) Subject to this Act and not later than the expiration of the transition, all legal and other necessary measures shall be taken to facilitate the winding up of the affairs and business of the bank and the effectual transfer and vesting in the company of its assets and liabilities. 563 ©2025 Government of Tanzania. All rights reserved. No part of this book may be reproduced or distributed without permission of OAG. THE TANZANIA INVESTMENT BANK (REPEAL AND TRANSITIONAL PROVISIONS) ACT [CAP. 81 R.E. 2023] Provision regarding employees of bank Repeal Act No. 20 of 1970
7
Provision regarding employees of bank
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AI-assisted research summary: Bank employees are transferred to the company from the effective date, and their employment terms must not become less favourable.

7.–(1) Subject to this Act, all employees of the bank shall, with effect from the effective date, be transferred to and be employed by the company. (2) With effect from the effective date every employee transferred from the bank shall be employed by the new employer on terms and conditions not less favourable than those applicable to him before his transfer from the employment of the bank. (3) Until such time as new scheme and terms and conditions of service are drawn up by the company, the schemes and terms and conditions of service in the bank shall continue to apply to every person transferred under subsection (1) to the service of the company as if he were still in the service of the bank. (4) Where a person who is transferred to the service of the company under subsection (1) is a member of any statutory or voluntary pension scheme or provident fund he shall, for purposes of this Act, continue to be governed by the same regulations under those schemes or funds as if he had not been transferred to the service of the company and, for the purposes of the regulations governing those schemes, his service with the company shall be deemed to be service of the bank.
8
Repeal
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AI-assisted research summary: This section repeals the Tanzania Investment Bank Act.

8. [Repeals the Tanzania Investment Bank Act.] 564 ©2025 Government of Tanzania. All rights reserved. No part of this book may be reproduced or distributed without permission of OAG.

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THE TANZANIA INVESTMENT BANK (REPEAL AND TRANSITIONAL PROVISIONS) ACT

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Provisions of THE TANZANIA INVESTMENT BANK (REPEAL AND TRANSITIONAL PROVISIONS) ACT

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