THE BUILDING SOCIETIES ACT

This section states that a charge applies to a life assurance policy.

Jurisdiction: Tanzania
Instrument: Act or statute
Citation: THE BUILDING SOCIETIES ACT
Version: Undated source snapshot
Language: en
Official source: View official record ↗

assurance charges guarantees investment securities loan security member deposits secured lending

Statute overview

About this statute

This section states that a charge applies to a life assurance policy. This provision refers to a guarantee given by an assurance company, including one made under a continuing arrangement. This provision describes a charge that a member may give over money deposited with the society or certain authorised securities. A guarantee is covered only if it is not part of a continuing arrangement, the member gives written consent, and it is backed by a charge over money deposited with the society or specified stocks, shares, or securities. A society may only give the charge if the arrangements are approved by the Registrar, and it must also take a guarantee from an assurance company as extra security for each advance covered by the charge.

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Provisions of THE BUILDING SOCIETIES ACT

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1
Short title
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This section states that a charge applies to a life assurance policy.

1. A charge upon a policy of life assurance.
2
3. Appointment of Registrar
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This provision refers to a guarantee given by an assurance company, including one made under a continuing arrangement.

2. Guarantee given, whether in pursuance of a continuing arrangement or not, by an assurance company.
3
Appointment of Registrar
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This provision describes a charge that a member may give over money deposited with the society or certain authorised securities.

3. A charge given by the member upon money deposited with the society or upon any stocks, shares or securities authorised by law for the investment of trust moneys.
4
Certificates, etc., to be evidence
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A guarantee is covered only if it is not part of a continuing arrangement, the member gives written consent, and it is backed by a charge over money deposited with the society or specified stocks, shares, or securities.

4. A guarantee, not being a guarantee given in pursuance of a continuing arrangement, accepted by the society with the written consent of, the member and supported by a charge upon money deposited with the society or upon any such stocks, shares or securities as aforesaid.
5
Indemnity of officers
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A society may only give the charge if the arrangements are approved by the Registrar, and it must also take a guarantee from an assurance company as extra security for each advance covered by the charge.

5. A charge upon money deposited with the society, being a charge which is given in accordance with arrangements which are approved by the Registrar and which provide that the society shall also take, as further security for each advance in respect of which such a charge is given to the society, a guarantee given by an assurance company. 687 ©2025 Government of Tanzania. All rights reserved. No part of this book may be reproduced or distributed without permission of OAG. ©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 BUILDING SOCIETIES ACT

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Provisions of THE BUILDING SOCIETIES ACT

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