THE INSTITUTE OF FINANCE MANAGEMENT ACT

This section defines “Board” as either the Bankers’ Examination Board or the Insurers’ Examination Board.

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Jurisdiction: Tanzania
Instrument: Act or statute
Citation: THE INSTITUTE OF FINANCE MANAGEMENT ACT
Version: Undated source snapshot
Language: en
Official source: View official record ↗

adjournment board appointments board decisions board meetings board procedure decision-making governance internal procedure meeting procedure meeting scheduling meetings notice requirements officer terms quorum voting voting procedure

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This section defines “Board” as either the Bankers’ Examination Board or the Insurers’ Examination Board. The Board must choose one of its members as Vice-Chairman. The Chairman presides at Board meetings; if absent, the Vice-Chairman presides; if both are absent, the members present may elect a temporary Chairman. The Board must meet at least four times each financial year, and members must get at least 14 days’ notice of each meeting. The Board needs at least one-third of members in office to form a quorum, and if no quorum appears within 30 minutes, certain people may adjourn the meeting.

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Provisions of THE INSTITUTE OF FINANCE MANAGEMENT ACT

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1
Short title
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AI-assisted research summary: This section defines “Board” as either the Bankers’ Examination Board or the Insurers’ Examination Board.

1. In this Schedule “Board” means either the Bankers’ Examination Board or the Insurers’ Examination Board. Vice-Chairman Powers of Chairman and Vice-Chairman Meeting and procedure of Board Quorum
2
Interpretation
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AI-assisted research summary: The Board must choose one of its members as Vice-Chairman.

2. The Board shall elect one of its members to be the Vice-Chairman and any member elected as the Vice-Chairman shall, subject to his continuing to be a member, hold office of Vice-Chairman for a term of one year from the date of his election and be eligible to be re-elected.
3
Establishment of Institute
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AI-assisted research summary: The Chairman presides at Board meetings; if absent, the Vice-Chairman presides; if both are absent, the members present may elect a temporary Chairman.

3.–(1) The Chairman shall preside at all meetings of the Board. (2) Where at any meeting of the Board the Chairman is absent, the Vice-Chairman shall preside. (3) In the absence of both the Chairman and the Vice-Chairman at any meeting of the Board, the members present may, from amongst their number, elect a temporary Chairman who shall preside at that meeting. (4) The Chairman, the Vice-Chairman or temporary chairman presiding at any meeting of the Board, shall have a vote and, in the event of equality of votes, shall have a casting vote in addition to his deliberative vote.
4
Objects and functions of Institute
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AI-assisted research summary: The Board must meet at least four times each financial year, and members must get at least 14 days’ notice of each meeting.

4.–(1) Subject to any general or specific direction by the Council, the Board shall meet not less than four times during every financial year and at any additional times which may be fixed by the Chairman or, if he is absent from the United Republic or unable for any reason to act, the Vice-Chairman: Provided that, the Chairman or, if he is absent from the United Republic or unable for any reason to act, the Vice-Chairman shall, at the request of at least five members, summon a meeting of the Board within thirty days of the request being made to him in writing. (2) The Secretary of the Board shall give to each member not less than fourteen days notice of the time and place of the meeting.
5
Council
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AI-assisted research summary: The Board needs at least one-third of members in office to form a quorum, and if no quorum appears within 30 minutes, certain people may adjourn the meeting.

5.–(1) At any meeting of the Board not less than one-third of the members in office for the time being shall constitute a quorum. (2) Where a quorum is not present within half-an-hour of the time appointed for the meeting, the members present or the majority of them, or any one member if only one is present or the Secretary if no member is present, may adjourn the meeting to any time not later than fourteen days from the date of adjournment. 750 ©2025 Government of Tanzania. All rights reserved. No part of this book may be reproduced or distributed without permission of OAG. THE INSTITUTE OF FINANCE MANAGEMENT ACT [CAP. 91 R.E. 2023] Decisions of Board Decision by circulation of papers Board may regulate its proceedings
6
Powers and duties of Council
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AI-assisted research summary: Board questions are decided by a majority of votes of members present, subject to any casting-vote rule; if a member does not vote, that vote counts as negative.

6. Subject to the provisions relating to a casting vote, all questions at a meeting of the Board shall be decided by a majority of the votes of the members present at the meeting, and if any member fails or refuses to vote on any question, his vote shall be counted in the negative.
7
Decrees
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AI-assisted research summary: The Board may make decisions without holding a meeting if the papers are circulated and the majority responds in writing. Any member can require the decision to be deferred to the next Board meeting.

7. Notwithstanding the foregoing provisions of this Schedule, decisions may be made by the Board without a meeting, by circulation of the relevant papers among the members and the expression of the views of the majority in writing: Provided that, any member shall be entitled to require that any decision be deferred and the subject matter be considered at the next meeting of the Board.
8
Examination Boards
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AI-assisted research summary: The Board may regulate its own proceedings, subject to this Schedule.

8. Subject to the provisions of this Schedule, the Board may regulate its own proceedings. 751 ©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 INSTITUTE OF FINANCE MANAGEMENT ACT

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