The Co-operative Audit and Supervision Act

The Schedule still applies even though the Audit and Supervision Fund has been dissolved.

Jurisdiction: Tanzania
Instrument: Act or statute
Citation: The Co-operative Audit and Supervision Act
Version: Undated source snapshot
Language: en
Official source: View official record ↗

appointments asset or function transfer asset transfer contract continuity inspection management of corporation party substitution pending proceedings pensions records retention retirement benefits supervision

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The Schedule still applies even though the Audit and Supervision Fund has been dissolved. Land vested in the Audit and Supervision Fund under any written law must be transferred to the Corporation, with no further assurance needed. Assets and liabilities of the Audit and Supervision Fund pass to the Corporation, and the Corporation has the powers needed to deal with them. When this Act starts, the Audit and Supervision Fund must deliver its movable property and records to the Corporation, or to another recipient the Board orders. Certain pre-commencement agreements are treated as continuing with the Corporation substituted for the Audit and Supervision Fund, subject to paragraph 6.

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Legal text

Provisions of The Co-operative Audit and Supervision Act

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1
Short title
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The Schedule still applies even though the Audit and Supervision Fund has been dissolved.

1. The provisions of this Schedule shall have effect notwithstanding the dissolution of the Audit and Supervision Fund.
2
Interpretation
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Land vested in the Audit and Supervision Fund under any written law must be transferred to the Corporation, with no further assurance needed.

2. Any land vested in the Audit and Supervision Fund under any pro- visions of any written law shall be transferred to, and without further as- surance, vest the same interest in the Corporation.
3
Establishment of Corporation
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Assets and liabilities of the Audit and Supervision Fund pass to the Corporation, and the Corporation has the powers needed to deal with them.

3. Subject to the provisions of paragraph 2, all assets and liabilities which immediately prior to the coming into operation of this Act were vested in or incurred by the Audit and Supervision Fund shall pass by 270 ©2025 Government of Tanzania. All rights reserved. No part of this book may be reproduced or distributed without permission of OAG. THE COOPERATIVE AUDIT AND SUPERVISION ACT [CAP. 185 R.E. 2023] succession to the Corporation, and the Corporation shall have all pow- ers necessary to take possession of, recover and deal with such assets and discharge such liabilities.
4
Functions of Corporation
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When this Act starts, the Audit and Supervision Fund must deliver its movable property and records to the Corporation, or to another recipient the Board orders.

4. Upon the coming into operation of this Act the Audit and Supervi- sion Fund shall deliver to the Corporation or as the Board may order, all movable property vested in the Audit and Supervision Fund immedi- ately prior thereto, and all books, papers, documents, minutes, receipts and ledgers appertaining to the Fund and to its operations.
5
Management of Corporation
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Certain pre-commencement agreements are treated as continuing with the Corporation substituted for the Audit and Supervision Fund, subject to paragraph 6.

5. Subject to the provisions of paragraph 6, every agreement, whether in writing or not, to which the Audit and Supervision Fund was a party immediately prior to the coming into operation of this Act, and wheth- er or not the agreement was of such nature that the rights and liabilities there under could be assigned, shall have effect as from the coming into operation of this Act as if- (a) the Corporation had been a party to such agreement; and (b) for any reference (however worded and whether express or implied) to the Audit and Supervision Fund there were substituted in respect of anything to be done or effected after the coming into operation of this Act, a reference to the Corporation.
6
Directorates, Departments and appointments of Directors
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Certain pre-existing Audit and Supervision Fund appointments are treated as Board appointments under the Act if the person agrees, except the cooperative Chief Accountant.

6. The appointment of any officer or servant of Audit and Supervision Fund, other than the appointment of the cooperative Chief Accountant, subsisting immediately before the coming into operation of the Act shall, where such officer or servant so agrees, be deemed to be made by the Board under the provisions of this Act, and for the purposes of de- termining the rights of pension or gratuity on retirement; the service of such officer or servant shall be regarded consentaneous from the time he was appointed by the Audit and Supervision Fund.
7
Audit
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Pending proceedings involving the Audit and Supervision Fund must continue as if the Corporation were a party instead of the Fund.

7. Any proceedings pending on the coming into operation of this Act to which the Audit and Supervision Fund was a party shall be contin- ued as if the Corporation was a party thereto in lieu of the Audit and supervision Fund.
8
Special inspection
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The Board may carry on and finish things started by or under the Audit and Supervision Fund before the Act began, if they are within the Board’s powers or relate to matters transferred by the Schedule.

8. Where anything has been commenced by or under the authority of the Audit and Supervision Fund prior to the coming into operation of the Act and such thin is within the powers of the Board or was done in relation to any of the matters transferred by the Schedule to the Board, such a thing may be carried on and completed by, or under the author- ity of the Board. 271 ©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 Co-operative Audit and Supervision Act

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Provisions of The Co-operative Audit and Supervision Act

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