The National Bank of Commerce (Reorganization and Vesting of Assets and Liabilities Act

1.–(1) The Board shall be constituted according to section 8 of the Act. (2) The members shall appoint one of their number to be the Vice- Chairman. (3) The members, who shall work on part-time basis, shall hold office for a period of two years but may be re-appointed for such further period as the Minister may determine.

2.–(1) The Board shall meet for the discharge of business at such times and places as it may decide. (2) The Chairman or, in his absence, the Vice-Chairman, shall preside at all meetings of the Board which he attends. (3) Decisions of the Board shall be made by a simple majority of members present and voting and in the event of an equality of votes, the Chairman or other person presiding shall have a second or casting vote. (4) The quorum at any meeting of the Board shall be four, one of whom shall be the Chairman or, in his absence the Vice-Chairman. (5) The Board may at any time co-opt any person to act as an advisor at its meetings, but such person shall not be entitled to vote at the meeting. 668 ©2025 Government of Tanzania. All rights reserved. No part of this book may be reproduced or distributed without permission of OAG. THE NATIONAL BANK OF COMMERCE (REORGANISATION AND VESTING OF ASSETS AND LIABILITIES) ACT [CAP. 404 R.E. 2023] (6) Any member who has any financial or other interest, whether direct or indirect, in any undertaking which is the subject matter of any decision before the Board, shall disclose in writing to the Board the nature of his interest and shall not participate in the discussion or decision of the Board relating to the matter. (7) Any member who fails or refuses to disclose his interest under subparagraph (6) of this paragraph commits an offence and on conviction, shall be liable to be removed from the Board and to a fine not exceeding three hundred thousand shillings or imprisonment for a term not exceeding twenty-four months or to both. (8) Subject to the preceding provisions, the Board shall regulate its own procedure.

3. The Board may on such terms and conditions as it may determine, appoint such committees as it may consider necessary to perform such functions or advise the Board on such matters as the Board may direct.

4. The members of the Board and the staff of the Board shall be paid such allowances as the Board may, from time to time, with the prior consent of the Minister, determine. 669 ©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.