Zambia Act or statute

Zambia legislation

Financial Institutions (Validation of Acts) Act, 1968

Banking and finance Company lawfinancial institutionsinstitutional actsliabilitystatutory instruments

Jurisdiction: Zambia
Structure: 3 provisions
Citation: Act 13 of 1968
Dates: As at 31 Dec 1996

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Dates: As at 31 Dec 1996

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“This section gives the Act its short title: Financial Institutions (Validation of Acts) Act.”

This section gives the Act its short title: Financial Institutions (Validation of Acts) Act. This section defines several terms used in the Act, including “declared day,” “financial institution,” “operative date,” and “statutory instrument.” Acts done by financial institutions are treated as valid in the stated circumstances, and the institution is protected from liability for those acts.

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Short title ........................................................................................................................................................................................................... 1

This section gives the Act its short title: Financial Institutions (Validation of Acts) Act.

Section 1

Interpretation .................................................................................................................................................................................................... 1

This section defines several terms used in the Act, including “declared day,” “financial institution,” “operative date,” and “statutory instrument.”

Section 2

Validation of acts ............................................................................................................................................................................................ 1

Acts done by financial institutions are treated as valid in the stated circumstances, and the institution is protected from liability for those acts.

Section 3

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Source record from zambialii.org · As at 31 Dec 1996

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Showing 3 of 3 provisions

Short titleInterpretationCommencement

§ 1Short title ........................................................................................................................................................................................................... 1Short title

This section gives the Act its short title: Financial Institutions (Validation of Acts) Act.

1. Short title This Act may be cited as the Financial Institutions (Validation of Acts) Act.

Section 1Verify source

§ 2Interpretation .................................................................................................................................................................................................... 1Interpretation

This section defines several terms used in the Act, including “declared day,” “financial institution,” “operative date,” and “statutory instrument.”

2. Interpretation (1) In this Act, unless the context otherwise requires— "declared day" means a day speciﬁed, by reference to its date, in the statutory instrument; "ﬁnancial institution" means an institution which, being entitled to do so, closed its place of business to members of the public on each declared day; "the operative date" means the date upon which the statutory instrument was published in the Gazette; "the statutory instrument" means the statutory instrument made by the Minister responsible for ﬁnance under section twenty of Bank of Zambia Act. [Cap. 360] (2) Any reference in this Act to an act done shall be deemed to include a reference to an omission made.

Section 2Verify source

§ 3Validation of acts ............................................................................................................................................................................................ 1Commencement

Acts done by financial institutions are treated as valid in the stated circumstances, and the institution is protected from liability for those acts.

3. Validation of acts Any act done by a ﬁnancial institution on or after the operative date which would have been validly done if at the time of the doing thereof each of the declared days had been declared to be a public holiday, shall be deemed to have been validly done. 4. No liability in respect of actions (1) No ﬁnancial institution shall be subject to any liability, action, claim or demand whatsoever for or in respect of any act deemed to have been validly done under the provisions of section three. (2) The provisions of this section shall apply— (a) to any liability incurred or claim or demand made before or after the commencement of this Act; (b) to any action whether commenced before or after the commencement of this Act; By Laws.Africa and contributors. Licensed under CC-BY. Share widely and freely. 1 Financial Institutions (Validation of Acts) Act, 1968 (Chapter 420) Zambia (c) for the purpose of determining any appeal from a judgment entered before the commencement of this Act. By Laws.Africa and contributors. Licensed under CC-BY. Share widely and freely. 2

Section 3Verify source

Legislative relationships

3 referenced instruments

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A–F

3 instruments

Acts) Act
Section 1
Acts) Act, 1968
Section 3
Bank of Zambia Act
Section 2

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31 Dec 1996 · currentEnglish

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