Bank of Zambia (Amendment) Act, 1993

The subsection is replaced so that the Bank’s authorised capital is twenty million kwacha, unless the Board determines another amount after consulting the Minister.

Jurisdiction: Zambia
Instrument: Act or statute
Citation: Act 36 of 1993
Version: 8 Sept 1993
Language: en
Official source: View official record ↗

amendment amendments audit timing bank services banking board procedure central bank credit limits compliance corporate governance criminal-penalties director appointment eligibility for bank directors external audit financial regulation financial reporting financial statements fines government borrowing government payments interest on balances monetary amount monetary threshold penalties statutory amendment

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The subsection is replaced so that the Bank’s authorised capital is twenty million kwacha, unless the Board determines another amount after consulting the Minister. This section amends section six of the principal Act by inserting a timing phrase about action within sixty days after the auditor certifies the Bank’s financial statements. This provision amends section 10 of the principal Act by deleting paragraph (c) and replacing it with new wording about seven directors appointed by the Minister. Section 11 is replaced, and the new rule says a person cannot be appointed director of the Bank if they are an MP, have certain ties to a regulated financial institution or the Government, or have ever been convicted of dishonesty. The Board may make rules for the bank’s affairs and meeting procedures, as long as those rules are not inconsistent with the Act.

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Provisions of Bank of Zambia (Amendment) Act, 1993

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3
Section five of the principal Act is amended by the deletion
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The subsection is replaced so that the Bank’s authorised capital is twenty million kwacha, unless the Board determines another amount after consulting the Minister.

3. Section five of the principal Act is amended by the deletion of subsection (I) and the substitution therefor of the following subsection: (I) The authorised capital of the Bank shall be twenty million kwacha or such amount as the Board, after consulta tions with the Minister, shall detennine. Amendment of section 6
4
Section six of the principal Act is amended by the insertion
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This section amends section six of the principal Act by inserting a timing phrase about action within sixty days after the auditor certifies the Bank’s financial statements.

4. Section six of the principal Act is amended by the insertion oflhe words "within sixty days afterthe auditor's certification of the Bank's financial statements. in accordance with section twenty three" after the word ''Government". Amcmlmcnt of sec Lion 10
5
Section ten of the principal Act is amended in subsection (I)
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This provision amends section 10 of the principal Act by deleting paragraph (c) and replacing it with new wording about seven directors appointed by the Minister.

5. Section ten of the principal Act is amended in subsection (I) by the deletion of paragraph (c) and the substitution therefor of the following paragraph: Repeal and substitution of section 11 Disqualifica tion from appointment as director (c) seven other directors appointed by the Minister, being in business. financial, persons with experience professional or academic mailers.
6
The principal Act is amended by the repeal of section eleven
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Section 11 is replaced, and the new rule says a person cannot be appointed director of the Bank if they are an MP, have certain ties to a regulated financial institution or the Government, or have ever been convicted of dishonesty.

6. The principal Act is amended by the repeal of section eleven and Ll1c substitution therefor of the following section: 11. No person shall be appointed director of the Bank if he- / a) is a 111embcr of Parliament: (b) is a director, officer, employee or owner of, or shareholder in, any financial institution under the regulatory jurisdiction of the Bank or or tile Government, otherwise than as a. rmmincc--i-5f"ihc - - Bank; or --- · - (c) has at any time been. convicted· of an offence involving dishonesty. Amendment of section 13
7
Section thirteen of the principal Act is amended
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The Board may make rules for the bank’s affairs and meeting procedures, as long as those rules are not inconsistent with the Act.

7. Section thirteen of the principal Act is amended- / a) by the deletion of subsection (I) and the insertion therefor of the following subsection: l I Bank of Zambia (Amendment) [No.36 ofl993 · 205 . (I) .The Board may make rules, not'inconsis . tent with _this Act, for-the regulation of the affairs of the ·nan1c general)y and in particular for the regulation of the procedure to be followed at meet ings of the Board or any committee of the Board. (b) in subsection (5), by the deletion of the word "Five" and the substitution therefor of the word "Six".
8
Section nineteen of the principal Act is amended by the
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The provision changes section 19 of the principal Act by replacing “five thousand kwacha” with “five hundred thousand kwacha.”

8. Section nineteen of the principal Act is amended by the deletion of the words ''five thousand kwacha" and the substitution therefor of the words "five hundred thousand kwacha".
9
Section twenty of the principal Act is amended
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This section amends section 20 by adding an exception for compliance with a court order and changing the amount from five thousand kwacha to five hundred thousand kwacha.

9. Section twenty of the principal Act is amended- (aJ by the deletion of the words "No person" from subsection (I) and the insertion therefor of the words "Except in compliance with the order of any court, no person". (b) by the deletion of the words "five thousand kwacha" and the substitution therefor of the words "five hundred thousand kwacha". Section 19 Amendment of section 20
10
The principal Act is amended by the repeal of section
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This section amends the principal Act by repealing section 23 and replacing it with a new section.

10. The principal Act is amended by the repeal of section twenty-three and the substitution therefor of the following section:
23
(I) The accounts of theBank shallbeauditcd annually
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The Bank’s accounts must be audited every year by independent auditors appointed by the Board.

23. (I) The accounts of theBank shallbeauditcd annually by a finn of independent auditors appointed by the Board. Repeal and substitution of section 23 Audit of accounts (2) The expenses of the audit shall be borne by the Bank. (3) The auditor shall prepare and submit to the Board a detailed report on the results of the audit.
11
Section twenty-eight of the principal Act is amended in Amendment
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Section 28 is amended to replace “fifty thousand kwacha” with “one hundred million kwacha”.

11. Section twenty-eight of the principal Act is amended in Amendment subsection (2) by the deletion of the words "fifty thousand kwacha" of section 28 and the substitution therefor of the words "one hundred million kwacha".
12
Section thirty-seven of the principal Act is amended by the Amendment
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Section 37 is amended to replace “five hundred kwacha” with “two hundred thousand kwacha.”

12. Section thirty-seven of the principal Act is amended by the Amendment deletion of the words "five hundred kwacha'' and the substitution of section 37 therefor of the words "two hundred thousand kwacha".
13
Section thirty-eight of the principal Act is amended by the Amendment
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This provision amends section 38 of the principal Act by replacing one subparagraph with a new one about facilities for reserve tranche purchases from the International Monetary Fund.

13. Section thirty-eight of the principal Act is amended by the Amendment deletion of sub-paragraph (i) of paragraph (c) of subsection (I) and of section 38 the insertion therefor of the following subparagraph: (i) the facilities to make reserve tranche purchases from the International Monetary Fund;
14
The principal Act is amended by the deletion of the heading
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This section changes the principal Act by deleting the Part VI heading before section 43 and putting it back immediately before section 42.

14. The principal Act is amended by the deletion of the heading to Part VI appearing beforesectionforty-three and by its reinsertion immediately before sectionforty-two.
15
Section forty-three of the principal Act is amended in
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This section amends section 43 of the principal Act by adding the words “of any maturity” after “bills” in paragraph (b) of subsection (2).

15. Section forty-three of the principal Act is amended in paragraph (b) of subsection(2) by the insertion ofthc words"of any maturity" after the word "bills". Re-arrange ment of Parts V and VI Amendment of section 43 -- ----------- ---- - - 206 No. 36 of 1993] Bank of Zambia (Amendment) Amendment of section 45
16
Sectionfortyfive of the principal Act is amended
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This section amends section 45 by replacing several monetary amounts with higher amounts.

16. Sectionfortyfive of the principal Act is amended- . ( a) in subsection (5), by the deletion· of the words "ten thousand kwacha" and the substitution therefor of the words "five million kwacha"; (b) in sub-paragraph (i) of paragraph (c) of subsection (6), by the deletion of the words "one thousand kwacha" and the substitution thereforofthe words "one million kwacha"; ( c) in sub-paragraph (ii) of paragraph (c) of subsection (6), by the deletion of the words "one hundred kwacha" and the substitution- therefor of the words "fifty thousand kwacha". Amcndml.'Tll of section 49
17
(I) Section forty-nine of the principal Act is amended by the
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The Bank must handle Government money, keep accounts, and pay interest on Government balances at a rate agreed with the Minister. The Government must pay the Bank fees for covered services, as agreed with the Minister.

17. (I) Section forty-nine of the principal Act is amended by the deletion of subsection (2) and the proviso thereto and the insertion therefor of the following subsections: Amendment of section 55 · (2) The Bank shall receive an\J disburse Government money and keep account thereof, and shall pay interest on balances held by it for the Government at a rate to be fixed from time to time by agreement between the Bank and the Minister. (3) The Government shall pay the Bank, for services rendered to the Government at its request or pursuant to this Act, such fees as may be agreed between the Bank and U1e Minister.
18
Scctionfifty-Jive of the principal Act is amendcd
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The Bank must not extend credit to the Government and related public bodies above 25% of the Government’s average annual ordinary revenue, except as allowed by section 53 or subsection (4).

18. Scctionfifty-Jive of the principal Act is amendcd- (a) in subsection (1), by deletion -of paragraph (b) arid the insertion therefor of the following paragraph: (b) " ordinary revenue of the Government " means revenue from taxes, levies, royalties, fees, duties, renL�. profiL� and income from any investment or undertaking by the Government, its institutions and agencies or any statutory bodies or local authorities, but docs not include any proceeds o_f funds raised by way of borrowing, any grants in cash or in kind or any other form of economic assistance .. (b) by the deletion of subsections (2) and (3) and the insertion therefor of the following subsecti·on: (2) Except as provided by sectionfifty-three or by subsection (4) of this section, ·the Bank shall not, either directly _or in_din:ctly, extend. credit· to the . Government or its i!J;Stitutions pr ag_enc;ies, or to any statutory bodies or local authorities, whether.byway of short.- term advances, purchases of securities in a primary issue cir otherwise, so that the cr,:dii extenciea exceeds in any financial year t�enty-five per·cer,it of · average annual ordinary revenue of the Government. :\ I' I ' I , I ! I 'I 'I I I , I '' ' , I I 1 Bank of Zam'bia (Amendment) !No. 36 of 1993 207 .19. The principal Act is further amended by the repeal of Part VIII. : 20. S_ectionfifty-nine of the principal Act is amended by the · · ilcietion of paragraph" (f).

Part

Part VIII.

21
Section $ixty-/our of the principal Act.is amended in
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Section 64(3) is amended so that the amount changes from "ten thousand kwacha" to "ten million kwacha".

21. Section $ixty-/our of the principal Act.is amended in subsection (3) by the deletion of the words "ten ll1ciusand kwacha" . andlhe substitution therefor of the words '"ten million kwacha". Repeal of Part VIII Anlcndntent .. of section 59 Amendment of section 64 ' ' I 208 -·-- --·----- ------ -- --- - -- - --

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Bank of Zambia (Amendment) Act, 1993

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Provisions of Bank of Zambia (Amendment) Act, 1993

Part VIII.

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