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Zambia legislation

Bank of Zambia Act, 1996

This section gives the Act its short title and says it starts on a date appointed by the Minister by statutory instrument. This section defines several terms used in the Act, including “Bank,” “Board,” “Deputy Governor,”…

account operationsaccountsadvancesagency appointmentsappointment and removalasset holdingsasset protectionasset vestingassets and liabilitiesaudit requirementsbank governancebank notes and coinsbank profitsBanking and financeboard committeesboard compositionboard governanceboard procedurebranch establishmentcapitalisationcash loss recoverycentral bank functionscentral bankingclearingclearing facilitiescoin exchangecoin issuancecoin standardscompany sealcomplianceconfidentialityconflict of interestcontinuing effect of prior instrumentsCompany lawcorporate powerscorporate reportingcounterfeit-like itemscounterfeitingcredit limitscurrencycurrency denominationcurrency exchangecurrency handlingcurrency regulationcurrency specificationdamaged notes exchangedefinitionsdirector appointmentdirector dutiesdirector immunitydirector tenuredisclosure of interestdiscount ratesdiscountsdisqualificationdocument executionEmployment lawemployment continuityenforcementfeesfees and allowancesfinancial institutionsfinancial reportingBanking and financefinancial supervisionfinancial yearfiscal agencyforeign exchangeforgery enforcementgoldgovernancegovernment advicegovernment bankinggovernment banking servicesgovernment borrowinggovernment depositsgovernment fundinggovernment loansgovernment paymentgovernment publicationgovernment securitiesinformation disclosureinformation handlinginformation requestsinspection rightsinterest on balancesinterest ratesinternational bankinginternational financial dealingsinternational reservesinvestment restrictionsissuancejudgment enforcementlegal tenderlendinglending restrictionsliquidityliquidity requirementsloss fundingmeeting disclosuremeeting participationmeetingsministerial reportingmintingminutesmonetary policy reportingmoney issuancemonthly returnsnotes and coinsoathsoffencespayment restrictionspayment systemspenaltiespensionsprintingprofit transferspublic borrowingpublic financequorumrecord keepingrediscountsregulationsregulatory inspectionreportingreporting informationreserve fundsreserve requirementssecuritiessettlement accountsshareholdingstatutory repealsupervisiontax exemptiontrainingtreasurytreasury billswithdrawal from circulation
Jurisdiction
Zambia
Structure
80 provisions
Citation
Act 43 of 1996
Dates
As at 31 Dec 1996
More statute details
Dates
As at 31 Dec 1996

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01

Purpose and legislative effect

“This section gives the Act its short title and says it starts on a date appointed by the Minister by statutory instrument.”

This section gives the Act its short title and says it starts on a date appointed by the Minister by statutory instrument. This section defines several terms used in the Act, including “Bank,” “Board,” “Deputy Governor,” “Governor,” and certain financial terms. The Bank of Zambia is continued as a body corporate, with power to act like a legal person; its headquarters are in Lusaka, and its Board may open branches and appoint agents/correspondents subject to stated limits. The Bank must set and carry out monetary and supervisory policies, regulate banks and financial institutions, manage currency and payment matters, and advise the Government; the Minister may pass government policies to the Governor, and the Bank must follow them. The Bank must have authorised capital of ten billion Capital kwacha, and the Government is the sole subscriber to its paid-up capital.

02

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  1. 01

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(I) The Board shall cause to be kept proper books of

The Board must keep proper accounting books and records for the bank in line with generally accepted accounting principles, and they must be open for inspection at reasonable times by directors or someone authorised by the Minister.

Section 25

The Bank shall

The Bank must act as the Government’s banker and fiscal agent, and through the Minister provide financial advice and reports on matters affecting the Bank’s functions.

Section 45

Policy Statement

This provision is titled “Policy Statement” and appears in Part III (Administration).

Section 9

04

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

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Showing 80 of 80 provisions

Provision 66Offence 6Commencement 3Short title 2

Part

PART I

§ 1This Act may be cited as the Bank of Zambia Act, 1996, andShort title

This section gives the Act its short title and says it starts on a date appointed by the Minister by statutory instrument.

1. This Act may be cited as the Bank of Zambia Act, 1996, and shall come into operation on such date as the Minister may, by statutory instrument, appoint. Short title and commencC­ ·ment
Section 1Verify source
§ 2In this Act, unless the context otherwise requiresProvision

This section defines several terms used in the Act, including “Bank,” “Board,” “Deputy Governor,” “Governor,” and certain financial terms.

2. In this Act, unless the context otherwise requires-- .. Bank" means the Bank of Zambia established under section three;· " bank "shall have the meaning assigned to it in the Banking and Financial Services Act; " banking business " shall have the meaning assigned to it in · the Banking and Financial Services Act; " Board " mearis the Board of Directors of the Bank estab­ lished under section twelve' "Deputy Governor" means the Deputy Govemorofthe Bank appointed under section eleven; Interprcta• lion Act No. 21 of1994 ActNo.21 of1994 · "financial institution" shall have the meaning assigned to it in the Banking and Financial Services Act; ActNo.21 of1994 942 No. 43 oft 9961 Bank of Zambia I ., Act No. 21 of1994 Act No. 13 ofl994 Establish­ mcnlof Bank Act No. 24 of 1985 "financial service'" shaH have the meaning assigned to it in the Banking and Financial Services AGt; " fine units '"shall have the meaning assigned to it in the Fees and Fines Act; "Governor'" means the Govcrnor oflhe Bank appointed under section ten; "Ordinary revenue of the Government'" means revenue from taxes, levies, royalties, fees, duties, rents, profits and in­ come from any investment or any undertaking by the Government, its institutions and agencies, statutory bodies and local authorities, but docs not include any funds raised by way of borrowing, granL� in cash orin kind, or any other form of economic assistance. PART II. BANK OF ZAMBIA '\..
Section 2Verify source
§ 2Section 2Interpretation

2. Interpretation PART II BANK OF ZAMnrA

2. Interpretation PART II BANK OF ZAMnrA
Section 2Verify source

Part

PART II.

§ 3(1) The Bank of Zambia established under section three ofProvision

The Bank of Zambia is continued as a body corporate, with power to act like a legal person; its headquarters are in Lusaka, and its Board may open branches and appoint agents/correspondents subject to stated limits.

3. (1) The Bank of Zambia established under section three of the Bank of Zambia Act, 1985, is hereby continued as if established under this Act and shall be a body corporate with perpetual succes­ sion and a common seal, capable of suing and of being sued in its corporate name, and with power, subject to the provisions of this Act, to do all such acL� and things as a body corporate may by law do or perform. (2) The headquarters of the Bank shall be in Lusaka. (3) The Board may establish branches of the Bank within the Republic, and with the approval of the Minister, in any place outside the Republic. (4) The Board may appoint in Zambia or elsewhere agents and correspondents of the Bank, on such terms and conditions, as it may determine: I Provided that no fees, remuneration, commission or allowances paid to any agent or correspondent shall be computed by reference to the profits of the Bank. Functions of Bank
Section 3Verify source
§ 4(I) The Bank shall formulate and implement monetary andProvision

The Bank must set and carry out monetary and supervisory policies, regulate banks and financial institutions, manage currency and payment matters, and advise the Government; the Minister may pass government policies to the Governor, and the Bank must follow them.

4. (I) The Bank shall formulate and implement monetary and supervisory policies that will ensure the maintenance of price and financial systems stability so to promote balanced macro-economic development. Bank of Zambia [No. 43 of 1996 943 (2) Without prejudice to the generality of subsection (1) and subject to the other provisions of this Act the Bank shall- ( a) licence, supervise and regulate the activities of banks and financial institutions so as to promote the safe, sound and efficient operations and development of the financial system; (b) promote efficient paymentmechanisms; ( c) issue notes and coins to be legal tender in the Republic and regulate all matters relating to the currency of the Republic; �= ( d) act as banker and fiscal agent to the Republic; (e) support the efficient operation of the exchange system; and (f) act as adviser to the Government on matters relating to economic and monetary management. S. The Minister may convey to the Governor suc]/general or particular Government policies as may affect the conduct of the affairs of the Bank and the Bank shall implement or give effect to such policies. Powers of Minister
Section 4Verify source
§ 6(1) The authorised capital of the Bank shall be ten billionProvision

The Bank must have authorised capital of ten billion Capital kwacha, and the Government is the sole subscriber to its paid-up capital.

6. (1) The authorised capital of the Bank shall be ten billion Capital kwacha. (2) The Bank may, increase the authorised capital by such amounts and in such a manner as the Board may determine, and may in like mannerwi th the consent of the Minister reduce the authorised capital: , Provided that no reduction shall be so effected as to reduce the amount of the authorised capital below ten billion kwacha. (3) The Government shall b� the sole subscriber to the paid-up capital of the Bank, and its holdings of the paid-up capital shall not be transferable in whole orin pan orbe subject to any encumbrance whatsoever. (4) The amount of any increase in paid-up capital effected in accordance with subsection (2) shall be paid up in full by_ the Goverrunent. (5) Whenever the Board certifies that the assets of the Bank are less than the sum of its capital and other liabilities, the Minister notwithstanding the provisions of any other written law, shall, on 944 No. 43 of 1996) Bank of Zambia behalf of the Government cause to be transferred to the ownership of the Bank negotiable and interest bearing securities issued by the Government for such amount as is necessary for the purposes of preserving the capital of the Bank from any impainnent. Profits and loss
Section 6Verify source
§ 7(1) The net profits of the Bank for each finacial year shall beProvision

The Bank must work out annual net profits after expenses and specified provisions, pay any surplus to the Government within 60 days after auditor certification, and if it makes a certified loss the Minister must arrange a transfer of cash or market-rate securities to the Bank within 60 days.

7. (1) The net profits of the Bank for each finacial year shall be detennined by the Bank afte�- ( a) allowing for the expenses of operations for that year; (b) making provision; (i) for bad and doubtful debts, depreciation of assets and contingencies; (ii) for pensions, gratuities and other benefits for its officers and employees; and (iii) for such other items which are consistent with the Bank's mandate. (2) Where the Bank makes a profit any amount left over after making tranfers in accordance with section six shall be paid to the Government within sixty days following the auditor's certification of the Bank's financial statements. (3) Where in any year, the Bank makes a loss on its profit and loss statement as certified by the auditors, the Minister, notwith­ standing· the provisions of any other written law, shall on behalf of the Government cause to be transferred to the ownership of the Bank cash or negotiablc seeuirities bearingmark;et interest rates,and such securities shafrbe delivered to the Bankwill_lin sixty days,from the date of certification of the accounts by the auditors., General reserve fund and other funds Cnp. 699
Section 7Verify source
§ 8(I) The general reserve fund of the Bank established underProvision

The Bank must keep its general reserve fund and transfer specified portions of net profits to it, with different percentages depending on the fund’s balance.

8. (I) The general reserve fund of the Bank established under section twenty-two oflhe Bank of Zambia Act, 1964, shall continue to be maintained in accordance �i!h the provisions of this Act, and to this fund shall be transferred, at the end of each financial year of the Bank- ( a) twenty-five per centum of the net profits of the Bank as calculated in accordance with section seven, when the balance in the general reserve fund is less than three times the Bank's authorised capital; or (b) ten per centum of the net profit of the bank as calculated in 'accordance with section seven, when the balance in general reserve fund is three times the Bank's authorised capital, or more. (2) The balance if any of the net profits remaining after transfers under subsection (1) shall be applied to the redemption on behalf of Bank of Zambia [No. 43 of 1996 945 Policy statement the Government of any securities issued and out�tanding being sccurilies issued against losses incurred by the Banlc. (3) No transfers shall be made under subsections (I) and (2) if the Board certifies that the assets of the Bank are, or after such transfer, will be, less than the sum of its capital and other liabilities.
Section 8Verify source
§ 9(1) The Bank shall, in consultation with the Minister, withinCommencement

The Bank must publish a monetary policy statement in the Government Gazette within six months after commencement, and then every six months, with specified content.

9. (1) The Bank shall, in consultation with the Minister, within six months after the commencement of this Act, and at every six months interval thereafter, publish in the Govemement Gazette a policy statement that shall contain: (a) a description and an explanation of the reasons for the monetary policies to be followed by the Bank during the following six months; (b) a description of the principles that the Bank proposes to follow in the fonnulation and implementation of monetary policy during the next two years or such other period of time as the Minister may decide; and (c) a review and assessment of implementation by, the Bank, of monetary policy during the period to which the last proceeding six months policy statement relates. (2) The Minister shall within the first sitting of the National Assembly next after the receipt.of the report referred to under this section lay it before the National Assembly. PART III ADMINISTRATION l 0. (I) Subject to sectionfifteen the President may, appoint, for Governor a period not exceeding five years, a person with recognised profes- sional qualifications and experience in financial and economic maters to be Governorof the Bank and the President may re-appoint the Governor upon the expiry of the Governor's term of office. (2) An appointment under subsection (1) shall be subject to ratification by the National Assembly. (3) The Governor shall be the Chief Executive Officer of the Bank and shall be responsible to the Board for the execution of the policy and management of the Bank. (4) The Governor may, with the approval of the Board, delegate any of his functions or powers to a Deputy Governor, or any other staff of the Bank. · · (5) The tenns and conditions of the Governor shall be determined by the Minister suhject to the provisions of this Act, and shall not, during the Governor's term of office be altered to the Governor's disadvantage: Provided that no salary, fee, wage, remuneration, commission or allowance to be paid to the Governor shall be computed by reference to the profifts of the Bank. _,, 946 No. 43 of 1996] Bank of Zambia (6) During the Governor's term of office the services of the Governor shall be at the disposal of the Bank and the Governor shall not, without the written approval of the President, receive any salary, allowance, contribution or supplementation from any source other than the Bank, or take up any other office or employment, whether remunerated or not, except as nominee of the Bank: Provided that the Governor may serve on any board, committee or commission established by the Government or may become Governor, directoror membcrof a·board of any other body orof any international financial organisation of which Zambi'a is a member. (7) The Governor may resign from office by giving three months notice to the President and may be removed by the President.
Section 9Verify source

Part

PART III

§ 11(1) Subject to sectionfifteen the President, shall appoint upProvision

The President must appoint up to two Deputy Governors with the required qualifications and experience, subject to section 15. A Deputy Governor may resign with three months’ written notice to the President and may be removed by the President.

11. (1) Subject to sectionfifteen the President, shall appoint up to two'persons with recogised and appropriate professional qualifi­ cations and experience, to be Duputy Governors of the Bank for periods not exceeding five years. (2) The provisions of subsections (4) and (5) of section ten shall apply Mutatis Mutandis to a Deputy Governor. (3) A Deputy Governor may resign from office by giving three months written notice to the President and may be removed by the President. Deputy Governor Hoard of Directors
Section 11Verify source
§ 12(1) There shall be a Board of Directors of the Bank in whichProvision

The Bank has a Board of Directors, and the Board is responsible for policy and may delegate some functions to the Governor.

12. (1) There shall be a Board of Directors of the Bank in which shall vest all the powers of the Bank and which shall be responsible for the formulation of policy of the Bank. Composition of Board '- (2) The Board may delegate to the Governor suchofits functions as it considers necessary for the better admjnistration of the Bank.
Section 12Verify source
§ 13(!) The Board shall consist of, the following directorsProvision

The Board must include the Governor as Chair and up to six other Minister-appointed members, choose a Vice-Chairman, and allow the Secretary to the Treasury to attend without voting. The Secretary to the Treasury may also appoint an alternate director in writing.

13. (!) The Board shall consist of, the following directors- ( a) the Governor, who shall be the Chairman ofJhc Board; and (b J not more than six other persons appointed by the Minister from amongest individuals with professional or academk experience in business or financial matters and who are not officials or employees of the Bank. (2) The Board shall choose one of its members to be the Vice­ Chairman. (3) The Secretary to the Tresury in the ministry responsible for finance, shall be an ex-officio director of the Boad and shall be entitled to attend and participate in any meeting of the Board but such person shall have no vote and shall not count for the purpose of a quorum. Banko/Zambia [No. 43 of 1996 947 (4) The Secretary to the Treasury in the ministry responsible for finance, may in writing. appoint a senior official in that ministry to be an allernate director to the secretary to the Treasury and to attend any meeting of the Board which the Secretary to the Treasury is unable to attend, and when such alternate attends such meeting, the provisions of subsection (2) shall apply. mutatls mutandis, to such alternate. (4) The directors referred to in paragraph (b) of subsection (I) shall be paid such fees and allowances as the Minister may detennine.
Section 13Verify source
§ 14(I) Subjcctto the other provisions of this section, a directorProvision

A specified director serves for up to three years, can be re-appointed for another three years, and may be removed by the Minister or resign at any time, with written notice for removal.

14. (I) Subjcctto the other provisions of this section, a director referred to in paragraph (b) of subsection (I) of section thirteen shall hold office for a perid not exceeding three years and shall be eligible for re-appointment, on the expiry of such tenn, for a further three years. (2) A director, other than the Governor and the secretary to the Treasury, may be removed by the Minister at any time by notice in writing and may resign from the Board at any time. Tenure of office
Section 14Verify source
§ 15(I) No person shall be appointed, re-appointed or continueOffence

A person cannot be appointed, re-appointed, or continue in office as Governor, deputy Governor, or director if any listed disqualification applies.

15. (I) No person shall be appointed, re-appointed or continue to hold office of Governor, deputy Governor or director if such person- DiSqualifica� lions (aJ is or becomes a member of the National Assembly; (b) is a director, officer, employee orownerof, or shareholder in, any financial institution or bank which is under the regulatory jurisdiction of the Bank or of the Govern­ ment, other than as a nominee of the Bank; ( c) has been convicted of any offence involving dishonesty, or is an undischarged bankrupt, or has been convicted of a felony; ( d) is detained, or his freedom of movement is restricted, under any law in force in Zambia for a period in excess of six months; or (e) is of unsound mind.
Section 15Verify source
§ 16(I) Subject to the other provisions of this Act, the BoardProvision

The Board may manage its own procedure, must meet at least every three months, and must keep minutes of meetings. The Governor can decide meeting places and times and may call special meetings with at least seven days’ notice, unless urgency requires shorter notice.

16. (I) Subject to the other provisions of this Act, the Board may regulate its own procedure. Proceedings of Board (2) The Board shall meet for the transaction of the business of the Bank at least once every three months at such places and atsuch times as the Governor may decide. \ (3) Upon giving notice of not less than seven days, a special meeting of the Board may be called by the Governor at any time: , 948 No. 43 of 1996] Bank of Zambia Provided that if the urgency of any particular matter does not permit the giving of such notice, a special meeting may be called upon giving a shorter notice. (4) Four directors shall form a quorum at any meeting of the Board. (5) Where the Chairman and the Vice-Chairman are absent from any meeting of the Board, there shall preside at that meeting such director as the directors present may elect for the purposes of that meeting. (6) A decision of the Board on. any question shall be by a majority of the directors present and voting at a meeting and, in the event of equality of votes, the person presiding at the meeting shall have a casting vote in addition to his deliberative vote. , . seal of Bank (7) The Board may invite any person, whose presence is in its opinion desirable, to attend and to participate in the deliberations of a meeting of the Board but such person shall have no vote. (8) The validity of any proceedings, act or decision of the Board shall not be affected by any vacancy in the membership of the Board orby any defect in the appointment of any director or by reason that any person not entitled to do so took part in tl1e proceedings. (9) The Board shall cause minutes to be kept of the proceedings of every meeting of the Board and of every meeting of any committee established by the Board.
Section 16Verify source
§ 17(1) The seal of the Bank shall be such device as may beProvision

The Board controls the Bank’s seal, the Governor or a designated officer keeps it, and certain documents can be executed without the seal in specified cases.

17. (1) The seal of the Bank shall be such device as may be determined by the Board and shall be kept by the Governor or an officer designated by him. (2) The Board may use a wafcrorrubberstampinlieu of the seal. (3) The seal of the Bank shall be affixed to an instrument only on the authority of a resolution of the Board and in the presence of · at least two directors who shall sign every instrument to which the seal of the Bank is so affixed in their presence. (4) Any contrac:orinstrument which, if entered into or executed by a person not being a body corporate, would not be required to be under seal, may be entered into or executed without seal on behalf of the Bank by the Governor or any other director generally or specifically authorised by the Board. (5) Any document purporting to be a document under the seal of the Bank or issued on behalf of the Bank shall be received in evidence and shall be deemed to be so executed or issued, as the case may be, wi.thout further proof, unless the writrary is proved. Bank of Zambia [No. 43 of 1996 949
Section 17Verify source
§ 18( 1) The Board may, for the purpose of perfonning its CommitteesProvision

The Board may establish committees, appoint committee members, and delegate functions to them. Committees may regulate their own procedure, subject to the Board’s directions. Directors have immunity from actions or proceedings for good-faith acts or omissions done in exercising their functions under the Act.

18. ( 1) The Board may, for the purpose of perfonning its Committees functions under this Act, establish committees and delegate to any ofBoard such committee such of its functions as it considers fit. (2) The Board may appoint as members of a committee estab­ lished under subsection (I), persons who are or are not directors of the Board and such persons shall hold office for such period as the Board may dctcnnine. (3) Subject to any specific or general direction of the Board any committee established under subsection ( 1 ), may regulate its own procedure. 19. No action or other proceedings shall lie or be instituted against any director for or in respect of any act or thing done or omitted to be done in good faith in the exercise or purported exercise of such director's functions under this Act. Immunity of Directors
Section 18Verify source
§ 20(I) No director shall act as representative of any commer­Commencement

Directors must not act for or take directions from outside commercial or other concerns in relation to their duties. People at Board meetings must disclose relevant private interests and usually must not participate in discussion or voting on the matter. Breaches are offences punishable by a fine, imprisonment, or both.

20. (I) No director shall act as representative of any commer­ cial, financial, agricultural, industrial or othcrconcem, or receive or accept directions therefrom in relation to such director's duties under this Act. Conflict of interest and disclosure of interest (2) If any per.;on is present at a meeting of the Board or any commillec of the Board al which any matter, in which such person or his spouse is directly orindircctly interested in a private capacity, is the subject of consideration, such person shall, as soon as practicable after the commencement of the meeting, disclose such interest and shall not, unless the Board otherwise directs, take part in any consideration or discussion of, or vote on, any question · touching such matter. (3) A discloure of interest made under this section shall be recorded in the minutes of the meeting at which it is made. (4) Any pcr.;on who contravenes any of the provisions of this section shall be guilty of an offence and shall be liable, upon conviction, to a line not exceeding thirty thousand fine units or to imprisonment for a tenn not exceeding three years, or to both.
Section 20Verify source
§ 21(I) The Board may appoint, on such tcnns and conditions Staff ofProvision

The Board may appoint staff and set their terms, but staff pay cannot be calculated by reference to the Bank’s profits.

21. (I) The Board may appoint, on such tcnns and conditions Staff of as it may determine, such staff as it may consider necessary for the Bank conduct or operations of the husincss of the Bank: Provided that no salary, fee, wage, remuneration, commission or allowance to be paid to any staff of the Bank shall be computed by rc fcrrence to the profits of the Bank. (2) The Board may establish pension schemes and permit the Bank to grant loans_ to its·staff or guarantee such loans from any financial institution. 950 No. 43 of t 996] Bank of'Zambia (3) The Board may establish training facili1ies forthe staff of the Bank. Oath or declaration of secrecy Acl No. 4 or 1990
Section 21Verify source
§ 22(1) Every person appointed under this Act or employed byOffence

Covered staff must swear an oath of secrecy before a Commissioner for Oaths, and breaking that oath is an offence.

22. (1) Every person appointed under this Act or employed by the Bank shall take and subscribe, before a Commissioner for Oaths, an oath of secrecy as set out in the Official Oaths Act, and the provisions relating to affirmation and dup!icJtion of oaths contained in that Act shall apply mutatis mutandis. (2) Any person to whom this section applies who, having complied with the provisions of subsection (1), does or omits to do any act in contravention of the oath of secrecy shall be guilty of an offence and shall be liable, upon conviction, to a fine not exceeding thirty thousand fine units or to imprisonment for a term not exceed­ ing two years, or to both. Prohihiticm or publica­ tion of or disclosure of information lo unauthorised persons
Section 22Verify source
§ 23(I) Except in compliance with an order of a court of compe­Offence

People appointed under this Act generally must not publish or disclose covered information except under a court order or with written Board consent.

23. (I) Except in compliance with an order of a court of compe­ tent jurisdiction or with the written consent given by or on behalf of the Board, no person appointed under this Act shall publish or disclose to any person, otherwise than in the course of that person's duties the content� of any document, communication or informa­ tion, whatsoever, which relate to, and which have come to that person's knowledge in the course of, such person's duties under U1is Act. (2) Any person who knowingly contravenes the provisions of subsection (1), shall be guilty of an offence and shall be liable, upon conviction, to a fine not exceeding thirty thousand fine units or to imprisonment for a term not exceeding two years, or to both. (3) If any person having information which to his knowledge has been published or disclosed in contravention of subsection (l), unlawfully publishes or communicates·any such information to any other person, that person shall be guilty of an offence and shall be liable, upon conviction to a fine not exceeding forty-five U1ousand fine unit�. or to imprisonment for a term not exceeding three years, or to both. 24, The financial year ofthe Bank shall be U1e period of twelve months ending on 31st December in each year.
Section 23Verify source
§ 25(I) The Board shall cause to be kept proper books ofProvision

The Board must keep proper accounting books and records for the bank in line with generally accepted accounting principles, and they must be open for inspection at reasonable times by directors or someone authorised by the Minister.

25. (I) The Board shall cause to be kept proper books of account and other records relating to the bank's accounts in confor­ mity with generally accepted accounting principles. (2) Such books of account and other records shall, at all reason­ able times, be open for inspection by the directors or any person authorised by the Minister.
Section 25Verify source
§ 26The account� of the Barik shall be audited annually by anProvision

The Barik account must be audited every year by an auditor appointed by the Board.

26. The account� of the Barik shall be audited annually by an auditor appointed by U1e Board. Financial year Books of account Audil of accounts Bank of Zambia 951
Section 26Verify source
§ 27(1) As soon as is practicable, but not later than six months AnnualProvision

The Board must send the Minister an annual report on its activities within six months after each financial year ends, with specified financial information and attachments, and it must also comply with written requests for further audited reports or statements.

27. (1) As soon as is practicable, but not later than six months Annual report after the expiry of each financial year, the Board shall submit to the Minister a report concerning its activities during such financial year. · [No. 43 of 1996 (2) The report referred to in subsection (1), shall include infor­ mation on the financial affairs of the Board and there shall be appended thereto- (a) an audited balance sheet; (b) an audited statement of income and expenditure; and (c) such other information as the Minister may require. (3) The Minister may at any time request the Board, in writing, to submit to him such other reports, returns or statements, duly certified by an auditor, as he may consider necessary and the Board shall comply with such request.
Section 27Verify source
§ 28(1) The Bank shall deliver to the Minister a return of itsProvision

The Bank must give the Minister monthly assets-and-liabilities returns when required, and also prepare, publish in the Gazette, and deliver a monthly return within 30 days after each month-end.

28. (1) The Bank shall deliver to the Minister a return of its monthly asseL� and liabilities whenever he so requires. (2) Within a period oFthirty days, after the last working day of each month the bank make up, and cause to be published in the Gazette a return of its assets and liabilities as at the close ofbusiness on that day, and shall deliver that return to the Minister. PART IV Mot,'ETARY UNITS, NOTES AND COINS Reports on monthly n.'iSCts and · liabilities
Section 28Verify source
§ 15DisqualificationsProvision

Section title: Disqualifications.

15. Disqualifications 1 6. Proceedings of Board
Section 15Verify source
§ 18Committees of BoardProvision

This section is titled “Committees of Board Immunity of Directors.”

18. Committees of Board Immunity of Directors
Section 18Verify source
§ 20Conflict of interest and disclosure of interestProvision

Section title only: conflict of interest and disclosure of interest.

20. Conflict of interest and disclosure of interest
Section 20Verify source
§ 23Prohibition of publication or disclosure of infonnation toProvision

This section is titled as a prohibition on publishing or disclosing information to unauthorised persons.

23. Prohibition of publication or disclosure of infonnation to unauthorised persons
Section 23Verify source
§ 24Financial yearProvision

This section says single copies of the Act may be obtained from the Government Printer for K6..500.00 each.

24. Financial year Single copies of this Act may be obtained from lhe GovernmenJ Primer, P.O. Box 30/36, /0/00 Lusaka. Price K6..500.00 each. 938 No. 43 of 1996] Bank of Zambia
Section 24Verify source
§ 28Reports on monthly assets and liabilitiesProvision

Section 28 is titled “Reports on monthly assets and liabilities.”

28. Reports on monthly assets and liabilities PART IV MONETARY UNITS, NOTES AND COINS
Section 28Verify source

Part

PART IV

§ 29(I) The units of currency of the Republic is the Kwacha Currency ofProvision

The provision says the Republic’s currency is the Kwacha, with the Kwacha and ngwee as money denominations, and one ngwee equals one-hundredth of a kwacha.

29. (I) The units of currency of the Republic is the Kwacha Currency of tho Republic (abbreviated as K). (2) The denominations of money in the currency of the Republic are the Kwacha and the ngwee (abbreviated as N or as n). (3) One ngwee is the one-hundredth parrof the kwacha.
Section 29Verify source
§ 30(1) The right to issue notes and coins in Zambia shall vestOffence

Only the Bank may issue notes and coins in Zambia. Anyone else who does so commits an offence and can be fined, imprisoned, or both.

30. (1) The right to issue notes and coins in Zambia shall vest exclusively in the Bank. (2) Any person, other than !he Bank, who issues in Zambia notes or coins ( or other documents or token) which are payable to bearer on demand or purport to be the currency of the Republic or the currency of any other country shall be guilty of an offence and shall be liable, upon conviction, to a line not exceeding one million fine units or to imprisonment for a term not exceeding ten years, or to both: Right to issue currency Provided that this subsection shall be complementary to and not in derogation of the provisions of the Penal Code relating to forgery, coining, counterfeiting and similar offences. Cap. 146 952 No. 43 of 1996] Bank of Zambia Denomina- tions of notes and coins Minting and issue Legal tender Powers of recall Exchange of notes or coins
Section 30Verify source
§ 31(I) The notes and coins issued by the Bank shall bcProvision

The Bank may determine the denominations, forms, designs, and certain coin specifications for notes and coins, and must publish the coin specifications in the Gazette.

31. (I) The notes and coins issued by the Bank shall bc- (a) in such multiples or fractions of kwacha or ngwee as the Bank shall determine; and (b) of such forms and designs as the Bank shall dc1ermine. (2) The standard weight, composition and amount of remedy of coins issued by the Bank shall be determined by the Bank and shall be published in the Gazette.
Section 31Verify source
§ 32The Bank shall have all such powers and make all suchProvision

The Bank has powers to arrange printing, minting, issuing, re-issuing, exchanging, destroying, and safeguarding notes and coins.

32. The Bank shall have all such powers and make all such arrangements as may be necessary for the printing of notes, the minting of coins and for the issue, re-issue, exchange and destruc­ tion of notes and coins; and for the safeguarding thereof.
Section 32Verify source
§ 33(I) A tender of payment of money shall be legal tender if itProvision

Money tendered in Bank-issued notes or coins is legal tender, subject to any Ministerial restriction on maximum amount; the Bank can also issue and designate certain coins as legal tender with Ministerial approval.

33. (I) A tender of payment of money shall be legal tender if it is in notes or coins that are made and issued by the Bank under this Act: Provided that the Ministermay by regulation make restrictions as to any particular maximum amount considered as legal tender. (2) Whenever the Board thinks desirable, the Bank may, with the approval of the Minister, issue coins of any denomination for purposes other than monetary use and designate the same to be legal tender within the Republic and every such issue shall be publicised in the Gazette and may be further published in such manner as the Minister may determine.
Section 33Verify source
§ 34(I) Whenever the Bank intends to call in, for the purpose ofProvision

The Bank may call in its notes or coins, but it must give prior notice in the Gazette and may publicise the call-in further.

34. (I) Whenever the Bank intends to call in, for the purpose of withdrawing from circulation or payment of the face value thereof, any notes or coins which it has issued; it shall give ptiornotice in the Gazette and may further publicise its intention in such manner as it thinks fit. (2) Any notes or coins called in under subsection (I) shall cease to be legal tender on a date or dates fixed by the Bank and shall not be redeemed at their face value after a set date or dates. (3) Notification of the date or dates after which notes or coins shall not be deemed shall be published in the Gazelle.
Section 34Verify source
§ 35Subject to section thirty-six, the Bank shall exchange, onProvision

The Bank must exchange its issued notes or coins on demand and without charge for equivalent value and requested denomination, subject to section 36.

35. Subject to section thirty-six, the Bank shall exchange, on demand and without charge, any notes or coins, which the Bank has issued, for notes or coins of equivalent value and of suc� dcnomi­ nation as may be requested by any person or agent surrc]ldering such notes or coins in accordance with section thirty-fo,ur: Provided that in the vent of the denomination beiJ1g requested, not being available, the Bank may deliver 'hotes and coins of the nearest denomination available. Banko/Zambia [No.43ofl996 953
Section 35Verify source
§ 36( 1 ) No person shall be entitled to recover from the Bank the Lost andProvision

People generally cannot recover the value of lost or stolen notes or coins from the Bank, but the Bank may be liable for losses caused by its officials’ negligence or misconduct. The Bank may set and publish exchange conditions for damaged notes, and it generally will not exchange certain damaged coins except in its discretion.

36. ( 1 ) No person shall be entitled to recover from the Bank the Lost and value of any lost or stolen notes or coins, except as maybe provided mutilated under the terms of a waiver of risk expressly executed in respect of • "0•10' ru1d an assumption undertaken by the Bank for the shipment of notes and coins: ,cams Provided that the Bank shall be liable for any loss suffered by any person in consequence of the negligence or misconduct of any director, staff or agent of the Bank committed in the course of such person's official duties. (2) The Bank may detennin� and publish in'the Gazette the conditions under which mutilated or otherwise damaged notes may be exchanged by the Bank. (3) The Bank, except in its sole discretion, shall not exchauge coins which have been perforated, cut, clipped, broken or otherwise marked or defaced or the design of*hich is not recognisable.
Section 36Verify source
§ 37(I) It shall be the duty of the Bank to ensure or cause theProvision

The Bank must enforce, or cause to be enforced, laws in the Republic relating to forged or counterfeit notes and coins.

37. (I) It shall be the duty of the Bank to ensure or cause the enforcement, in the Republic, of any law relating to the forgery of notes or counterfeiting of notes and coins. Counterfeit of notes and coins (2) A certification by a duly authorised staff of the Bank that an item in question is or is not genuine shall be primafacie evidence of that fact in any legal proceedings in the Republic.
Section 37Verify source
§ 38( 1 ) Any person who wilfullyOffence

People must not wilfully damage, write on, or pierce Bank-issued notes or coins, and they must not make or use lookalike bank notes or coins without the Bank’s prior approval.

38. ( 1 ) Any person who wilfully- (a) soils, tears, defaces or · in any other way whatsoever mutilates any note issued by the Bank; Penally for mutilation of currency (b) writes, paints, stamps or draws upon any such note; or (c) wilfully defaces, mutilates or pierces a coin issued by the Bank; shall be guilty of an offence and shaJrbe liable, upon conviction, to a fine not exceeding five thousand fine units or to imprisonment for a term not exceeding two months, or to both: Provided that this section shall be complementary to, and not in derogation of, the provisions of the Penal Code relating to forgery, coining, counterfeiting and similar offences. / -(2) A perso_ e P�ri_or approval of the Bank- n shall not, without th _ 1(a) make, design, engrave, pry'nt or reproduce; or I (b) use, issue or publish; any article or thing resembling a bank note or coin or so nearly resembling or having such a likeness to a bank note or coin so as to likely be confused with, or mistaken for, such bank note or coin. 954 No. 43 of1996] Bank of Zambia (3) Any person who contravenes subsection (1), shall be guilty of an offence and shall be liable upon conviction to a fine not exceeding thirty thousand fine units or to imprisonment for a term not exceeding two years or both. (4) Where a person is convicted of an offence against subsection (2), a court may order the article or thing, any copy of it, any plates, plock, dies, and other instruments used or capable of being used for printing or reproducing, in the· possession of that person, to be destroyed. PART Y INTERNATIONAi. RESERVE, AND FOREIGN EXCHANGE OPERATIONS International reserves
Section 38Verify source
§ 31Denominations of notes and coins, etcProvision

Section 31 concerns denominations of notes and coins.

31. Denominations of notes and coins, etc.
Section 31Verify source
§ 38Penalty for mutilation of currencyOffence

This excerpt only shows the section heading, which indicates a penalty for mutilation of currency.

38. Penalty for mutilation of currency PART Y INTERNATIONAL RESERVE AND FOREIGN EXCHANGE 0.PERATIONS .. International reserves
Section 38Verify source

Part

PART Y

§ 39ProvisionProvision

The Bank must maintain international reserves and use best endeavours to keep them at a level adequate for the Bank’s objectives, subject to terms and conditions set by the Board.

39. (1) The Bank shall maintain, on such terms and conditions as the Board may determine, an international reserve which shall consist of all or any of the following: (a) gold; (b) foreign exchange in the form of notes or coins or bank balances held abroad, denominated in such currencies and located in such countries as the Board may approve; (c) any internationally recognised res�rve asset, including­ (i) the facilities to make reserve tranche purchases from the International Monetary Fund; (ii) holding o f special drawing rights; (a) bill of exchange and promissory notes denominated and payable in such foreign currencies and in/such places as the Board may approve; 1 (e) treasury bills and other securities denominated in .such foreign currencies, issued or guaranteed by such foreign governments and payable in such places as the Board may approve; (f) securities issued or guaranteed by international financial institutions specified by the Board; and (;g) such other international reserve assets as the B'oard may / approve. (2) The Bank shall use its best endeavours to maintain the international reserves referred to in subsection (!), at a level which is adequate for achieving the objectives of the Banlc. Bank of Zambia [No. 43 of 1996 955
Section 39Verify source
§ 40(l)Thc Bank may. subject to such tenn and conditions as theProvision

The Bank may carry out listed foreign exchange and international banking activities, subject to Board-set conditions, and must deal only with specified counterparties when performing its functions.

40. (l)Thc Bank may. subject to such tenn and conditions as the Board may detennine- (d) buy, sell or deal in foreign currencies using any of the instruments commonly in use for the purpose; (b) buy, sell or deal in gold coin or bullion or other precious Operations in gold and foreign exchange metals; (c) buy, sell ordeal in treasury bills and other securities issued or guaranteed by foreign governments or international financial organisations; (d) open and maintain accounts with, and act as agent or correspondent for, international financial organisations, central banks, monetary authorities or financial institu­ tions outside Zambia, and with the approval of the Minister, foreign government� or their, agencies. (2) In carrying out its functions under subsection (l ), the Bank shall deal only with the Gover.iment, banks or other financial institutions in the Republic, foreign governments or their agencies, international financial organisations, central banks, monetary au­ thorities or financial institutions outside the Republic. PART VI RELATIONS WITH BANKS AND FINANCIAL INSTITUTIONS
Section 40Verify source
§ 40Operations in gold and foreign exchangeProvision

Section 40 is titled “Operations in gold and foreign exchange” and appears under Part VI, “Relations with Banks and Financial Institutions.”

40. Operations in gold and foreign exchange PART VI RELATIONS WITH BANKS AND FINANCIAL INSTmITIONS
Section 40Verify source

Part

PART VI

§ 41(1) The Bank may, by Gazette notice, detennineProvision

The Bank may set liquidity and reserve requirements for banks and financial institutions, and those institutions must comply.

41 . (1) The Bank may, by Gazette notice, detennine- (a) the minimum ratio of liquid assets which each financial institution is required to hold; and (b) the minimum reserve balance which each financial insti­ tution shall maintain with the Bank. Minimum liquidity ratios and reserve requirements (2) The Bank may, by Gazette n_otice, detcnnine the class or classes of assets which shall qualify to be liquid assets referred to under this section. (3) The Bank may, by Gazette notice; specify the class or classes ofliabilities against which the ratio requirement may be calculated. / ' ' (4) No bank or financial instiwtion shall be required to maintain higher percentages than any other bank or financial institution. (5) If the Bank at any time increases any of the ratios referred to in subsection (3),! every bank or financial institution shall be allowed not less than ten days in,which to comply. 956 No. 43 of 1996] Bank of Zambia (6) The Bank may require any bank or financial institution to furnish such information as the Bank may consider necessary to satisfy itself that the bank or financial institution concerned is complying with the provisions of this section. (7) Where the Bank holds a balance in an account for a depositor who is subject to a regulation made pursuant to subsection (1)- ( a) the Bank may pay interest on such balances, on such terms and conditions, as it considers appropriate; (b) where a bank or financial institution which is subject to subsection (1) fails to maintain a balance in its account with the Bank sufficient to comply with its duty under that subsection, the bank or financial institution shall pay to the Bank daily interest calculated on the amount that it� balance is deficient atthe rate determined by the Bank for that purpose. Accounts for honks and other finncial institutions
Section 41Verify source
§ 42(I) The Bank may operate accounts for banks and otherProvision

The Bank may operate accounts for banks and other financial institutions, and may make certain purchases, sales, discounts, rediscounts, and advances under specified conditions.

42. (I) The Bank may operate accounts for banks and other financial institutions on such terms and conditions, as the Board may determine. (2) In respect of any account operated in accordance wit subsec­ tion (1), the Bank may- ( a) purchase, sell, discount or rediscount any treasury bills or other securities issued or guaranteed by the Govern­ ment, forming part of a public issue and their acquisition by the Bank; (b) grant, for a period not exc.eeding six months, advances secured by: (i) instruments specified in paragraph ( a); (ii) other securities issued or guaranteed by the Gov­ ernment and forming part of a public issue; and (iii) holdings of any assets which the Bank is permitted to buy, sell or deal in under section thirty-nine. (3) Where the Bank is of the opinion that an advance is necessary in order to-- , (a) meet liquidity requirement�; or c , /_ (b).forestall insolvency to safeguard the fifiancial system; of a holdi:r of any account operated in accordance with subsection (1), the Bank may make an unsecured advance or an advance ' Banko/Zambia [No.43of 1996 957 secured by such assets: and on such special tcnns and conditions as the Board may dctennine.
Section 42Verify source
§ 43(1) The Bank may detennine, and make public its rates forProvision

The Bank may set and publish its rates for discounts, rediscounts, and advances, and may set different rates for different transaction classes or maturities.

43. (1) The Bank may detennine, and make public its rates for discount�. rediscounts and advances. (2) The Bank may detenninc different rates for different classes of transactions or maturities.
Section 43Verify source
§ 44The Bank may, in conjunctio11tith other financial institu•Provision

The Bank may organise cheque-clearing facilities with other financial institutions, including a clearing system in Lusaka and elsewhere.

44. The Bank may, in conjunctio11tith other financial institu• lions, organise facilities for the clearing of their cheques and other insuumcnts for effecting payments; and for this purpose organise a clearing system in Lusaka and elsewhere: Provided that only commercial banks at the discretion of the Bank may be pennitted to maintain settlement accounts with the Bank. Bank rates for dis• counts, rcdiscounts nnd advances Clearing facilities PART VII Rm.ATIONS WITII GOVERNMENT
Section 44Verify source
§ 41Minimum Liquidity ratios and reserve requirementsProvision

This section is titled “Minimum Liquidity ratios and reserve requirements.”

41. Minimum Liquidity ratios and reserve requirements
Section 41Verify source
§ 42Accounts for banks and other financial ins\itutions, etcProvision

Section heading: accounts for banks and other financial institutions.

42. Accounts for banks and other financial ins\itutions, etc.
Section 42Verify source
§ 43Bank rates ofinterest for discounts, rediscounts and advancesProvision

Section title about bank rates of interest for discounts, rediscounts, and advances.

43. Bank rates ofinterest for discounts, rediscounts and advances
Section 43Verify source
§ 44Clearing facilitiesProvision

Section 44 is titled “Clearing facilities” and appears in Part VII, “Relations with Government.”

44. Clearing facilities PART VII RELATIONS WITH GOVERNMENT
Section 44Verify source

Part

PART VII

§ 45The Bank shallProvision

The Bank must act as the Government’s banker and fiscal agent, and through the Minister provide financial advice and reports on matters affecting the Bank’s functions.

45. The Bank shall- ( a) be the banker to and fiscal agent of the Govemment:·and (b) through the Minister act as financial adviserto the Govern• ment and render advice and furnish reports on matters relating to the functions of the Bank and on other matters likely to affect such functions.
Section 45Verify source
§ 46(1) The Bank shall be the official depository of Govern­Provision

The Bank must act as the official depository for government funds, and the Government may use banks or financial institutions for accounts and services.

46. (1) The Bank shall be the official depository of Govern­ qient funds: Provided that the Government may maintain accounts with, and generally use the services of, any bank or financial institution. (2) When the Bank perfonns services for the Government pursuant to this Act or at the request of the Government, the Government shall pay the Bank such fees as may be agreed between the Bank and the Minster. Banker, fiscal agent and adviser to the Government Depository of Govern­ ment funds
Section 46Verify source
§ 47The Bank shall, on such tenns and. conditions as theProvision

The Bank must issue and manage Government loans, or loans guaranteed by the Government, that are a public issue, subject to terms and conditions set by the Minister.

47. The Bank shall, on such tenns and. conditions as the Minister may detennine, issue and manage Government loans or loans guaranteed by the Government which fonn a public issue. Management of Govern­ ment loans
Section 47Verify source
§ 48· The Bank shall act as agent for the Government for suchProvision

The Bank must act as agent for the Government on the terms and for the purposes the Minister تعیینes.

48. · The Bank shall act as agent for the Government for such purposes and on such tenns and conditions as the Minister may determine. Agency functions
Section 48Verify source
§ 49The Bank shall not advance funds to the GovernmentProvision
49. The Bank shall not advance funds to the Government except in special circumstances and on such tenns and conditions as may be agreed upon between the Bank and the Minister. Advances to Government 958 No. 43 of 1996] Bank of Zambia Limitations on lending to Government Depository and fiscal agency for international financial organisations Transaction with Government securities Prohibited business
Section 49Verify source
§ 50(I) Except as provided in sectionforty-nine and in subsec­Provision

The Bank must not give the Government credit above 15% of the Government’s ordinary revenue from the previous financial year, except as stated elsewhere in the section.

50. (I) Except as provided in sectionforty-nine and in subsec­ tion (4), the Bank shall not directly or indirectly, at any time, give credit to the Government by way of short term advances, purchases or securities in a primary issue, or any other form or extension of credit that exceeds fifteen percent of the ordinary , revenue of Government in the previous financial year. (2) If in the opinion of the Bank the limitation provided for in subsection (1), is likely to be exceeded, the Bank shall submit to the Minister a report stating- ( a) the details of the amounts then outstanding of the funds advanced and credit facilities extended by the Bank and the Bank's holding of securities referred to in sub­ section (!); (b) the causes which are likely to lead to such limitation being exceeded; and (c) its recommendation to forestall or otherwise remedy the situation. (3) The Bank shall continue to make further reports and recom­ mendations on the matters referred to in subsection (2), at intervals of not more than six months until such time as, in its opinion, the situation has been rectified. (4) Where the limitation provided fo r in subsection (1) is ex­ ceeded, the Barik shall forthwith advise the Minister of that fact and shall not allow any further increase,' whether directly or indirectly, in the aggregate amount of the funds advanced and credit facilities extended by the Bank and the Bank's holding of securities referred to in subsection (1).
Section 50Verify source
§ 51In respect of any dealings with any international financialProvision

The Minister may designate the Bank as the depository for funds and the fiscal agency for dealings with international financial organisations of which Zambia is a member.

51. In respect of any dealings with any international financial organisation of which Zambia is a member, the Minister may designate the Bank to be the depo'sitory of any funds' and tl1e fiscal agency through which such dealings shall be c.o:1ductcd.
Section 51Verify source
§ 52The Bank may underwrite, purchase, sell ordeal in securi­Provision

The Bank may underwrite, purchase, sell, or deal in certain Government securities that are part of a public issue.

52. The Bank may underwrite, purchase, sell ordeal in securi­ ties issued or guaranteed by the Government which form part of a public issue. . . PART IX GENERAL
Section 52Verify source
§ 45Banker, fiscal agent and adviser to GovernmentProvision

This section is titled “Banker, fiscal agent and adviser to Government.”

45. Banker, fiscal agent and adviser to Government
Section 45Verify source
§ 50Limitation on lending to GovernmentProvision

This section is titled “Limitation on lending to Government.”

50. Limitation on lending to Government Bar.k of Zambia [No. 43 of 1996 939
Section 50Verify source
§ 51Depository and fiscal agency for international financialProvision

This section concerns depository and fiscal agency functions for international financial organisations.

51. Depository and fiscal agency for international financial organisations
Section 51Verify source
§ 52Transactions in government securitiesProvision

Section 52 is titled “Transactions in government securities.”

52. Transactions in government securities PART VIII GENERAL Inspection
Section 52Verify source

Part

PART IX

§ 53Except as otherwise expressly authorised by this Act, 'the'Provision

The Bank must not trade in, hold, or deal with interests in most commercial-like undertakings, accept certain bills or notes from its staff or directors, buy rights in immovable property except for business premises needs, or make unsecured advances except as authorised by the Act.

53. Except as otherwise expressly authorised by this Act, 'the' Bank shall not� ( a) engage in trade, purchase stocks or shares of, or otherwise have a direct interest in any commercial, agricultural, Bank of Zambia [No. 43 of 1996 959 industrial, financial or like undertaking, save as the Bank may acquire as security for, or in satisfaction of, debts due to it, and any interest so acquired shall be disposed of at the earliest convenient opportunity; (b) accept for discount, or as security for any advance, bills or notes signed by a dircctor or by a member ofthe staff of the Bank; ( c) acquire by purchase, lease or otherwise, any right in, or to, any immovable property except in so as far as the Bank shall consider neces,ary or expedient for providing premises for the conduct of its business and require­ ments incidental to the functions or business of the Bank; (d) make unsecured advances or advances secured otherwise than is provided for under this Act. •
Section 53Verify source
§ 54(1) For the purpose of carrying out its functions under thisProvision

The Bank may require any person to provide specified information, and it may also require disputed or inadequate information or data to be audited by a Bank-approved auditor.

54. (1) For the purpose of carrying out its functions under this Act, the Bank may require any person to provide such information as it may specify. Right to call information (2) Where the Bank believes that any information or data supplied by any person pursuant to subsection ( I ), is, or maybe, inadequate or inaccurate, it may, by notice in writing to that person, require that information or data to be audited by an auditor approved by the Bank. ,
Section 54Verify source
§ 55The Bank shall carry out, periodically or at such times asProvision

The Bank must inspect any bank or financial institution periodically or whenever it considers necessary.

55. The Bank shall carry out, periodically or at such times as the Bank may consider necessary, an inspection ·of any bank or financial institution in accordance with the provisions of the B anking and Financial Services Act.
Section 55Verify source
§ 56(I) The Bank shall be exempt from payment of any taxes,Repeal

The Bank is exempt from taxes, levies, and duties on specified property, transactions, and currency notes or coins. The Minister may make regulations, and breaches of those rules can lead to a fine or imprisonment.

56. (I) The Bank shall be exempt from payment of any taxes,. levies or duties in respect ofits profits, operations, capital, property or documents or any transaction, deed, agreement or promisory note to which it is a party. (2) The Bank shall be exempt from the payment of taxes or any duties in respect of notes or coins issued as currency underthis Act. Inspection Act No. 21 of l994 Exemptions from taxes, etc. 57, (!) The Minister may, by statutory instrument, make regu- lations for the better carrying out of the purposes of this Act. Rcgula1ions (2) Without prejudice to the generality of subsection (!), the Minister may, on the recommendation of the Bank, make rules or regulations prescribing any matter which the Bank is authorised by this Act to formulate, regulate or determine. 960 No. 43 of 1996] Bank of Zambia Property Rcslriction on execution against property nnd assets of the Bank Fees and recovery of expenses Exemption from Banking and Financial Services Act No. 21 of 1994 Savings Act No. 24 of 1985 Repeal of Act No. 24 of 1985 Cap. 699 Cap.'598 (3) Regulations or rules made under this Act may provide in respect of any contravention thereof that the offender shall be liable to a fine not exceeding one hundred thousand fine unit� or to a term of imprisonment not exceeding ten years, or to both.
Section 56Verify source
§ 58The Bank may construct, purchase or lease or otherwiseProvision

The Bank may acquire and deal with property for its business or staff housing.

58. The Bank may construct, purchase or lease or otherwise acquire for the conduct of its business or, for the residence of its staff, property and may manage, insure, sell, lease or otherwise dispose of that property.
Section 58Verify source
§ 59Notwithstanding anything to the contrary contained in anyProvision

If a judgment or order is obtained against the Bank, no execution or attachment may be issued against the Bank or its property, and the Bank must pay amounts awarded against it to the person entitled.

59. Notwithstanding anything to the contrary contained in any written law, where any judgement or order has been obtained against tbe Bank, no execution or attachment, or process in the nature thereof, shall be issued against the Bank or against any property or asset of the Bank; but the Bank shall cause to be paid such amounts as may, by the judgementorordcr, be awarded against the Bank to the person entitled thereto.
Section 59Verify source
§ 60The Bank may charge fees and recover expenses incurredProvision

The Bank may charge fees and recover expenses incurred while carrying out its duties or operations under the Act.

60. The Bank may charge fees and recover expenses incurred in the carrying out of its duties or operations under this Act. •
Section 60Verify source
§ 61The Bank shall not be subject to the Banking and FinancialProvision

The Bank is generally not subject to the Banking and Financial Services Act, except where that Act imposes a duty on the Bank.

61. The Bank shall not be subject to the Banking and Financial Services Act except in so far as that Act imposes a duty on the Bank. ' .
Section 61Verify source
§ 62(1) Any assets, liabilities, obligations, rights, interests oforCommencement

Certain Bank-related assets and obligations stay vested in the Bank, and current Bank staff continue working under existing employment terms.

62. (1) Any assets, liabilities, obligations, rights, interests ofor anything belonging to or pertaining to or attached to, the Bank established under section three of the Bank of Zambia At, 1985, shall continue to vest in the Bank. (2) The present staff of the Bank shall continue in service. in accordance with any contracts of employment or conditions of service existing or in force before the commencement of this Act.
Section 62Verify source
§ 63(1) The Bank of Zambia Act, No. 24 of 1985 is herebyShort title

The Bank of Zambia Act, 1985 is repealed, with transitional language preserving certain prior currency references and instruments for limited purposes.

63. (1) The Bank of Zambia Act, No. 24 of 1985 is hereby repealed. (2) Section 6 of the Currency Act which was repealed by the Bank of Zambia Act, may, notwithstanding that repeal, be resorted to for the purposes of money expressed in pounds, shillings and pence iri any law, deed, instrument; security for money or other document made before the 1 6th ofJanuary, 1968, or in any contract or agreement, whether in writing or not, entered into 1?rior to that date. BankofZambia [No.43ofl996 961 (3) Notwithstanding subsections (I) and (2), every regulation, order, rule, notice or directive made or given under the Banlc of Zambia Act, 1985, or the Currency Act, which stand repealed, and in force at the commencement of this Act shall remain in force, so far as it is not inconsistent with this Act, until the same is repeale,l l bcl deemed for all purposes to have been made or given and -shal unde?·this A'CJ. Act No. 24 of 1985 Cap. 699 ' I ·',• ' ,' 962 I Bank of Zambia [No. 43 of 1996 937 THE BANK OF ZAMBIA ACT, 1996 ARRANGEMENT OF SCCTIONS PART I PRELIMINARY Section l . Short title and commencement
Section 63Verify source

Part

PART II

§ 9Policy StatementProvision

This provision is titled “Policy Statement” and appears in Part III (Administration).

9. Policy Statement PART III ADMINISTRATION
Section 9Verify source

Part

PART VIII

§ 59Restriction on execution against property and assets of theProvision

This section is titled as a restriction on execution against the property and assets of the bank.

59. Restriction on execution against property and assets of the Banlc
Section 59Verify source
§ 61Exemption from Banking and Financial Services ActProvision

This section is titled “Exemption from Banking and Financial Services Act.”

61. Exemption from Banking and Financial Services Act
Section 61Verify source
§ 63Repeal of the Banlc of Zambia Act, 1985 and the Currency ActRepeal

This section states that the Banlc of Zambia Act, 1985 and the Currency Act are repealed.

63. Repeal of the Banlc of Zambia Act, 1985 and the Currency Act 940
Section 63Verify source

Legislative relationships

10 referenced instruments

Names are derived from the stored provision headings and citation-enrichment layer. Treat this as a research index and verify each relationship against the source text.

A–F

5 instruments

  • Act may be obtained from the Government Printer for K6..500.00 each. 24. Financial year Single copies of this Act

    Section 24

  • B anking and Financial Services Act

    Section 55

  • Bank established under section twenty-two oflhe Bank of Zambia Act, 1964

    Section 8

  • Bank Fees and recovery of expenses Exemption from Banking and Financial Services Act

    Section 56

  • Banlc of Zambia Act, 1985

    Section 63

G–M

1 instrument

  • Governor shall be determined by the Minister suhject to the provisions of this Act

    Section 9

N–S

1 instrument

  • Penal Code

    Sections 30, 38

T–Z

3 instruments

  • Zambia Act

    Section 63

  • Zambia Act, 1996

    Section 1

  • Zambia established under section three of the Bank of Zambia Act, 1985

    Section 3

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  • 31 Dec 1996 · currentEnglish

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