Zambia Act or statute

Zambia legislation

Development Bank of Zambia (Amendment) Act, 2005

amendmentaudit reportingbank compliancebank lending limitsboard appointmentsboard powersdelegationdirector eligibilitydissolutiondividend paymentsfinancial reportinginsolvencylegislation amendmentliquidationstatutory amendment

Jurisdiction: Zambia
Structure: 9 provisions
Citation: Act 24 of 2005
Dates: Source version 7 Oct 2005

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Dates: Source version 7 Oct 2005

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Purpose and legislative effect

“Section 4 amends the principal Act and replaces subsection (6) so a person cannot be appointed to, or keep holding office on, the Board of Directors unless they meet the appointment requirements in section 31(1) of the Banking and Financial Services Act.”

Section 4 amends the principal Act and replaces subsection (6) so a person cannot be appointed to, or keep holding office on, the Board of Directors unless they meet the appointment requirements in section 31(1) of the Banking and Financial Services Act. The Board may delegate its powers to the Managing Director, but delegations to the chief executive officer must not reduce the Board’s responsibility for managing the Bank. The Bank must run its business in compliance with this Act and the Banking and Financial Services Act. This section amends section 15 of the principal Act by adding words that make paragraph (e) subject to section 69 of the Banking and Financial Services Act, and by inserting a comma before “the payment of such dividends.” The Bank’s lending limits under section 17, paragraphs (a) and (b), apply in addition to any limit imposed by the Banking and Financial Services Act.

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Section four of the principal Act is amended

Section 4

· · Section twelve of the principal Act is• amehded·-·

The Bank must run its business in compliance with this Act and the Banking and Financial Services Act.

Section 6

Section seventeen of the principal Act is amended in

The Bank’s lending limits under section 17, paragraphs (a) and (b), apply in addition to any limit imposed by the Banking and Financial Services Act.

Section 8

The principle Act is amended by the insertion immediately

This section amends the principal Act by inserting a new Part after Part V on insolvency and dissolution of a bank.

Section 10

Where the Bank is dissolved under section twenty

If the Bank is dissolved under section 24A, this Act is repealed.

Section 24B

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Source record from zambialii.org · Source version 7 Oct 2005

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Showing 9 of 9 provisions

Substitution 3Amendment 3Provision 2Repeal

§ 4Section four of the principal Act is amendedSubstitution

4. Section four of the principal Act is amended- (a) by the deletion of subsection (6) and the substitution therefor of the following new subsection: ( 6) A person shall not be appointed to, or continue to hold office on, the Board of Directors unless the person satisfies the requirements for appointment as stipulated in subsection (1) of section thirty-one of the Banking and Financial Services Act; (b) in subsection (11) by the insertion of the words " in addition to the requirements of the Banking and Finance Services Act " before the words " whenever the Board "; (c) by the deletion of subsection (12); and (d) by the renumbering of subsection (13) as (12). Amendment of section 8

Section 4Verify source

§ 5Section eight of the principal Act is amended by the deletionSubstitution

The Board may delegate its powers to the Managing Director, but delegations to the chief executive officer must not reduce the Board’s responsibility for managing the Bank.

5. Section eight of the principal Act is amended by the deletion of subsection (3) and the substitution therefor of the following: Cap. 388 (3) Subject to the other provisions of this Act, the Board may delegate any of its powers to the Managing Director to the same extent that the Board of directors of a company incorporated under the Companies Act may confer powers on the managing director of such company: Provided that any delegation of power by the Board to. the chief executive officer shall not.diminish the responsibility ·ofthe B9ard for the management of.the Bank. A�endment .ofscction,J2,

Section 5Verify source

§ 6· · Section twelve of the principal Act is• amehded·-·Provision

The Bank must run its business in compliance with this Act and the Banking and Financial Services Act.

6. · · Section twelve of the principal Act is• amehded·-· . '. (a) by the niutibering'ofthe paragraph in that.sectim,-�;: subsectio1;1 (1 ); Jb) by.the in�erti(ln in subsection (l)ofthe wo�_ds ;'Subject to: ' the prci.;,{sfons of the Banking and Finandai Sei-vites . . . : · . Act " and.a comma before· the. words " The business of · · - the Bank�;. arid -.. · · · -- .. ,·- - · · • � .. ,., .. 0 • • • -- . ,. - Cap. 387 ,. �--::·�· . ,,. ---... - - -- - . .•,., _, "' ,,·. ,,. . . . . ... ,. ··. ' ' . ' · Development Bank of [No. 24 of2005 183 Zambia (c) by the insertion immediately after subsection (1) of the -..... ' ; .. followirignew subsection: · ' i'.,',,., \., � (2) The business of the Bank shall be conducted in complianse with this Act and.with the Banking and Financial Services Act.

Section 6Verify source

§ 7Section fifteen of the principal Act is amended by theAmendment

This section amends section 15 of the principal Act by adding words that make paragraph (e) subject to section 69 of the Banking and Financial Services Act, and by inserting a comma before “the payment of such dividends.”

7. Section fifteen of the principal Act is amended by the insertion in paragraph (e) of the wm:ds " subject to section sixty nine of the Banking and Financial Services Act " and. a comma before the words " the payment of such dividends ". Amendment of section 15

Section 7Verify source

§ 8Section seventeen of the principal Act is amended inAmendment

The Bank’s lending limits under section 17, paragraphs (a) and (b), apply in addition to any limit imposed by the Banking and Financial Services Act.

8. Section seventeen of the principal Act is amended in subsection (3) by the insertion of the following new proviso: Amendment of section 17 Provided that the limitations on the Bank's lending as specified in paragraph (a) or (b) of this section shall be in addition to the limitation placed on the Bank by the Banking and Financial Services Act.

Section 8Verify source

§ 9,, Section twenty-three of the principal Act is amendedSubstitution

The Board must send the auditor’s report and annual financial statement to the Bank of Zambia within three months after each financial year ends.

9.,, Section twenty-three of the principal Act is amended- (a) in subsection (2) by the insertion of a comma and the words " subject to section sixty-three of the Banking and Financial Services Act" after the words" financial year shall "; (b) in subsection (3) by the deletion of the word" Minister" and the substitution therefor of the words " Bank of Zambia." (c) in subsection ( 4) by the insertion after the words "income and expenditure of the Bank" of the words" and shall be entitled to require from the members of the Board, the chief executive officer or any person concerned in the management of the .Bank such information and explanations as th� audito_r requires to perform the auditor's duties under.this Act. "; and (d) by the insertion inunediately afler subsection (4) ,of the followingnewsubsectic;ms:. ( 5) An auditor appointed under tli.is section shall submit to. tli.e Board _a report written in accordance '·-�vit,h subsection' (2} of,.seciioil sf:,;ty-four �f the · Banking and Financial Services Act. .... , .......... . :,:!. - •---�"� .. --•�•-. a,.··-· • •-•" ..... .. • ·.•. :. .. : Cap. 387 Amendment of section 23 Cap,.387- . . -,- . J " ... , .•. ... :.:•,-·- ... ·- '·· 184 No. 24 of2005] Development Bank of Zambia -- (6) TheBoard shall, within three monthsfromthe end of e_ach financial year, submit a copy of the report of the auditor, together with a copy of the annual fmancial statement to the Bank of Zambia. Insertion of new Part VA

Section 9Verify source

§ 10The principle Act is amended by the insertion immediatelyAmendment

This section amends the principal Act by inserting a new Part after Part V on insolvency and dissolution of a bank.

10. The principle Act is amended by the insertion immediately after Part V of the following new Part: Insolvency Cap. 387 Cap. 387 Effect of dissolution of Bank INSOLVENCY AND DISSOLUTION

Section 10Verify source

§ 24A(1) In the event of the Bank becoming insolventProvision

If the Bank becomes insolvent, the Bank of Zambia may dissolve and liquidate it under the Banking and Financial Services Act.

24A. (1) In the event of the Bank becoming insolvent the Bank of Zambia may in accordance with Chapter VII of the Banking and Financial Services Act dissolve and liquidate the Bank. (2) In subsection (I) insolvency has the meaning assigned to it by section eighty-six of the Banking and Financial Services Act.

Section 24AVerify source

§ 24BWhere the Bank is dissolved under section twentyRepeal

If the Bank is dissolved under section 24A, this Act is repealed.

24B. Where the Bank is dissolved under section twenty /our A this Act shall be repealed. ,-- --· . ,;, ',:t ';· •'I_,. • .

Section 24BVerify source

Legislative relationships

5 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

3 instruments

Bank shall be conducted in complianse with this Act
Section 6
Banking and Financial Services Act
Sections 7, 9
Directors unless they meet the appointment requirements in section 31(1) of the Banking and Financial Services Act
Section 4

N–S

1 instrument

principal Act
Section 10

T–Z

1 instrument

Zambia may dissolve and liquidate it under the Banking and Financial Services Act
Section 24A

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7 Oct 2005 · currentEnglish

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