THE CO-OPERATIVE AND RURAL DEVELOPMENT BANK (REPEAL AND TRANSITIONAL PROVISIONS) ACT

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CHAPTER 88
THE CO-OPERATIVE AND RURAL DEVELOPMENT BANK
(REPEAL AND TRANSITIONAL PROVISIONS) ACT
[PRINCIPAL LEGISLATION]
Arrangement of Sections
Section Title
1. Short title.
2. Interpretation.
3. Establishment of Company.
4. Objects and functions of Bank.
5. Transitional period.
6. Provisions regarding former Bank employees.
7. Repeal.

tion.
3. Establishment of Company.
4. Objects and functions of Bank.
5. Transitional period.
6. Provisions regarding former Bank employees.
7. Repeal.

©2025 Government of Tanzania. All rights reserved. No part of this book may be reproduced or distributed without permission of OAG.690
1. This Act may be cited as the Co-operative and Rural
Development Bank (Repeal and Transitional Provisions) Act. 2. In this Act, unless the context requires otherwise-
“assets” means real and personal property of every kind
including-
(a) rights under contract and agreement;
(b) books, books of accounts and records; and
(c) all other rights, interest and claims in or to, real or
personal property, whether liquidated or unliquidated,
certain or contingent, accrued or accruing;
“Bank” means the Co-operative and Rural Development Bank;
“Company” means the company incorporated under the
provisions of section 3;
“liabilities” means all obligations under contract or agreement
including savings and deposits of all kinds;
“Minister” means the Minister responsible for finance; and
“transitional period” means a period of not less than six
months commencing from the effective date.

” means the Minister responsible for finance; and
“transitional period” means a period of not less than six
months commencing from the effective date.

3.–(1) [Omitted.]
(2) The Company shall be a body corporate and shall-
(a) have perpetual succession and a common seal;
(b) in its corporate name be capable of suing and being sued;
Short title
Interpretation
Act No. 7 of 1971
Establishment of
Company
CHAPTER 88
THE CO-OPERATIVE AND RURAL DEVELOPMENT BANK
(REPEAL AND TRANSITIONAL PROVISIONS) ACT
An Act to repeal the Co-operative and Rural Development Bank and to
provide for a transitional period and related matters. [1st July, 1996]
[s. 1]
Act No. 5 of 1996

al the Co-operative and Rural Development Bank and to
provide for a transitional period and related matters. [1st July, 1996]
[s. 1]
Act No. 5 of 1996

©2025 Government of Tanzania. All rights reserved. No part of this book may be reproduced or distributed without permission of OAG.691
THE CO-OPERATIVE AND RURAL DEVELOPMENT BANK (REPEAL AND TRANSITIONAL PROVISIONS) ACT [CAP. 88 R.E. 2023]
(c) be capable of purchasing and otherwise acquiring or
alienating any movable or immovable property; and
(d) have power to exercise and perform any other powers
and functions which are conferred by or under this Act
or other written law. (3) The Company shall, with effect from the 1st day of July,
1996, subject to this Act, take over the assets, liabilities and
business of the Bank in relation to co-operative and rural
development banking services. (4) The assets, rights and liabilities in respect of banking
services to which the Bank was entitled or subject to shall, with
effect from the effective date, be vested into the company in
accordance with the provisions of this Act. 4.

nk was entitled or subject to shall, with
effect from the effective date, be vested into the company in
accordance with the provisions of this Act. 4.

The objects of the bank shall be-
(a) to make available long and medium term finance for
rural development;
(b) to provide technical assistance and advice for purposes
of promoting rural development; and
(c) to undertake such other activities as may be necessary or
advantageous for purposes of furthering the foregoing
objects. 5. There shall be a transitional period of not more than six
months within which, subject to this Act, all necessary measures
shall be taken to facilitate the winding up of the affairs and
business of the Bank and the effectual transfer and vesting of
its assets and liabilities. 6.–(1) Subject to this Act, the employees of the Bank shall,
with effect from the effective date, be transferred to and be
employed by the Company. (2) With effect from the effective date, every employee
transferred from the Bank shall be employed by the new
employer on terms not less favourable than those applicable to
him before his transfer. Objects and
functions of Bank
Transitional
period
Provisions
regarding former
Bank employees

ourable than those applicable to
him before his transfer. Objects and
functions of Bank
Transitional
period
Provisions
regarding former
Bank employees

©2025 Government of Tanzania. All rights reserved. No part of this book may be reproduced or distributed without permission of OAG.THE CO-OPERATIVE AND RURAL DEVELOPMENT BANK (REPEAL AND TRANSITIONAL PROVISIONS) ACT [CAP. 88 R.E. 2023]
692
(3) Until such time as new schemes and terms and conditions
of service are drawn up by the Company, the schemes and
terms and conditions of service in the Bank shall continue to
apply to every person transferred under subsection (1) to the
service of the company as if they were still in the service of the
Bank. (4) Where a person who is transferred to the service of the
Company under subsection (1) is a member of any statutory
or voluntary pension scheme or provident fund, he shall, for
the purposes of this Act, continue to be governed by the same
regulations under those schemes or funds as if he had not been
transferred to the service of the Company and for the purposes
of the regulations governing those schemes, his or her service
with the Company shall be deemed to be service of the Bank.

ompany and for the purposes
of the regulations governing those schemes, his or her service
with the Company shall be deemed to be service of the Bank.

(5) The Company shall continue to be liable to former
employees of the Bank or its predecessor, who have retired on
or before the first day of July, 1996 for any pension benefits
payable which they are entitled to under the regulations of
those pension schemes. 7. [Repeals the Co-operative and Rural Development Bank
Act, No. 7 of 1971]
Repeal