THE TANZANIA INVESTMENT BANK (REPEAL AND TRANSITIONAL PROVISIONS) ACT

©2025 Government of Tanzania. All rights reserved. No part of this book may be reproduced or distributed without permission of OAG.561
CHAPTER 81
THE TANZANIA INVESTMENT 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 company.
5. Vesting of assets and liabilities of bank.
6. Transition.
7. Provision regarding employees of bank.
8. Repeal.

4. Objects and functions of company.
5. Vesting of assets and liabilities of bank.
6. Transition.
7. Provision regarding employees of bank.
8. Repeal.

©2025 Government of Tanzania. All rights reserved. No part of this book may be reproduced or distributed without permission of OAG.562
1. This Act may be cited as the Tanzania Investment 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 Tanzania Investment Bank;
“company” means the company incorporated in pursuance
of the provisions of section 3;
“effective date” means the 1st day of July, 2001;
“liabilities” means all obligations under contract or agreement,
including savings and deposits of all kinds;
“Minister” means the Minister responsible for finance; and
“transition” means the period of not less than six months
commencing from the effective date.

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

Short title
Interpretation
CHAPTER 81
THE TANZANIA INVESTMENT BANK
(REPEAL AND TRANSITIONAL PROVISIONS) ACT
An Act to repeal the Tanzania Investment Bank Act, 1970, and to provide
for the transitional period. [1st July, 2001]
[s. 1]
Act No. 17 of 2001

S) ACT
An Act to repeal the Tanzania Investment Bank Act, 1970, and to provide
for the transitional period. [1st July, 2001]
[s. 1]
Act No. 17 of 2001

©2025 Government of Tanzania. All rights reserved. No part of this book may be reproduced or distributed without permission of OAG.563
THE TANZANIA INVESTMENT BANK (REPEAL AND TRANSITIONAL PROVISIONS) ACT [CAP. 81 R.E. 2023]
3.–(1) The Minister shall, not later than the effective date, cause
to be incorporated, subject to this Act, a company to be known
as the Tanzania Investment Bank Limited or TIB Limited. (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;
(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 any other written law. 4. The objects of the company shall include to-
(a) take over, continue and perpetuate the performance of
all the functions of the bank; and
(b) undertake such other activities as may be necessary
or advantageous for the purposes of furthering the
preceding objects.

nctions of the bank; and
(b) undertake such other activities as may be necessary
or advantageous for the purposes of furthering the
preceding objects.

5.–(1) The company shall, with effect from the effective date,
take over all the assets, liabilities and business of the bank in
relation to the investment portfolio. (2) All the assets, rights and liabilities in respect of the
banking services portfolio to which the bank was entitled or
subject shall, with effect from the effective date, be vested in
the company in accordance with the provisions of this Act. 6.–(1) There shall be a period of transition of not more than six
months commencing from the effective date. (2) Subject to this Act and not later than the expiration of
the transition, all legal and other necessary measures shall be
taken to facilitate the winding up of the affairs and business of
the bank and the effectual transfer and vesting in the company
of its assets and liabilities. Establishment of
company
Objects and
functions of
company
Vesting of assets
and liabilities of
bank
Transition

company
of its assets and liabilities. Establishment of
company
Objects and
functions of
company
Vesting of assets
and liabilities of
bank
Transition

©2025 Government of Tanzania. All rights reserved. No part of this book may be reproduced or distributed without permission of OAG.THE TANZANIA INVESTMENT BANK (REPEAL AND TRANSITIONAL PROVISIONS) ACT [CAP. 81 R.E. 2023]
564
7.–(1) Subject to this Act, all 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 and conditions not less favourable than those applicable
to him before his transfer from the employment of the bank. (3) Until such time as new scheme 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 he were still in the service of the bank.

shall continue to apply to
every person transferred under subsection (1) to the service of
the company as if he 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
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 service with
the company shall be deemed to be service of the bank. 8. [Repeals the Tanzania Investment Bank Act.]
Provision
regarding
employees of
bank
Repeal
Act No. 20 of 1970