Uganda Development Bank Act

UGANDA DEVELOPMENT BANK ACT. ARRANGEMENT OF SECTIONS. Section INTERPRETATION. 1. Interpretation. ESTABLISHMENT. 2. Establishment and general powers of the bank. 3. Head office, branches and agents. 4. Objects of the bank. CAPITAL AND RESERVE. 5. Authorised capital. 6. Liability. 7. General Reserve Fund. 8. Credit Guarantee Fund. 9. Borrowing. 10. Investing. ADMINISTRATION. 11. Board of directors. 12. Functions of the board. 13. Term of office. 14. Board meetings. 15. Managing director. 16. Functions of managing director. 17. Declaration of interest. STAFF. 18. Employees. 19. Declaration of secrecy. AUDIT AND ACCOUNTS. 20. Audit and accounts. 21. Financial year. 22. Annual report. MISCELLANEOUS. 23. Contracts. 24. Securities. 25. Exemption from tax. 26. Liquidation. 27. Bank byelaws. 28. Regulations. CHAPTER 56 UGANDA DEVELOPMENT BANK ACT. Commencement : 10 November, 1972. An Act to establish the Uganda Development Bank and the Credit Guarantee Fund and for other matters connected therewith. INTERPRETATION. 1. Interpretation.

t to establish the Uganda Development Bank and the Credit Guarantee Fund and for other matters connected therewith. INTERPRETATION. 1. Interpretation.

In this Act, unless the context otherwise requires— ( a ) "bank" means the Uganda Development Bank established under section 2; ( b ) "board" means the board of directors established under section 11; ( c ) "Minister" means the Minister responsible for finance; ( d ) "shareholder" means any person who holds a share in the bank. ESTABLISHMENT. 2. Establishment and general powers of the bank. (1) There shall be established a development bank to be known as the Uganda Development Bank. (2) The bank shall be a body corporate with perpetual succession and a common seal and may sue or be sued in its corporate name. (3) The bank may, subject to any limitations contained in this Act relating to the business which may be carried on by the bank, purchase, hold, mortgage, manage or dispose of any real or personal property and may enter into such contracts as may be expedient. 3. Head office, branches and agents. The bank shall have its head office in Kampala and may open such branches and appoint such agents in and outside Uganda as the board may consider necessary. 4. Objects of the bank.

ffice in Kampala and may open such branches and appoint such agents in and outside Uganda as the board may consider necessary. 4. Objects of the bank.

The objects of the bank shall be— ( a ) to promote and finance development in the various sectors of the country's economy— (i) by assisting in the establishment, expansion and modernisation of agriculture, industry, tourism, housing and commerce; and (ii) by furnishing or assisting in obtaining of managerial, technical and administrative advice and services to these sectors; ( b ) to provide finance in the form of short, medium or long-term secured loans by purchasing or subscribing for shares or other securities or by acquiring any other interest; ( c ) to acquire shareholdings in any company and to establish subsidiary companies; ( d ) to make funds available for reinvestment by selling any investment of the bank when and as appropriate; ( e ) to draw, accept or endorse bills of exchange for the purposes of the business of the bank; and ( f ) to do any such other things as are incidental or conducive to the fulfillment of the objects of the bank. <RD:"L This section of the article is only available for our subscribers. Please click here to subscribe to a subscription plan to view this part of the article.

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