Local Loans (Registered Stock and Securities) Act

The Laws of Zambia
Copyright Ministry of Legal Affairs, Government of the Republic of Zambia
REPUBLIC OF ZAMBIA
THE SAVINGS CERTIFICATES ACT
CHAPTER 352 OF THE LAWS OF ZAMBIA
CHAPTER 352 THE SAVINGS CERTIFICATES ACT
THE SAVINGS CERTIFICATES ACT
ARRANGEMENT OF SECTIONS
Section
1. Short title
2. Interpretation
3. Authority to issue Certificates
4. Purpose for which money may be used
5. Certificates secured on revenues and assets of the Republic
6. Management and control
7. Where issued
8. Repayment
9. Annual accounts
10. Certificates exempt from income tax and stamp duty
11. Name of purchaser of Certificate not to be disclosed
12. Non-liability of Government, Postmaster-General, etc.
13. Suspension of issue of Certificates
14. Regulations
CHAPTER 352

cate not to be disclosed
12. Non-liability of Government, Postmaster-General, etc.
13. Suspension of issue of Certificates
14. Regulations
CHAPTER 352

The Laws of Zambia
Copyright Ministry of Legal Affairs, Government of the Republic of Zambia
SAVINGS CERTIFICATES
An Act to make provision for the issue of savings certificates; and to provide for
matters incidental thereto. [1st August, 1952]
9 of 1952
Government Notices
315 of 1964
497 of 1964
Statutory Instrument
159 of 1965
Act No. 13 of 1994
1. This Act may be cited as the Savings Certificates Act. Short title
2. In this Act, unless the context otherwise requires- Interpretation
"Certificate" means a Savings Certificate issued under the provisions of this Act;
"Multiple Certificate" means a Certificate representing more than one Single
Certificate;
"Permanent Secretary" means the Permanent Secretary, Ministry of Finance;
"Single Certificate" means a Certificate entitling the holder to receive on the tenth
anniversary of the date of purchase of such Certificate such sum as is
prescribed at the date of purchase in regulations made under this Act. (As amended by G.N. No. 315 of 1964 and S.I. No. 159 of 1965)
3.

such sum as is
prescribed at the date of purchase in regulations made under this Act. (As amended by G.N. No. 315 of 1964 and S.I. No. 159 of 1965)
3.

(1) Subject to the provisions of this Act, the Minister may authorise the
Postmaster-General to issue Certificates to such total amount as may be approved from
time to time by resolution of the National Assembly. Authority to issue
Certificates
(2) Certificates shall be issued only to such persons as may be prescribed by
regulations made under the provisions of this Act. (As amended by G.N. No. 315 of 1964)
4. (1) From the total amount paid for the issue of Certificates under the provisions
of this Act, the Postmaster-General shall retain such portion thereof as will in his
estimation be necessary as a working balance to meet applications for repayment of
Certificates, and shall thereafter remit the remainder of such amount to the Permanent
Secretary who shall invest it and any interest earned thereon in such public stock, funds or
debentures issued by the Government of Zambia or of any part of the Commonwealth as
the Minister may from time to time authorise.

blic stock, funds or
debentures issued by the Government of Zambia or of any part of the Commonwealth as
the Minister may from time to time authorise.

Purpose for which
money may be used
(2) Any sum of money that may from time to time be required for the repayment of
any Certificate may be raised by the sale of the whole or a part of the stock, funds or
debentures purchased by the Permanent Secretary under the provisions of subsection (1):

ised by the sale of the whole or a part of the stock, funds or
debentures purchased by the Permanent Secretary under the provisions of subsection (1):

The Laws of Zambia
Copyright Ministry of Legal Affairs, Government of the Republic of Zambia
Provided that any sum of money which may be required for the purposes of such
repayment may, with the approval of the Minister, be advanced to the Postmaster-General
by the Permanent Secretary out of the general revenues of the Republic until it can be
raised by the sale of such stock, funds or debentures. (As amended by G.N. No. 315 of 1964 and S.I. No. 159 of 1965)
5. The principal moneys represented by the Certificates and any interest thereon
are hereby charged upon and shall be payable out of the revenues and assets of the
Republic. (As amended by S.I. No. 159 of 1965)
Certificates secured
on revenues and
assets of the Republic
6. The administration and control of the issue of Certificates shall, subject to the
authority of the Minister, be vested in the Postmaster-General who shall, subject to the
provisions of this Act and any regulations made thereunder, take such steps as may be
desirable for the proper management of the issue of Certificates and otherwise for the
promotion of the objects and purposes of this Act. (As amended by G.N. No. 315 of 1964)
Management and
control
7.

f Certificates and otherwise for the
promotion of the objects and purposes of this Act. (As amended by G.N. No. 315 of 1964)
Management and
control
7.

Certificates shall be issued at all post offices at which money order business is
transacted and at such other places in Zambia as may be approved by the
Postmaster-General. Where issued
8. (1) Upon application being made for the repayment of any Certificate, the
Postmaster-General shall forthwith effect such repayment in accordance with the
provisions of regulations made under this Act. Repayment
(2) Upon repayment of the amount due in respect of any Certificate, such Certificate
shall be delivered up to the Postmaster-General. 9. The annual accounts of Certificates issued and Certificates repaid shall, after
being audited and certified by the Auditor-General, be published in the Gazette. Annual accounts
10. (1) The holder of any Certificate issued under the provisions of this Act shall be
exempt from payment of income tax on the amount of interest accrued or received in
respect of such Certificate and the Certificate shall be exempt from stamp duty. Certificates exempt
from income tax and
stamp duty
(2) All documents and correspondence relating to Certificates passing between the
Postmaster-General and any other person shall be transmitted by post within Zambia free
of postage.

dence relating to Certificates passing between the
Postmaster-General and any other person shall be transmitted by post within Zambia free
of postage.

The Laws of Zambia
Copyright Ministry of Legal Affairs, Government of the Republic of Zambia
11. Neither the Postmaster-General, nor any person appointed to assist him in
carrying out the provisions of this Act, shall disclose the name of any purchaser of a
Certificate except in due course of law or to any person or persons appointed as aforesaid
to assist in carrying out the provisions of this Act. Any person contravening the provisions
of this section shall be guilty of an offence and on conviction shall be liable to a fine not
exceeding three thousand penalty units. (As amended by Act No. 13 of 1994)
Name of purchaser of
Certificate not to be
disclosed
12. When any payment is made or act done by the Postmaster-General, or any
person acting under his authority in accordance with this Act and any regulations made
thereunder, the Government, the Postmaster-General and such person shall not be liable
in respect of any claim on the part of any person in connection with such payment or act,
but any person may nevertheless recover any sum lawfully due to him from the person to
whom the Postmaster-General has paid the same:
Non-liability of
Government,
Postmaster-General,
etc.

er any sum lawfully due to him from the person to
whom the Postmaster-General has paid the same:
Non-liability of
Government,
Postmaster-General,
etc.

Provided that-
(i) nothing in this section contained shall be construed as exempting an officer
from liability for damage or loss caused to any person by reason of fraud or
negligence on the part of such officer in relation to his official duties;
(ii) when any loss is caused to a holder of a Certificate without any fault or
neglect on his part, the Minister may authorise the payment to such holder
of a Certificate of the amount of such loss. (As amended by G.N. No. 315 of 1964)
13. Subject to the provisions of subsection (1) of section three, the Minister may,
from time to time as he thinks fit, suspend and resume the issue of Certificates. (As amended by G.N. No. 315 of 1964)
Suspension of issue of
Certificates
14.

e to time as he thinks fit, suspend and resume the issue of Certificates. (As amended by G.N. No. 315 of 1964)
Suspension of issue of
Certificates
14.

The Minister may, by statutory instrument, make regulations, prescribing-
(a) the denominations of Certificates;
(b) the price of issue;
(c) the amount for which Certificates may be redeemed;
(d) the period of currency;
(e) the persons by whom Certificates may be purchased;
(f) the manner in which and the persons to whom applications for Certificates
may be made;
(g) the maximum number of Single Certificates (or the equivalent in Multiple
Certificates) which may be held by any person; and
(h) generally for the better carrying out of the provisions of this Act. (As amended by G.N. No. 315 of 1964)
Regulations