National Savings and Credit Bank of Zambia (Dissolution)

The Laws of Zambia
Copyright Ministry of Legal Affairs, Government of the Republic of Zambia
REPUBLIC OF ZAMBIA
THE NATIONAL SAVINGS AND CREDIT BANK OF ZAMBIA (DISSOLUTION) ACT
CHAPTER 426 OF THE LAWS OF ZAMBIA
CHAPTER 426 THE NATIONAL SAVINGS AND CREDIT BANK OF ZAMBIA
(DISSOLUTION) ACT
THE NATIONAL SAVINGS AND CREDIT BANK OF ZAMBIA
(DISSOLUTION) ACT
ARRANGEMENT OF SECTIONS
Section
1. Short title and commencement
2. Interpretation
3. Winding-up of affairs of Credit Bank and its dissolution
4. Vesting of assets and liabilities of Credit Bank in Bank
5. Registration of property to be transferred by Credit Bank
6. Employees
7. Legal proceedings
8. Repeal
CHAPTER 426
NATIONAL SAVINGS AND CREDIT BANK OF ZAMBIA
(DISSOLUTION)
7 of 1991

transferred by Credit Bank
6. Employees
7. Legal proceedings
8. Repeal
CHAPTER 426
NATIONAL SAVINGS AND CREDIT BANK OF ZAMBIA
(DISSOLUTION)
7 of 1991

The Laws of Zambia
Copyright Ministry of Legal Affairs, Government of the Republic of Zambia
An Act to provide for the winding-up and dissolution of the National Savings and
Credit Bank of Zambia; to provide for the vesting of the undertaking of the
National Savings and Credit Bank of Zambia in the Post Bank Limited; to
repeal the National Savings and Credit Act; and to provide for matters
connected with or incidental to the foregoing. [6th September, 1991]
1. This Act may be cited as the National Savings and Credit Bank of Zambia
(Dissolution) Act, and shall come into operation on such date as the Minister may, by
statutory instrument, prescribe. Short title and
commencement
2. In this Act, unless the context otherwise requires- Interpretation
"appointed date" means such date as the Minister shall appoint in pursuance of
section three;
"Bank" means the Post Bank Limited, a registered commercial bank under the
Banking Act;
"Credit Bank" means the National Savings and Credit Bank of Zambia established
by section three of the National Savings and Credit Act. Cap. 700 of the 1971
edition
Cap. 423
3.

tional Savings and Credit Bank of Zambia established
by section three of the National Savings and Credit Act. Cap. 700 of the 1971
edition
Cap. 423
3.

(1) From the commencement of this Act the Credit Bank shall exist only for the
purpose of winding-up its affairs and for no other purpose:
Winding-up of affairs
of Credit Bank and its
dissolution
Provided that the Minister shall ensure that a proper record of the Credit Bank's
assets and liabilities is published for the information of the public. (2) Notwithstanding anything to the contrary contained in the National Savings and
Credit Act; or in any other written law, the Credit Bank shall have, for the purpose of
winding-up its affairs, power to do anything which is necessary or expedient for that
purpose or which is incidental thereto, including in particular, but without prejudice to the
generality of that power, power to enter into and carry out agreements and arrangements
for the transfer of its property, rights, liabilities and obligations to any person or the
Government. Cap.

and carry out agreements and arrangements
for the transfer of its property, rights, liabilities and obligations to any person or the
Government. Cap.

423
(3) When the Minister is satisfied that all necessary agreements and arrangements
have been made for the winding-up of the affairs of the Credit Bank so that it may be
dissolved, he shall, by statutory instrument, order that the Credit Bank shall be dissolved
on such date as may be appointed in the statutory instrument.

solved, he shall, by statutory instrument, order that the Credit Bank shall be dissolved
on such date as may be appointed in the statutory instrument.

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Copyright Ministry of Legal Affairs, Government of the Republic of Zambia
4. (1) On the appointed date there shall be transferred to, and vest in the Bank by
virtue of this Act and without further assurance-
(a) the undertaking of the Credit Bank; and
(b) subject to the provisions of this Act, all property rights, liabilities and
obligations which immediately before the appointed date were property,
rights, liabilities and obligations of the Credit Bank.

rights, liabilities and
obligations which immediately before the appointed date were property,
rights, liabilities and obligations of the Credit Bank.

Vesting of assets and
liabilities of Credit
Bank in Bank
(2) Subject to the approval of the Bank and as hereinafter provided, every deed,
bond and agreement (other than an agreement for personal service) to which the Credit
Bank was a party immediately before the commencement of this Act, whether in writing or
not, and whether or not of such a nature that rights, liabilities and obligations thereunder
could be assigned shall, unless its subject-matter or terms make it impossible that it
should have effect as modified in the manner provided by this subsection, have effect as
from the date of the assignment thereof, as if-
(a) the Bank had been a party thereto;
(b) for any reference to the Credit Bank there were substituted, as respects
anything falling to be done on or after the commencement of this Act, a
reference to the Bank; and
(c) for any reference to any other officer of the Credit Bank not being a party
thereto and beneficially interested therein there were substituted, as
respects anything falling to be done on or after the commencement of this
Act, a reference to such officer of the Bank as the Bank shall designate.

as
respects anything falling to be done on or after the commencement of this
Act, a reference to such officer of the Bank as the Bank shall designate.

(3) Subject to subsection (2), documents, other than those referred to in that
subsection, which refer specifically or generally to the Credit Bank shall be construed in
accordance with that subsection as far as applicable. 5. (1) Whenever in pursuance of this Act, any property, rights, liabilities and
obligations of the Credit Bank are deemed transferred in respect of which transfer any
written law provides for registration, the Credit Bank shall make an application in writing to
the proper officer of the appropriate registration authority for the registration of such
transfer. Registration of
property to be
transferred by Credit
Bank
(2) The officer to whom an application is made under subsection (1) shall make
such entries in the appropriate register as shall give effect to the transfer and, where
appropriate, issue to the transferee concerned a certificate of title in respect of the said
property or make necessary amendments to the register, as the case may be, and if
presented therefor, make endorsement on the deeds relating to the title, right or obligation
concerned and no registration fees, stamp duty or other duties shall be payable in respect
thereof. 6.

eeds relating to the title, right or obligation
concerned and no registration fees, stamp duty or other duties shall be payable in respect
thereof. 6.

(1) Any person who, immediately before the commencement of this Act, was in
the service of the Credit Bank may voluntarily transfer from the Credit Bank to the Bank. Employees

iately before the commencement of this Act, was in
the service of the Credit Bank may voluntarily transfer from the Credit Bank to the Bank. Employees

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Copyright Ministry of Legal Affairs, Government of the Republic of Zambia
(2) Any person who is eligible to transfer his service under subsection (1) shall be
deemed to have voluntarily transferred to the Bank unless within six months after the
commencement of this Act he gives notice in writing to the Credit Bank of his intention not
to transfer from the service of the Credit Bank to the service of the Bank. (3) Any person to whom subsections (1) and (2) apply and who does not voluntarily
transfer to the service of the Bank under subsection (1) and (2) shall be deemed to have
voluntarily retired from the service of the Credit Bank from the date of his notification to
the Credit Bank of his intention not to transfer. (4) Any person who is deemed to have retired under subsection (3) shall be entitled
to be paid all retirement benefits which he would have been paid if he had voluntarily
retired in accordance with the relevant rules and conditions of the Credit Bank.

tirement benefits which he would have been paid if he had voluntarily
retired in accordance with the relevant rules and conditions of the Credit Bank.

(5) The terms and conditions of an employee transferred to the service of the Bank
in accordance with subsections (1) and (2), shall be no less favourable than those which
were applicable to him immediately before the transfer; and for the purpose of determining
any right to gratuity or any other superannuation benefit, the service of the employee with
the Bank shall be regarded as continuous with the service immediately before the transfer. 7. (1) Without prejudice to the other provisions of this Act, where any right, liability
or obligation vests in the Bank by virtue of this Act, the Bank and all other persons shall,
as from the commencement of this Act, have the same rights, powers and remedies (and
in particular the same rights as to the institution or defending of legal proceedings or the
making or resisting of applications to any authority) for ascertaining, perfecting or
enforcing that right, liability or obligation as they would have had if it had at all times been
a right, liability or obligation of the Bank.

ting or
enforcing that right, liability or obligation as they would have had if it had at all times been
a right, liability or obligation of the Bank.

Legal proceedings
(2) Any legal proceedings or application to any authority pending immediately before
the appointed date by or against the Credit Bank may be continued by or against the
Bank. (3) After the appointed date proceedings in respect of any right, liability or obligation
which was vested in, held, enjoyed, incurred or suffered by the Credit Bank may be
instituted by or against the Bank. 8. The National Savings and Credit Act shall stand repealed on the appointed
date.*(1)
Repeal of Cap. 423
*At the time of preparation of this edition, no date had been appointed for the repeal of the
National Savings and Credit Act.

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Endnotes
1 (Popup - Popup)
At the time of preparation of this edition, no date had been appointed for the repeal of the National
Savings and Credit Act.