Building Societies (Amendment) Act, 1991

This section says the Act may be cited by its short title and is to be read together with the Building Societies Act.

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Jurisdiction: Zambia
Instrument: Act or statute
Citation: Act 6 of 1991
Version: 6 Sept 1991
Language: en
Official source: View official record ↗

asset transfer building societies corporate law dissolution investment limits investment of funds liabilities monetary penalties property registration repayments statutory amendment winding up

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This section says the Act may be cited by its short title and is to be read together with the Building Societies Act. The Act expands the meaning of “leasehold” to include title obtained from a district council under the Housing (Statutory and Improvement Areas) Act. This section amends section 61 of the principal Act by replacing “fifty thousand kwacha” with “one hundred and twenty thousand kwacha.” This provision amends section 61 by replacing two amounts of 50,000 kwacha with 120,000 kwacha. A building society may repay only limited amounts to a single investor or lender each month, generally capped at 2% of total assets or a Minister-prescribed amount.

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Provisions of Building Societies (Amendment) Act, 1991

Showing 9 of 9

1
This Act may be cited as the Building Societies (Amend
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AI-assisted research summary: This section says the Act may be cited by its short title and is to be read together with the Building Societies Act.

1. This Act may be cited as the Building Societies (Amend ment) Act, 1001, and shu.11 be read as one with the Building Societies Act, in this Act referred to as the principal Act.
2
Section tu:o of the principal Act is amended by the
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AI-assisted research summary: The Act expands the meaning of “leasehold” to include title obtained from a district council under the Housing (Statutory and Improvement Areas) Act.

2. Section tu:o of the principal Act is amended by the insertion in the appropriate plu.ce of the following new detinition: " leasehold " shall include title obtained from a district Enact moot Short titlo Cap. 708 Amflndment of soctton 2 council under tho Housing (Statutory and Improvement Cop. 441 Areas) Act;
3
Section sixty-one of the principal Act is amended by
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AI-assisted research summary: This section amends section 61 of the principal Act by replacing “fifty thousand kwacha” with “one hundred and twenty thousand kwacha.”

3. Section sixty-one of the principal Act is amended by the deletion of "fifty thousand kwa.cha." and the substitution therefor of" one hundred and twenty thousand kwacha. ".
4
f:ection sixly-tu·o of tho principal Act is a.mended in
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AI-assisted research summary: This provision amends section 61 by replacing two amounts of 50,000 kwacha with 120,000 kwacha.

4. f:ection sixly-tu·o of tho principal Act is a.mended in 1mbsoction ( l) by tho dE>letion- (a) in paragraph (a) of" fifty thomiand kwa.cha." and the substitution therefor of "one hundred and twenty thousand kwa.cha " ; (b) in pa.rngra.ph (h) of "fifty thousand kwacha " and the substitution therefor of "one hundred and twenty thousand kwa.cha ". Amendment of soot.ion 61 Amendment of sootion 62
5
Section ei,glity of principal Act is amended by the rleletion
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AI-assisted research summary: A building society may repay only limited amounts to a single investor or lender each month, generally capped at 2% of total assets or a Minister-prescribed amount.

5. Section ei,glity of principal Act is amended by the rleletion of qubsection (1) and the sub&titution therefor of the following aube.E>ction: Am!'lndmeot of -«ioriou 80 Single copiu of thi8 Act may be ootained from the Government Printer, P.O. Box 30136, Lusaka. Price Kl. 118 No. 6 of 1991] ------------ B1iilding Societies (Amend1n1,n1 l Repeo.1 and repl.u·ernont of eeotion 89 Authorieod investment (1) The maximum amount which a building society ma.y ro1 ay to any single investor or lenoor in a.ny one mc,nth of moneys invested with or borrowed by the suc·ict,y, whether such moneys arc in the form of sh(\1t�s, do1Josit,s or loa11s, other than bn.nk overdmfts or in 1\ combination of the!:!C, shall bo up to two pen·<'ntum of its total assets or �uch amount a tho Minister may prescribe.
6
The p. incipal Act is arocndetl by the repeal of scctiou
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AI-assisted research summary: Section 6 replaces section 89 of the principal Act with a new section.

6. The p. incipal Act is arocndetl by the repeal of scctiou eighty-nine and the substitution therefo1 of the followin!! section:
89
(I) A building society may invci:;t any of its sm-plus
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AI-assisted research summary: A building society may invest surplus funds only in the listed kinds of projects, unless the Minister authorises something else by order.

89. (I) A building society may invci:;t any of its sm-plus fumls i11 - (a) establishing and mano.ging unit trust sche11 c - : (l,) establishing aud managing pension Rchemc-1: t.nd (c) ('stablishin/! c:iuhsicliary companie" (2) \ building fiocicty shall not in, est :.n�' part or the surplu, funtls; in projects other than those set out in subsection (1) exc-opt n,s n.11thoriRcd by an order 111n1le by the minister under this section. (3) the 'Minister may vary or revoke an order made unde1 this section provided that a filociety which at the time when an order comes into operation, has fundE invest<'<l in what, by virtue of such order, has ceased to h<' 11,n authorifled investment, may, witb the aprrovaJ of th<' Hegic:itrar retain such investment and the Regtstrar sh1Lll pive his approval to such retention for so loug as he is 1-n.tisfied that the realisation of the investment �ould not 1,c detrimental to the interest of the society. (4) In this Part, "surplus funds" in relation tu a buildin!! society, means funds of the society which are not immediately required for it.s purposes. (5) Tho power to make orders unoer this section shall be cxcrrisn.ble by statutory instrument. NatfoMl Sauin1a and Ore.dit Banh ofza,mbia (Diasoluticm) [No. 7 of 1991 119 NATIONAL SAVINGS ANB CREDIT BANK OF ZAMBIA (DISSO LUTION) ACT, 1991 Section .A.iiJuIGmnll'T OJ' SJIOTI01(8
3
Winding-up of affairs of Credit Bank and its dissolution
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AI-assisted research summary: This section concerns the winding-up of Credit Bank’s affairs and its dissolution.

3. Winding-up of affairs of Credit Bank and its dissolution
4
V eating of assets and liabilities of Credit Bank in Bank
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AI-assisted research summary: This provision appears to concern the vesting or transfer of Credit Bank’s assets and liabilities, and the registration of property to be transferred by Credit Bank.

4. V eating of assets and liabilities of Credit Bank in Bank ts. Registration of property t.o be tr&naferred by Credit Bank

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Building Societies (Amendment) Act, 1991

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Provisions of Building Societies (Amendment) Act, 1991

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