People’s Own Savings Bank of Zimbabwe Act
- Commenced on 1 April 2001
- [This is the version of this document at 31 December 2016 and includes any amendments published up to 31 December 2017.]
- [Note: This version of the Act was revised and consolidated by the Law Development Commission of Zimbabwe]
Part I – Preliminary
1. Short titleThis Act may be cited as the People’s Own Savings Bank of Zimbabwe Act [Chapter 24:22].
2. InterpretationIn this Act—“appointed member” means a member referred to in paragraph (a) or (d) of subsection (1) of section five;“Board” means the People’s Own Savings Bank Board established in terms of section five;“Chief Accounting Officer” means the person appointed as Chief Accounting Officer of the Savings Bank in terms of section twenty-two;“Chief Executive Officer” means the person appointed as Chief Executive Officer of the Savings Bank in terms of section twenty-one;“committee” means a committee of the Board;“curator”, in relation to a person who is mentally disordered or intellectually handicapped or is otherwise incapable of managing his own affairs, includes anyone who, in the Chief Executive Officer’s opinion, is responsible for managing or administering that person’s property;“depositor” means a person by whom or on whose behalf a deposit has been made with the Savings Bank;“member” means a member of the Board, including the chairman and vice-chairman of the Board;“Minister” means the Minister of Finance or any other Minister to whom the President may, from time to time, assign the administration of this Act;“Savings Bank” means the People’s Own Savings Bank of Zimbabwe established by section three.
Part II – People’s Own Savings Bank of Zimbabwe and People’s Own Savings Bank Board
3. Establishment of People’s Own Savings Bank of ZimbabweThere is hereby established a body corporate to be known as the People’s Own Savings Bank of Zimbabwe, which shall be capable of suing and being sued in its own name and, subject to this Act, of doing anything that bodies corporate may do by law.
4. Functions and powers of Savings Bank
5. People’s Own Savings Bank Board
6. Disqualifications for appointment to Board
7. Terms of office and conditions of service of members
8. Vacation of office by appointed member
9. Suspension of member
10. Dismissal of Board
11. Filling of vacancies on Board
12. Vice-chairman of Board
13. Meetings and procedure of Board
14. Committees of Board
15. Members of Board and committees to disclose certain connections and interests
16. Minutes of proceedings of Board and of committees
17. Remuneration and allowances of members of Board and of committeesMembers of the Board and of committees of the Board shall be paid—
18. Policy directions to Board
19. Reports of Board
20. Validity of decisions and acts of BoardNo decision made or act done by or under the authority of the Board shall be invalid solely because-
Part III – Staff of Savings Bank
21. Chief Executive Officer
22. Chief Accounting Officer
23. Other staff of Savings BankSubject to any other law, the Savings Bank may employ, on such terms and conditions as the Board may fix in consultation with the Chief Executive Officer, such persons as the Board considers necessary for conducting the Savings Bank’s operations, and may promote, suspend or discharge any such employee:Provided that-
Part IV – Issue of shares and debentures by Savings Bank
24. Authorised share capital of Savings bank
25. Issue, allotment and transfer of shares of Savings Bank
26. Liability of shareholdersThe liability of the holder of a share issued by the Savings Bank shall be limited to the amount, if any, unpaid on the share.
27. Issue of debentures
Part V – Financial provisions relating to savings bank
28. Funds of Savings BankThe funds of the Savings Bank shall consist of-
29. Investment of funds of Savings BankThe Chief Executive Officer shall invest the funds of the Savings Bank, subject to the directions of the Board, in any one or more of the following ways-
30. Financial year of Savings BankThe financial year of the Savings Bank shall be the period of twelve months ending on the 31st December in each year.
31. Reserve fund
32. Application of profits of Savings BankWhere in any financial year the revenues of the Savings Bank are more than sufficient—
33. Accounts of Savings Bank and statement of accounts
34. Audit of Savings Bank’s accounts
35. Internal auditorSection 19 of the Audit and Exchequer Act [Chapter 22:03] shall apply, mutatis mutandis, to the appointment of an internal auditor to the Savings Bank in all respects as if the Savings Bank were a department of the Ministry for which the Minister is responsible.
Part VI – Deposits
36. Security of deposits
37. Persons by whom deposits may be made
38. Entitlement to repayment of depositsWhere a depositor, or a person to whom a deposit is repayable in terms of section thirty-nine, as the case may be, applies in the prescribed form for the repayment of his deposit or any part of it, the depositor or that person shall be absolutely entitled to such repayment, together with any interest thereon, within six months or such shorter period as may be prescribed.
39. Persons to whom deposits may be repaid
40. Certain deposits of deceased depositors to be transferred to guardian’s fundWithout derogation from section 100 of the Administration of Estates Act [Chapter 6:01], if no repayment is made in terms of subsection (6) of section thirty-nine within one year after the death of the depositor concerned, his deposit and any interest thereon shall be paid into the Guardian’s Fund, to be dealt with as if the money had been paid into the Fund by an executor.
41. Remittances to and from other savings banks
Part VII – General
42. Determination of disputes
43. Preservation of secrecy
44. Non-liability of savings bank for lawful acts
45. Execution of contracts and instruments by Savings BankAn agreement, contract or instrument approved by the Board may be entered into or executed on the Savings Bank’s behalf by any person generally or specially authorised by the Board for that purpose.
47. Destruction or alteration of documentsAny person who, without lawful excuse, destroys, defaces or alters any pass-book, card or other document whatsoever which is used or issued for the purpose of this Act shall be guilty of an offence and liable to a fine not exceeding level six or to imprisonment for a period not exceeding one year or to both such fine and such imprisonment.[section amended by section 4 of Act 22 of 2001]
48. Repeal of Cap. 24:10 and savings
History of this document
01 April 2001