Bank of Tanzania Act 1965

7/30/2019 Bank of Tanzania Act 1965

1/23

T H E U N I T E D R E P U B L I C OF TANZANIA

N o . 12 OF 1966

I AS SENT ,

6 T H J A N U A R Y , 1966An Act to provide forthe Establishment, Constitution and Functions

ofthe Bank of Tanzania a s a Central Bank, to provide fortheCurrency of Tanzania, to provide that the Bank shall be Bankerto th e Governmen t a n d sha ll ha ve certai n power s in relationto other Banks and Financial Institutions, to extend the BankingOrdinance to Zanzibar and to make certain amendments to theLaw relating to B ank i ng a n d Exchange Contro l , a n d forconnected purposes

E N A C T E D by the P a r l i a me n t o f t he U n i t e d Re pub l i c o f Ta nz a n i a .P A R T I

PRELIMINARYl . - ( l ) T h i s Act may be cited as the B a n k of T a n z a n i a Act, 196%horttitlea n d(2) This Act sha l l c o me i n t o o pe r a t i o n on s u c h d a t e as the Presideatmence-sha l l , by n o t i c e p u b l i s h e d in the Gazette, a p p o i n t and the P r e s i d e n t a n a ya ppo i n t d i f f e r e n t da t e s for the c o m i ng i n to o p e r a t i o n o f t he d i f f er e n tprovis ions of th is Act.

2 . This Act s h a l l e x t e n d to Z a n z i b a r as w e l l as to T a n g a n y i k a c i t a t i o nsha l l b ind the U ni t e d Re pub l i c .3 . In this Act, u n l e s s the c o n t e x t o t h e r w i s e r e q u i r e s - i n t e r p r e t a t i o n" th e B a n k " m e a n s the B a n k of T a n z a n i a e s t a b l i s h e d by this Act,' b a n k ' , e x c e p t w h e n u s e d in the e x p r e s s i o n s " c e n t r a l b a n k " and "fore ignb a n k " , m e a n s any u n d e r t a k i n g c a r r y i n g on b a n k i n g b u s i n e s s inT a n z a n i a but d o e s not i nc l ude any u n d e r t a k i n g s p e c i f i e d in s e c t i o n31 o f t h e B a n k i n g O r d i n a n c e ; C a p . 4 3 0" b a n k i n g b u s i n e s s " m e a n s the b u s i n e s s o f r e c e i v i n g m o n e y on c u r r e n ta c c o u n t s u b j e c t to w i t h d r a w a l by c h e q u e ;


2/23

2 No. 12 Bank of Tanzania 1966

" t h e B o a r d " m e a n s the B o a r d of D i r e c t o r s of the B a n k ;" D i r e c t o r " m e a n s a m e m b e r of the B o a r d o t h e r t h a n the G o v e r n o r ,t h e D i r e c t o r - G e n e r a l or the P r i n c i p a l S e c r e t a r y to the T r e a s u r y ;" fo r ei gn e x c h a n g e " m e a n s f o re ig n c u r r e n c i e s and c l a i ms in and tofore ign cur renc ies ;" m e m b e r " in r e l a t i o n to the B o a r d , m e a n s the G o v e r n o r , the D i r e c t o r -

G e n e r a l , the P r i n c i p a l S e c r e t a r y to the T r e a s u r y or a D i r e c t o r ;" t h e M i n i s t e r " m e a n s the M i ni s t e r for the t i m e b e i n g r e s p o n s i b l e for

f inancial matters;"pub l i c a u t ho r i t y" me a ns -

(a ) the author i ty for any pol i t ica l sub-divis ion of the U ni t e dRe pub l i c ( i nc l ud i ng any c it y, m u n i c i p a l , t o w n or dis t r ic tcounci l ) ;(b ) any c o m m o n s e r v i c e s a u t h o r i t y ofw h i c h T a n z a n i a is a m e m b e r ;(c ) any c o r p o r a t i o n , a g e n c y or e n t e r p r i s e spe c i f i e d for t h e p u r p o s e sof th i s Act by the Minis te r a f te r consul ta t ion wi th the B a n k ;

"spe c i f ied f inancial ins t i tu t ion" m e a n s a c r e d i t i n s t i t u t i o n , o t he r t ha n ab a n k , w h i c h is spe c i f i e d by the B a n k for t h e p u r p o s e s o f t h is Act.P A R T n

THE CENTRAL, BANK

(a.) Establishment and functions ofthe BankE s t a b l i s h m e n t 4 . T h e r e is h e r e b y e s t a b l i s h e d a c o r p o r a t i o n , to be c a l l e d the B a n ko f B a n k o f Ta n z a n i a , w h i c h sha l l -

P r i n c i p a lf u n c t i o n sa n do b je c t i ve s

( a ) ha ve pe r pe t u a l suc c e s s i o n and a c o m m o n s e a l ;(b ) in its c o r p o r a t e n a m e be c a p a b l e of s u i n g and b e i n g s u e d ; and( c) sub j e c t to the p r o v i s i o n s o f t h i s Act, be c a p a b l e of a c qu i r i ng ,h o l d i n g and a l i e na t i ng any m o v a b l e or i m m o v a b l e p r o p e r t y .5 . (1) The pr inc ipa l func t ions of the B a n k s h a l l be to e x e r c i s e thefunc t ions of a c e n t r a l b a n k , and, w i t ho u t p r e j ud i c e to the g e n e r a l i t yo f t h e f o r e g o i n g , to i s s u e c u r r e n c y , to r e g u l a t e b a n k i n g and c r e d i t , tom a n a g e the go l d and f o r e i g n e x c h a n g e r e s e r v e s of T a n z a n i a , and toper form any f unc t i o n c o nf e r r e d upo n it (or to act as the a g e n t o f t h e

G o v e r n m e n t in r e s p e c t of any func t ion confer red on the G o v e r n m e n t )b y or u n d e r any i n t e r n a t i o n a l a g r e e m e n t to w h i c h T a n z a n i a is a p a r t y .(2) Within the c o n t e x t o f t h e e c o n o m i c p o li cy o f t h e G o v e r n m e n t ,t h e a c ti v it ie s o f t h e B a n k s h a l l be d i r e c t e d to the p r o m o t i o n of c r e d i ta n d e x c h a n g e c o n d i ti o n s c o n d u c i v e to the r a p i d g r o w t h o f t h e n a t i o n a le c o n o m y of T a n z a n i a , due r e g a r d b e i n g had to the des i rabi l i ty off o s t e r i ng mo ne t a r y s t a b i l i t y .


3/23

N o . 12 Bank of Tanzania 1 9 6 6 3

( b ) M a n a g e m e n t o f th e B an k6 . T h e r e s h a l l b e a B o a r d o f D i r ec t o r s o f t h e B a n k a n d , s u b j e ^ J p d 0 ft h is A c t , t he Bo a r d sha l l be r e sp o n s i b l e fo r de t e r m i n i ng t he pol icyrMctorst he Ba n k , f o r t he a p pr o va l o f it s a dmi n i s t r a t i ve bu dg e t a nd f or su c ho t h e r f unc t i o ns a s a r e spe c i f ic a l l y c o n f e r r e d o r i m po se d up o n t heBoard by th is o r any o ther wr i t ten law.7.-(l) The Board sha l l c on s is t o f: C o m p o s i t i o n( a ) a G o ve r no r , w ho sha l l be c ha i r ma n ; B o a r d( b) a D i r e c t o r - G e ne r a l , w ho sh a l l b e d e pu t y c ha i r m a n ;(c ) the Pr inc ipa l Secre ta ry to the Treasury; and(d) five Directors.( 2 ) The G o ve r n o r a nd t he D i r e c t o r - G e ne r a l sha l l be a ppo i n t e d byt h e P r e s i d e n t a n d e a c h s h a l l h o l d o ff ic e, u n l e s s h e s o o n e r d i e s o rr e s i g ns o r va c a t e s o r is r e m o v e d f ro m h i s o ffi ce in a c c o r da nc e w i thse c t i o n 8 , fo r t he pe r i o d spe c i f i e d in t he i n s t r um e n t b y w h i c h he i sa ppo i n t e d , a nd sha l l be e l i g i b l e f o r r e - a ppo i n t me n t .( 3 ) The D i r e c to r s sha l l be a pp o i n t e d by t he M i n i s te r , a nd e a c h sh a l lho l d o f fi ce , u n l e s s he so o n e r d i e s o r r e s i g ns o r va c a t e s o r is r e m o v e df ro m h i s o ff ic e in a c c o r d a n c e w i t h s e c t i o n 8 , f or a t e r m o f t h r e e y e a r s ,

a nd sha l l be e l i g i b l e f o r r e - a ppo i n t me n t :P r o v i d e d t h a t -(a ) o f the Direc tor s f ir st ap po int ed , tw o sh a l l r e t i r e a f te r the expi ryo f o ne ye a r a n d a f u r t he r t w o a f te r t he e xp i r y o f t w o y e a r s ,

t h e p e r s o n s w h o s h a l l s o re t ir e b e i n g c h o s e n b y b a l lo t ; a n d(b) the te rm of o ff ice o f a pe r so n ap po inte d a Direc tor in the plac e ofa D i r e c t o r w h o c e a s e d t o ho l d o ffi ce be f o r e c o m pl e t i ng h is t e r msha l l be t he r e s i d ue o f t he t e r m o f t he D i r e c t o r w h o m her e p l a c e s .( 4 ) If a m e m be r o f t h e Bo a r d ( o t he r t ha n t he P r i nc i pa l S e c r e t a r yt o t he Tr e a su r y ) i s , fo r a ny r e a so n , una b l e t o pe r fo r m t he f unc t io nso f h i s o f f ic e , t he P r e s i d e n t o r t he M i n i s t e r , a s t he c a se m a y be , m a ya p p o i n t a n a l t e r n a t e fo r s u c h m e m b e r , a n d , u n l e s s h e s o o n e r d i e s o rr e s i g ns o r va c a t e s o r is r e m o v e d f ro m h i s o ffi ce in a c c o r da nc e w i ths e c t i o n 8 , t h e p e r s o n s o a p p o i n t e d s h a l l h a v e t h e p o w e r s a n d c a p a c i t i e so f the m e m be r f or w h o m he is a pp o i n t e d a l t e r na t e un t i l su c h t i me a st he P r e s i d e n t o r t he M i n is t e r, a s the c a s e m a y be , de t e r m i ne s suc hm e m b er is ag a in able to per form the func t ions of h is o f fice.8 . - ( l ) N o p e r s o n s h a l l b e q u al if ie d to b e a p p o i n t e d a m e m b e r D i f c q u i i f i c a -the B oard , o r an a l te rna te fo r a mem be r , if he i s - t ion for( a ) a me m be r o f t he N a t i o na l A sse mb l y ; ^ " r e m o v a l '(b) a pe r s on ho lding off ice in the se rvice of the Uni ted Rep ub l ic ; f rom the(c ) a d i rec tor , o f fice r, em plo ye e or sh ar eh ol de r o f a ba nk in respef a r do f w h ic h t h e B a n k m a y e x e r c i s e a r e g u l a t o r y p o w e r u n d e r P a r tIV.


4/23

4 No. 12 Bank of Tanzania 1966( 2 ) A me mb er of the Board or alte rnate shall vaca te his office if-(a) he acquir es any attribute which, were he not a me mb er , woulddisqualify him for appo intm ent un der subsect ion (1);(b) he be co me s bankr upt or s usp en ds pay me nt or com poun ds withhis credits;(c) he is adjudge d or otherwise dec lar ed to be of uns oun d mind, or(d) he is ab se nt , wi thout the leav e ofthe Board, from the me et ing sof the Boar d for a cons ecu tive per iod of three mo nt hs.( 3 ) A m em be r of the Board or alterna te may be rem oved from officeby the Pre sid ent , but shall not be so rem ove d exc ept for inability todischarge the fiinctions of his office (whethe r aris ing from infirmityof bod y or mind or from any othe r ca us e) or for mis beh avior (whe therin connection with his office or otherwise).(4) Nothing in this sect ion applies to the Principa l Sec ret ary to theTreasury or to any person whom he appoints his representative inaccordance with subsection (4) of section 9.

Meetings of 9 .- (l )T he Board shal l me et as often as m ay be required for thethe Board co nd uc t of the bu si ne ss an d affairs of th e Ban k, bu t no t les s frequentlythan once in every two months.

( 2 ) Meetings of th e Board shall be con vene d, and notice giventhereof, in ac co rd an ce with the By-laws of the Bank an d, in additio n,the Governor (or in his ab se nc e the Dire ctor-General ) shall conve nea mee tin g of the B oard within a reas ona ble time of a requisition inthat behal f by any me mb er ofthe Board.( 3 ) The quorum at meet ings of th e Board shall be four me mb er s,one of whom shall be either the Gove rnor or the Direc tor-G enera l:Pro vide d that wh er e, in the opinion of the Go ver nor (or in hisab se nc e the Direct or-Gener al) any mat ter of bus ine ss is of an unusuall yurgent nature which cannot await the convening ofa meeting consistingof su ch quo rum ( such opinion to be re co rd ed in the minu tes ofth eBoard) , the m att er ma y be dec ided at a mee ting ofth e Governor (orin his abs en ce the Director-G eneral) an d the Principal Secr eta ry tothe Tre asur y and suc h decisi on shall be as valid and binding on theBan k as if it were a decis ion of a mee tin g consi sting of suc h quor um.Every suc h decision shall be repor ted to the Board at its next regul armeeting.(4) The Principa l Sec ret ary to the Tre asury ma y appoin t in writinga pe rs on in the service ofthe United Republic to be his repr ese nta tiveat any mee tin g of the Board ; and su ch repre sen tati ve shall, at any

me eti ng for which he is appoint ed, ha ve the powe rs ofth e PrincipalSecre tary in his capacity as a me mb er ofthe Board.(5) Subjec t to the provisions of subsect ion (6), quest ions arising atmee tin gs of the Boa rd shall be dec ide d by the votes ofth e majorityof the me mb er s pr es en t and voting, and, in the eve nt of an equality ofv o t e s , the chairman (or in his abs en ce the deputy chair man) shallhave a second or casting vote.


5/23

N o . 1 2 Bank of Tanzania 1966 5(6) The cha i rm an (or in his a bs en ce the d epu ty c ha i rm an) , o r theP r i n c i p a l S e c r e t a r y t o t h e T r e a s u r y o r h i s r e p r e s e n t a t i v e , m a y r e q u i r et h a t t h e d e c i s i o n o n a n y q u e s t i o n b e p o s t p o n e d t o a m e e t i n g o f t h eBo a r d t o be he l d no t l e s s t ha n se ve n da y s a f te r t he m e e t i ng a t w h i c ht h e r e q u i r e m e n t is n o t if ie d ; a n d w h e r e s u c h a r e q u i r e m e n t is m a d e ,t h e q u e s t i o n s h a l l b e p o s t p o n e d , w i t h o u t v o t e , t o t h e n e x t s u c h m e e t i n gu n l e s s t h e p e r s o n m a k i n g t he r e q u i r e m e n t c o n s e n t s t o its b e i n g d e c i d e dear l ier .(7) Sub jec t to the provis ion s of su bse c t io n ( 3 ) , no a c t o r p r o c e e d i ngby t he Bo a r d sha l l be i nva l i da t e d by r e a s o n o f t he e x i s t e n c e o f av a c a n c y a m o n g t he m e m b e r s , a n d a ll a c t s d o n e b y a p e r s o n in g o o df ai th a s a m e m b e r o f t h e B o a r d s h a l l b e v a li d n o t w i t h s t a n d i n g t h a tso m e de f e c t in h i s a ppo i n t m e n t o r qua l i f ic a t i o ns be a f t e r w a r ds

d i sc o ve r e d .1 0 . - ( 1 ) S u b j e c t t o t h e p r o v i s i o n s o f t h i s A c t , t h e m a n a g e m e n t l i f G o v e r n o rthe Bank and the di rec t ion of its b us in es s a nd affairs sh all be v es te d irMPheGo ve rno r , an d the Go ve rn or sha l l , in the ex erc ise o f su ch f itnc tionj^&^j"m a n a g e m e n t a n d d i r e ct i o n , c o n f o r m w i th t h e p o l ic y d e t e r m i n e d b y m e e r aB o a r d .

( 2 ) The G o ve r n o r sha l l ha ve po w e r t o e xe r c i s e a nd pe r f o r m a l lthe f ttnct ions, po w ers an d dut ie s o f the Ba nk , o t he r th an an y f ttnct ionspe c i f i c a l l y c o nf e r r e d o n t he Bo a r d , a nd t o a u t ho r i z e e xpe nd i t u r e w i t h i nt h e a d m i n i s tr a t iv e b u d g e t a p p r o v e d b y t h e B o a r d .( 3 ) The G o v e r no r sha l l be t he p r i nc i pa l r e p r e se n t a t i ve o f t h e Ba nka n d sha l l , in su c h c a pa c i t y , ha ve a u t ho r i t y -(a ) to r epresent the Bank in i t s r e la t ions wi th o ther ins t i tu t ions , inc ludi ng t he G o ve r n m e n t ;( b ) t o r e p r e se n t t he Ba n k , e i t he r p e r so n a l l y o r by a dv o c a t e o r o t he rc o un se l , in a ny l e ga l p r o c e e d i ng s t o w h i c h t he Ba nk is a pa r t y ;( c ) t o s i gn , so l e ly o r j o in t ly w i th o t he r pe r so ns , a g r e e m e n t s c o n c l ude db y t h e B a n k , n o t e s o r s e c u r i t ie s i s s u e d b y th e B a n k , r e p o r t s ,b a l a n c e s h e e t s a n d o t h e r fin an cial s t a t e m e n t s , c o r r e s p o n d e n c ea n d o t h e r d o c u m e n t s o f t h e B a n k ;(d) to d e le ga te any author i ty prov ided for in th is su bs ec t ion to an ym e m be r o f t he Bo a r d o r o t he r o ff ic er o f t he Ba nk .( 3 ) The Direc tor -Gen era l sha l l -( a ) sub j e c t t o t he ge ne r a l supe r v i s i o n o f t h e G o ve r n o r , be r e sp o ns i b l ef or t h e d a y - t o - d a y m a n a g e m e n t , b u s i n e s s a n d a ff ai rs o f t h eB a n k ;( b ) pe r f o r m suc h o t he r du t i e s a s m a y be i m po se d up o n h i m f ro mt ime to t ime by the Go ver no r ;( c ) ha v e fu ll po w e r t o a c t fo r t he G o ve r no r in the a b se nc e o f t heG o v e r n o r .


6/23

6 N o . 1 2 Bank of Tanzania 1966( 5 ) The e xe r c i s e by t he D i r e c t o r - G e ne r a l o f a ny f unct io n o f t h eG o ve r n o r sha l l , i n the a b se nc e o f p r o o f t o t he c o n t r a r y , be de e m e d tobe a va li d e xe r c i s e o f suc h f unc ti o n pu r su a n t t o sub se c t i o n ( 4 ) .( 6 ) The G o ve r n o r a nd t he D i r e c t o r - G e ne r a l sh a l l de v o t e t he w ho l eo f t he i r p r o f e s s i o n a l t i me t o t he s e r v i c e s o f t he Ba nk a n d sha l l no t ,w h i le ho l d i ng t he i r r e spe c t i ve o f f ic e s , o c c up y o r ho l d a ny o t h e r pa i do ffic e o r e m p l o y m e n t o r e n g a g e in a n y p r o f e s s i o n a l o r b u s i n e s sactivity:P r o v i d e d t ha t no t h i ng in t h is su bs e c t i o n s ha l l p r o h i b i t e i t he r o f t he mfrom-( a ) b e c o m i n g o r a c ti n g a s a m e m b e r o f a n y c o m m i s s i o n o r c o m m i t t e ea p p o i n t e d b y t h e G o v e r n m e n t t o e n q u i r e i n to a n y m a t t e r r e

la t ing to cu r re nc y or ba nk in g or to f inanc ia l o r ec on om ic a f fa i rs ;( b ) be c o m i ng o r a c ti ng a s a go ve r no r , d i r e c t o r o r m e m b e r o f theb o a r d o f a n y i n t e r n a t i o n a l b a n k o r m o n e t a r y a u t h o ri t y t o w h i c ht h e G o v e r n m e n t s h a l l h a v e a d h e r e d o r g i v e n s u p p o r t o r a p p r o v a l ;o r( c ) be c o m i ng o r a c t i ng a s a d i r e c t o r o f a ny c o r po r a t i o n in Ta nz a n i ain w h i c h t h e B a n k m a y p a r t i ci p a t e p u r s u a n t t o s e c t i o n 5 9 .

R e m u n e r a - 11 .-( 1) The G o ve r n o r , t he D i r e c t o r - G e ne r a l a nd a n y a l t e r na t em e m b e r s o f a pp o i n t e d f or e i t he r o f t he m pu r su a n t to su bse c t i o n ( 4 ) o f s e c t i o n 7t h e B o a r d s h a l l b e p a i d a n d a c c o r d e d b y t h e B a n k s u c h s a l a r i e s , a l lo w a n c e s( inc l udi ng r e t i r e me n t a l l o w a nc e s ) a nd o t he r t e r ms o f s e r v i c e a s m a ybe de t e r m i ne d fr om t i me t o t ime by t he P r e s i de n t ; a nd t he s a l a r y ,a l l o w a n c e s a n d o t h e r t e r m s o f s e r v i c e o f a G o v e r n o r o r a D i r e c to r -

G e n e r a l s h a l l n o t b e r e d u c e d o r o t h e r w i s e d i m i n i s h e d d u r i n g h i s t e r mof office.( 2 ) The D i r e c to r s o f t h e Ba n k a n d a ny a l t e r na t e a ppo i n t e d f or a nyo f t he m pu r su a n t t o sub se c t i o n (4 ) o f s e c t i o n 7 sh a l l be pa i d by t heB a n k s u c h f e e s a n d a l l o w a n c e s a s , m a y b e d e t e r m i n e d fro m t im e t ot ime by the Minis te r .

o t h e r 1 2 . - (1) Sub jec t to the g en er a l te rms and condi t ions of se rvice andofficers t o t h e e s t a b l i s h m e n t p r e s c r i b e d b y t h e B o a r d , t h e G o v e r n o r s h a l l b eo f t h e ^ n k r e s p o n s i b l e fo r t h e a p p o i n t m e n t , t e r m i n a t i o n o f a p p o i n t m e n t a n ddisc ipl ine of t he s ta f f o f t he Ba nk.

( 2 ) The po w e r s o f t h e Bo a r d t o ma ke p r o v i s i o ns f o r t he s t a ff o ft he Ba nk sha l l i nc l ude po w e r t o p r o v i de f or be ne f i t s fo r o r in r e sp e c to f t ho se o f i ts s t a f f w ho di e o r r e t i r e , a n d t he i r su r v i v i ng de p e n d a n t s ,a n d su c h o t h e r be ne f i t s a nd f a ci li ti es a s a r e usua l l y a c c o r d e d t oe m p l o y e e s i n T a n z a n i a .

S e c r e c y 1 3 . E x c e p t f or t h e p u r p o s e s o f t h e p e r f o r m a n c e o f h i s f u n c t io n s , o rw h e n so r e qu i r e d o r a u t h o r i z e d by t he Bo a r d , o r w h e n so r e qu i r e db y l a w , n o m e m b e r o f t h e B o a r d o r o f t h e s t af f o f t h e B a n k s h a l l d i s c l o se a ny i n f o r ma t i o n r e l a t i ng t o t he B a nk o r to a ny t r a n sa c t i o n o rc u s t o m e r o f t h e B a n k w h i c h h e h a s a c q u i r e d in t h e c o u r s e o f h i sdutie s.


7/23

N o . 1 2 Bank of Tanzania 1966 7

(c ) Capital, reserves and accounts ofthe Bank1 4 . - ( 1) T h e a u t h o r i z e d c a p i t a l o f t h e B a n k s h a l l b e t w e n t y m i l l i o M i t h o r i z e dsh illin gs . ^ P ^ 1( 2 ) The c a p i t a l o f t he Ba n k sha l l be su bsc r i be d a nd he l d o nl y by t heU ni t e d Re pub l i c .1 5 . - ( 1 ) The Ba nk sha l l e s t a b l i sh a n d ma i n t a i n a ge ne r a l r e s e ? ^ e r a lfund. r e s e r v efond and(2) At the en d of ea ch f ina ncial ye ar , after a l lowing for th e expenseifccationof o pe ra t i on dur in g th a t ye ar , an d a fte r m ak ing provis io n for an y prfpofitsm e n t c h a r g e d o n t h e p ro fi ts b y s e c t i o n 1 6 , b a d a n d d o u b t f u l d e b t s ,d e p r e c i a t i o n o f a s s e t s , c o n t r i b u t i o n s t o s t af f a n d s u p e r a n n u a t i o n f u n d s ,c a r r y - o ve r i n to t he ne x t f inanci al ye a r a nd su c h o t he r c o n t i ng e nc i e s a n d

a c c o u n t i n g p r o v is i o n s a s ar e c u s t o m a r il y m a d e b y b a n k s -(a ) the Ba nk , a f te r co nsu l ta t io n wi th the Minis te r , sha l l t r an sfe r tot he ge ne r a l r e s e r v e ft tnd -( i) if the am ou nt o f m on ey s in th a t fund is less tha n thea u t h o r i z e d c a p i t a l o f t h e B a n k , n o t l e s s t h a n o n e - q u a r t e ro f its ne t prof i t s ; o r

(ii) if t he a m o u n t o f m o n e y s in t ha t f und e qua l s o r e x c e e d s t hea u t ho r i z e d c a p i t a l o f t he Ba nk b u t is l e s s t ha n t h r e e ti me st he a m o u n t o f t ha t c a p i t a l , no t l e s s t ha n o n e - e i g h t h o f i tsne t p r o f i t s ; a nd( b ) t he r e m a i n de r o f t h e ne t p ro fi ts o f t h e Ba n k sha l l be pa i d i nt ot h e C o n s o l i d a t e d F u n d :

Pro vid ed t ha t if, a t the en d o f th e financ ia l y ea r the Go ve rnm e n t is i n d e b t e d to t h e B a n k , t h e B a n k s h a l l a p p l y t h e r e m a i n d e ro f its ne t p r of it s to t he r e duc t i o n o r d i s c ha r g e o f suc h i n de b t e dn e s sa n d t he ba l a n c e , if a ny , sha l l be pa i d i n to t he Co n so l i d a t e d F un d .( 3 ) P r of it s o r l o s s e s fr om a ny r e va l ua t i o n o f t h e Ba nk ' s ne t as$tsluationor l iabi l it i e s in go ld , fo re ign ex ch an ge or fo re ign secu r i t ies as a re^u 'f cnto f a ny c h a n ge in t he pa r va l ue o f a ny c u r r e nc y un i t , sha l l be e xc l ud e df ro m t he c o m put a t i o n o f t he a n nu a l p r o fi ts a n d l o s s e s o f t he Ba nk .Al l su ch f ir st -mentioned prof it s o r lo ss es sha l l be t r an sfe r red to aspe c ia l acc ou nt to : be ca l led the reva lua t ion acco un t .

16 .- (1 ) The a m o u n t o f a ny ne t lo s s o f t h e Ba n k in e x c e s s o f t h e s e sm o n e y s s t a nd i ng t o t he c r e d i t o f t he ge ne r a l r e s e r v e fund o f t he BanSsd ons h a l l b e c h a r g e d u p o n , a n d p a i d o u t of, t h e C o n s o l i d a t e d F u n d w i n - o l l d a t e do u t f u r t he r a ppr o pr i a t i o n t ha n t h i s A c t . u n(2) W he re , in pu rsu an ce of sub sec t ion (1) o f th is sec t io n, any sumis pa i d o u t o f t he Co n so l i da t e d F u nd , t he Ba nk sha l l o u t o f i tss u b s e q u e n t p ro fi ts r e p a y t h e s a m e t o t h e C o n s o l i d a t e d F u n d , a n d s u c hr e pa ym e n t sha l l be a f ir st c h a r g e o n t he p r of it s o f t he Ba nk ,17 . - ( 1 ) The f inanci al y e a r o f t h e Ba n k sha l l be t he s a m e a s i h e n c i a iGovernm ent 's f inancial year and the acco unts of the Bank shall be cl


8/23

8 N o . 1 2 Bank of Tanzania 1966

( 2 ) The Ba nk sha l l c a u se t r ue a nd fu ll a c c o un t s a n d r e c o r ds t o bek e p t o f a l l its t r a n s a c t i o n s , a n d th e b o o k s o f a c c o u n t a n d r e c o r d s s h a l lbe ke pt a t i ts h ea d off ice a nd sh a l l be o p en a t a l l t im es to the ins pe c t io no f t h e m e m b e r s o f t h e B o a r d .C a p . 4 3 9 ( 3 ) N o t w i t h s t a n d i n g a n y t h i n g c o n t a i n e d in t h e E x c h e q u e r a n d A u d itO r d i n a n c e , t h e a c c o u n t s o f t h e B a n k s h a l l b e a u d i t e d a n n u a l l y b y s u c ha ud i t o r a s t he M i n i s t e r sha l l a ppo i n t .

(4) Without pre judice to the provis ions of subsec t ion ( 3 ) , the Ministerm a y , a t a ny t i me , r e qu i r e t he Co n t r o l l e r a nd A u d i t o r - G e ne r a l o r su c ho t h e r a ud i t o r a s he m a y a pp o i n t , t o ma ke a n e xa m i na t i o n o f, a nd t or e p o r t o n , t h e a c c o u n t s o f t h e B a n k , a n d w h e r e t h e M i n is t e r s o r e q u i r e s ,t he Ba nk sha l l p r o v i de a l l n e c e s sa r y a nd p r o p e r f ac i li ti e s fo r suc he xa mi na t i o n .( 5 ) Wh e r e t he a c c o un t s o f t he Ba n k a r e a ud i t e d o r e xa m i ne d by a na ud i t o r o t h e r t ha n t he Co n t r o l l e r a n d A ud i t o r - G e ne r a l , t he f e e s fo r su c ha ud i t o r e xa mi na t i o n sha l l be de t e r m i ne d by t he M i n i s t e r a n d pa i d bythe Bank.

R e p o r t s 1 8 . - (1) The Ba nk sha l l s ubm i t to the Minis te r -(a ) wi thin three m on ths a f te r the c lo se of ea ch f inanc ia l ye ar , ar e p o r t o f t h e B a n k ' s o p e r a t i o n s t h r o u g h o u t t h a t y e a r , t o g e t h e rw i th t he ba l a n c e sh e e t a nd p r of it a nd l o s s a c c o un t f or t ha t ye a r ,ce r ti f ied by the aud i to r ;(b) ha l fy ear ly repo r t s o f the eco no m ic s i tua t ion, wi th sp ec ia l r e fe renceto financ ia l dev e lo pm en t , and of th e po l ic ies fo l lowed by the B ank .

a nd t he M i n i s te r sha l l l a y a c o p y o f e ve r y su c h r e po r t be f o r e t heN a t i o n a l A s s e m b l y .( 2 ) After a cop y of a r ep or t ha s b ee n laid before the Na t ion a lA ss e m bl y , t he r e po r t sha l l be pub l i she d by the Ba nk .( 3 ) In a dd i t io n t o a ny r e po r t s pub l i she d by t he Ba n k pu r su a n t t o t hef o r e g o in g p r o v i s i o n s o f t h i s s e c t i o n , th e B a n k m a y i s s u e s u c h o t h e rpub l i c a t i o ns a s it c o n s i d e r s t o be in t he pub l i c i n t e r e s t .

(d ) Supplementaryo f f i c e s a n d 1 9 . T h e B a n k m a y e s t a b l i s h o ff ic es a n d b r a n c h e s a t s u c h p l a c e s b o t hb r a n c h e s w i t h i n a n d o u t s i d e T a n z a n i a a s it c o n s i d e r s n e c e s s a r y .A g e n t s a n d 2 0 . T h e B a n k m a y a p p o i n t a g e n t s a n d c o r r e s p o n d e n t s b o t h w it hi n a n dd e n t e s S P n " o u t s i d e T a n z a n i a .E x e m p t i o n 21. - (1 ) The Ba nk sha l l be e x e m pt f ro m i nc o m e t a x , f ro m a ny o t he rf r o m t a x t a x ^ duty o r l e vy , a nd f ro m t he pa y m e n t o f suc h f e e s a s t he M i n i s te r ma yd e t e r m i n e .

( 2 ) If a ny qu e s t i o n a r i s e s w he t he r a ny c ha r ge , i mpo s t o r f ee i s at a x , du t y , l e vy o r f e e f ro m w hi c h t he Ba nk is e x e m pt , t he m a t t e r sha l lbe re fe r red to the Minis te r w ho se dec is ion s ha l l be f ina l.( 3 ) The p r o v i s i o ns o f t h i s s e c t i o n sha l l ha v e e f fe c t no t w i t hs t a nd i nga n y t h i n g c o n t a i n e d in a n y A c t o f t h e C o m m o n S e r v i c e s O r g a n i z a t i o n .


9/23

N o . 1 2 Bank of Tanzania 1966 922. The Co mp anies Ord inan ces , the Banking Ordinance antfottosanies

Co mp anies Decree of Zan z ibar sha l l no t apply to the Bank, andnlrBankingBan k sha l l no t be placed in l iquidat ion or wou nd up exc ept p urs l la i r r t n c eto , a n d in s u c h m a n n e r a s is p r o v i d e d b y , a n A c t o f P a r l i a m e n t . " o t * a p ^ 1 y ,1. Ocips. 212,^ ^ , , , 4 1 9 , a n d 4 3 0 ,23 . The Board may make By- laws for the good order and managements 1 5 3o f t he Ba nk , bu t , no t w i t hs t a n d i ng a n y t h i ng c o n t a i n e d in t he I n1^ j : taw sp r e t a t io n , a n d G e n e r a l C l a u s e s O r d i n a n c e , it s h a l l n o t b e n e c e s s a p y ^ o rsuch By- laws to be publ i shed m the Gazette.P A R T i nC U R R E N C Y

(a ) Currency and its issue24. The u nit of curren cy in Ta nza nia shall be the shil l ing, ea tUthofsh i ll ing be i n g d i v i de d i n to o ne hun dr e d c e n t s . cur rency

25. - (1) The par va lue of the shi ll ing in te rm s of go ld sha l l ba ity ofde te r m in ed by the Pre s i de nt on the advic e of t he B an k and in accord&neiei iingw i th a n y i n t e r n a t i o n a l a g r e e m e n t in t h a t b e h a l f t o w h i c h T a n z a n i a i s apa r t y .

( 2 ) N o t i c e o f suc h de t e r m i na t i o n sh a l l be pub l i she d f o rt hw it h in t heGazette.2 6 . The B a nk sha l l ha v e t he so l e r i gh t t o i s su e b a n k n o t e s andsa aa nf eh ti n a nd f o r Ta nz a n i a a nd , sub j e c t t o s e c t i o n 3 3 , o n l y b a n k notesofaawfec o i n s i s s u e d b y th e B a n k s h a l l b e l e g a l t e n d e r in T a n z a n i a .

2 7 . ( 1 ) Ba n k no t e s a nd c o i ns i s su e d by t he Ba n k- D e no m i na -( a ) sha l l be in su c h de n o m i na t i o ns o f t he sh i ll ing o r f r ac t io ns t h e r e ^ U ^ fe x p r e s s e d i n c e n t s ; a n d n o t e s a n d( b ) s h a l l b e o f s u c h m a t e r i a l s , fo rm s a n d d e s i g n s , s h a l l b e a r s u f i m si n s c ri p t io n s a n d d e v i c e s , a n d s h a l l h a v e s u c h o t h e r c h a r a c t e r i s t i c s ,

a s t he B a nk , w i th t he a p pr o va l o f t he M i n i s t e r , sha l l de t e r m i ne .( 2 ) The Ba nk sh a l l g ive no t ice in the Gazette o f t h e d e n o m i n a t i o n sa n d o t h e r c h a r a c t e r i s t i c s o f t h e b a n k n o t e s a n d c o i n s w h i c h it i s s u e s .28 .- (1) Sub jec t to the prov is ions of th is se c t io n- L e g a l t e n d e r( a ) ba nk no t e s i s su e d by t he Ba nk sha l l be l e g a l t e n de r a t the i rf a c e va l ue fo r t he pa y m e n t of a ny a m o u n t ;( b ) c o i ns i s su e d by t he Ba n k sha l l , if t he y ha v e no t be e n t a m pe r e dw i t h , be l e ga l t e n de r a t t he i r f a ce va l u e -

( i) in the ca se of a shil l ing, or an y mult iple of a shil l ing, for thep a y m e n t o f a n y a m o u n t ;(i i) in the ca se of co ins hav ing a face v a lue of f if ty ce nt s , fo r thep a y m e n t o f a n y a m o u n t n o t e x c e e d i n g t w e n t y s h i ll i n g s; a n d(iii) in the ca se of co ins o f any lowe r de no m ina t ion than f if tyc e n t s , fo r t h e p a y m e n t o f a n y a m o u n t n o t e x c e e d i n g f iv eshillings.


10/23

10 N o . 1 2 Bank of Tanzania 1966( 2 ) The Ba nk sha l l ha ve po w e r , o n g i v ing r e a so na b l e no t i c e in t he

Gazette, t o c al l in a ny no t e s o r c o i ns i s su e d by i t o n pa ym e n t ( sub j e c t tot he p r o v i s i o ns o f s e c t i o n 29 ) : o f t h e f a ce v a l ue thereof; a n d a n y n o t e s o rc o i n s w it h r e s p e c t to w h i c h a n o t i c e s h a l l h a v e b e e n g i v e n u n d e rt h is su bs e c t i o n sha l l , o n t he e xp i r a t i o n o f su c h no t i c e , c e a s e t o be l e ga lt e n d e r .( 3 ) N o t h i ng in t h is s e c t i o n sha l l be c o ns t r ue d a s p r e c l ud i ng t he Ba nkf ro m ma k i n g pa ym e n t f or a ny no t e s o r c o i ns c a l l e d in a c c o r d a n c e w i t hsub se c t i o n ( 2 ) w h i c h a r e de l i ve r e d to t he Ba nk a f t e r t he y ha ve c e a s e d t obe l e ga l t e nde r .2 9 . - ( l ) N o p e r s o n sha l l be e n t i tl e d to r e c o ve r fr om t he Ba n k t heva l ue o f a ny l o s t , s t o l e n o r i mp e r f e c t ba n k no t e o r c o i n , o r o f a ny ba nkn o t e t h a t h a s b e e n m u t i l a t e d , o r o f a n y c o in t h a t h a s b e e n t a m p e r e dwith.( 2 ) The c i r c um s t a n c e s in w h i c h a nd t he c o nd i t i o ns a n d l i mi ta t io nsup o n w hi c h , t he va l ue o f a ny l o s t , s t o l e n o r i mpe r f e c t no t e s o r c o i n s ,m u t i l a t e d n o t e s o r c o i n s w h i c h h a v e b e e n t a m p e r e d w i th m a y b er e f un de d a s o f g r a c e by t he Ba n k sha l l be w i th i n t he a bso l u t e d i s c r e t i o no f t h e B a n k .

T a m p e r i n g 3 0 . F o r t he pu r p o s e s o f t h is A c t , a c o in sha l l be d e e m e d t o ha v ew i t h c o i n a g e b e e n t a m p e r e d w i th if t h e c o i n h a s b e e n i m p a i r e d , d i m i n i s h e d o r l ig h te n e d o t h e r w i s e t h a n b y fa ir w e a r a n d t e a r , o r h a s b e e n d e f a c e d b ys t a m p i n g , e n g r a v i n g o r p i e r c in g w h e t h e r o r n o t it h a s b e e n t h e r e b yd i mi n i she d o r l i gh t e ne d .D e s t r u c t i o n 3 1 . The Ba n k m a y me l t do w n , b r e a k up o r de f a c e a ny c o in w h i c h ha so f c o i n s b e e n c a l l e d i n o r t a m p e r e d w i th a n d m a y d e f a c e o r d e s t r o y a n y b a n kj which ha s b ee n ca l led in o r mu t i la ted .

(b) Contracts, transactions, etc., to be in currency3 2 . Ev e r y c o n t r a c t , s a l e , pa ym e n t , b il l, no t e , i n s t r u m e n t a n d se c u r i t yfo r m o n e y , a n d e v e r y t r a n s a c t i o n , d e a l i n g , m a t t e r a n d t h in g w h a t s o e v e rre la t in g to m on ey , o r involving the p ay m en t o f, o r the liabi li ty to pa y,a n y m o n e y , s h a l l , i n t h e a b s e n c e o f e x p r e s s p r o v i si o n t o t h e c o n t r a r y ,b e m a d e , e x e c u t e d , e n t e r e d i n t o , d o n e a n d h a d a c c o r d i n g t o t h e s h il li n g.(c) Temporary and transitional provisions relating to currency3 3 . - (1) No twi th s tand ing the foregoing prov is ions of th is Pa r t o r thep r o v i s i o ns o f s e c t i o n 3 5 , e ve r y c u r r e nc y no t e a nd c o i n w h i c h i s , i mme di a t e l y be f o r e t he c o m m e n c e m e n t o f t h is P a r t , l e ga l t e n de r by r e a so n o f t hepr o v i s i o ns o f t he Cu r r e nc y N o t e s o r d i na n c e o r t he M e t a ll ic Co i nO r d i n a n c e o r t h e C u r r e n c y D e c r e e o f Z a n z i b a r s h a l l, s u b j e c t t o t h e

r e s p e c t i v e p r o v i s i o n s o f t h o s e O r d i n a n c e s a n d t h a t D e c r e e , r e m a i n l e g a lt e n d e r in T a n z a n i a u n t i l t h e P r e s i d e n t , b y p r o c l a m a t i o n m a d e a ft e rc o n su l t a t i o n w it h t he Ba nk , d i r e c t s t ha t su c h no t e s a n d c o i ns sha l lc e a se t o be l e ga l t e nde r .( 2 ) The P r e s i d e n t m a y e xe r c i s e h i s po w e r s un de r t h i s s e c t i o n e i t he r inr e s p e c t o f s u c h n o t e s a n d c o i n s , g e n e r a l l y o r in r e s p e c t o f a n y d e n o m i n a t ion or descr ip t ion of su ch no tes o r su ch c o in s .

L o s t a n dd a m a g e dc u r r e n c y

C o n t r a c t s ,e t c . , t o b em a d e i nc u r r e n c y

N o t e s a n dc o i n i s s u e db yE a s t Af r i c a nC u r r e n c yB o a r d tor e m a i nc u r r e n c yt e m p o r a r i l yT . C a p s . 1 7 7a n d 1 7 7Z . C a p 1 3 8


11/23

N o . 12 Bank of Tanzania 1966 11

34.-(1) So long as the c u r r e n c y n o t e s and coins re fe r red to in secUanhange o f3 3 r e m a i n l e g a l t e n d e r in T a n z a n i a , the Ba nk sha l l , on d e m a n d , excfa& 1ifg@ n' ia n y a m o u n t in s u c h n o t e s and c o i ns f re e o f c h a r g e f o r t h e e qu i va l e ^ tnbyue da m o u n t in b a n k n o t e s and c o i n i s s u e d u n d e r t h i s Act. The r e a f t e ' t > ' f t f e E a s tB a n k may c o n t i n u e to e x c h a n g e a m o u n t s in s u c h c u r r e n c y notejyfCYcoins f ree of c h a r g e for t h e e q u i v a l e n t a m o u n t in b a n k n o t e s and go aifjsi s s u e d u n d e r t h i s Act d u r i n g s u c h p e r i o d or p e r i o d s as the B a n k m a y ,with the a pp r o va l o f t he M i n i s te r , de t e r m i ne .( 2 ) Eve r y de t e r m i na t i o n un de r t h is s e c t i o n sha l l be pub l i she d in theGazette.

3 5 . E v e r y r e f e r e n c e to the East Af r ican shi l l ing, or the c e n t s tototructionw h i c h it is d i v i d e d , or to the p o u n d o f t w e n t y E a s t A fr ic an s h i l l i n g s o f i B f e r e n c e sa ny w r i t t e n l a w , de e d , i n s t r ume n t , s e c u r i t y for m o n e y or other docurrrfefnt 1or in any c o n t r a c t or a gr e e me n t w he t he r i n , w r i t i ng or no t , or in any o t f e rm a n n e r w h a t s o e v e r , s h a l l , in r e s p e c t of any t i m e , or any period (iu6 Tfn 1- c>'m e n c i n g , on or a f t e r t h i s s e c t i o n c o me s i n t o o pe r a t i o n , be c o n s t r u e d as ar e f e r e n c e to the e q u i v a l e n t a m o u n t of sh i l l i ngs , the c e n t s i n t o w h i c hthe shil l ing is d i v i de d and the sum of twe nty shi l lings m ul t ip l ied by then u m b e r o f p o u n d s , r e s p e c t i v e l y .

3 6 . For the p u r p o s e o f s e c t i o n s 34 and 35 , one E a s t A fr ican s hi l l ing r is l e n te qu i va l e n t to one shilling. a m o u n t sP ART IV

OTHER OPERATIONS OF THE BANK(a ) The Bank as banker to the Government and other publicauthorities37 . -(1) The Ba nk sha l l be the b a n k e r , and sha l l act as the f i s B a i k e r t o

a g e n t , o f t h e G o v e r n m e n t .t h e

G o v e r n m e n t( 2 ) T h e B a n k may, s u b j e c t to s u c h a r r a n g e m e n t s as m a y be m a d ewith the a u t h o r i t y c o n c e r n e d , act as b a n k e r and f i s c a l a g e n t for anypubl ic author i ty .3 8 . - ( 1 ) The Ba n k , in its c a p a c i t y as b a n k e r and f i s c a l a ge n t o f tKenction asG o v e r n m e n t or o f a ny pub l i c a u t ho r i t y , ma y- b a n k e r(a ) be the o ff ic ia l de po s i t o r y o f t he G o ve r nm e n t or p u b l i c a u t h o r i r | n d n f j s c a lc o n c e r n e d and a c c e p t d e p o s i t s and e f f e c t p a y m e n t s for S h " ea c c o u n t o f t h e G o v e r n m e n t or publ ic author i ty :P r o v i d e d t h a t the B a n k may, a f t e r c o nsu l t a t i o n w i t h theG o v e r n m e n t or the p u b l ic a u t h o r it y c o n c e r n e d , s e l e c t any o t h e rb a n k to act in its n a m e and for i t s a c c o un t as the off icial depositoryo f t h e G o v e r n m e n t or the pub l i c a u t ho r i t y in p l a c e s w h e r e theB a n k m a i n t a i n s no office or b r a n c h ;(b) main ta in and op era te sp ec ia l o f ficial acc ou nts in a c c o r da nc e w i t ha r r a n g e m e n t s m a d e b e t w e e n the B a n k and the G o v e r n m e n t orpub l i c a u t ho r i t y c o nc e r ne d ;(c ) act as a g e n t of the G o v e r n m e n t for se r v i c i ng the pub l i c de b t ,i nc l ud i ng the i s s u a n c e of, p a y m e n t o f i n t e r e s t o n , and the r e d e m p t ion, of, b o n d s and o t he r s e c u r i t i e s of the G o v e r n m e n t ;( d ) pa y , r e mi t , c o l l e c t or a c c e p t for d e p o s i t or c us t o dy f unds inT a n z a n i a or a b r o a d ;


12/23

12 N o . 1 2 Bank of Tanzania 1966

( e ) pu r c h a s e , s e l l , t r a ns f e r o r a c c e p t f or c us t o d y c h e q ue s , b ill s o fe xc ha nge a nd o t he r s e c u r i t i e s ;(f) c o l l e c t t he p r o c e e ds , w he t he r p r i nc i pa l o r i n t e r e s t , re su l t i ng f ro mt he s a l e f or , o r a c c r u i ng t o the i n t e r e s t o f, t he G o ve r n m e n t o rpub l i c a u t ho r i t y o f s e c u r i t i e s o r o t h e r p r o pe r t y ;( g ) pu r c h a s e , s e l l , t r a ns f e r o r a c c e p t fo r c us t o d y go l d o r f o r ei gne x c h a n g e .( 2 ) The B a nk sha l l no t be e n t i t l e d t o a ny r e m un e r a t i o n f or i tss e r v i c e s a s b a n k e r o r f is c a l a g e n t o f t h e G o v e r n m e n t e x c e p t in r e s p e c to f its s e r v i c e s a s a g e n t f o r t he G o ve r nm e n t pu r su a n t t o pa r a g r a p h (c )o f sub se c t i o n ( 1 ) o f t h is s e c t i o n , o r in r e s pe c t o f a ny t r a nsa c t i o n un de rsec t ion 39 or 40 .

D i r e c t 3 9 . (1) Sub jec t to the provis io ns of th is sec t ion , the Bank m ay m ak et o t h e C e S d i r e c t a d va nc e s t o t he G o ve r nm e n t fo r t he pu r po se s o f o f f se t ti ng f l uct ua -G o v e m m e n t t io n s b e t w e e n r e c e i p t s fro m th e b u d g e t r e v e n u e a n d p a y m e n t s o f t h eG o v e r n m e n t .

( 2 ) T h e t o t al a m o u n t o u t s t a n d i n g a t a n y ti m e of a d v a n c e s m a d e u n d e rt h is s e c t i o n s h a l l n o t e x c e e d t w e n t y p e r c e n t u m o f t h e a v e r a g e a n n u a lo r d i n a ry r e v e n u e s o f t h e G o v e r n m e n t a n d n o a d v a n c e s s h a l l r e m a i no u t s t a n d i n g fo r m o r e t h a n t h r e e h u n d r e d d a y s .( 3 ) E a c h a d v a n c e m a d e t o t h e G o v e r n m e n t u n d e r t hi s s e c t i o n s h a l lb e a r i n t e r e s t a t s u c h r a t e , n o t b e i n g l e s s t h a n t h r e e p e r c e n t u m p e ra n n u m , a s m a y b e a g r e e d b e t w e e n t h e B a n k a n d t h e G o v e r n m e n t .

O p e r a t i o n s i n 4 0 . ( 1 ) S ub j e c t t o t he p r o v i s io ns o f t h i s s e c t i o n , t he Ba nk m a y-G o v e r n m e n t , ^ pu r c h a s e , ho l d a nd se l l ne go t i a b l e s e c u r i ti e s i s sue d by t he G o v e r n -s e c u r i t i e s m e n t w h i c h m a t u r e n o t l a t e r t h a n t w e l v e m o n t h s fro m t h e d a t e

o f a c qu i s i t i o n by the Ba n k ;( b ) pu r c h a s e , ho l d a nd se l l ne go t i a b l e s e c u r i t i e s i s su e d by t he G o v e r n m e n t o r , w i th t h e g u a r a n t e e o f t h e G o v e r n m e n t , b y a p u b li ca u t ho r i t y w h i c h m a t u r e l a t e r t ha n t w e l ve m o n t hs f ro m t he da t eof acquis i t ion by the Bank.(2) The to ta l am ou nt o f secur i t ies he ld by the Bank a t an y t ime un de rsub se c t i o n ( 1 ) o f t h i s s e c t i o n , t o ge t he r w ith the a m o u n t o f s e c u r i t i e s he l dby the Bank as secur i ty under paragraph (b) o f sec t ion 45 , sha l l no tex cee d twenty- five pe r centu m of the averag e an nu a l o rdinary re ven uesof the G ove rnm ent ; an d the to ta l am ou nt o f the secur i t ies he ld by theBan k at any t ime u nd er para gra ph (b) of subsectio n (1) of this sect ions h a l l n o t e x c e e d t e n p e r c e n t u m o f s u c h a v e r a g e a n n u a l o r d i n a r yr e v e n u e s .M e a n i n g o f 4 1 . F o r t h e p u r p o s e s o f s e c t i o n s 3 9 a n d 4 0 , t h e o r d i n a r y r e v e n u e s o fa n n ^ a f m e G o v e r n m e n t i n c lu d e th e r e v e n u e s fro m t a x e s , l e v i e s , d u t i e s a n d f e e s ,o r d i n a r y r e n t s , p r of it s a n d i nc o m e f ro m a ny i nv e s t m e n t o r un de r t a k i n g a n d a nyc o n t r ibu t i o n to t he r e ve n ue o f t he G o ve r nm e n t f ro m a ny po l it ic a l subd i v i s i o n o f t he U n i t e d R e pu b l i c , bu t do no t i nc l ude l o a ns , g r a n t s , o t h e rf o rms o f e c o no m i c a i d o r c a p i t a l r a i s e d ; a nd t he a ve r a g e a nn ua l o r d i na r yr e v e n u e s m e a n s t h e a v e r a g e o f t h e a n n u a l o r d i n a ry r e v e n u e s d u r in g t h et h r e e f i na nc i a l ye a r s i mm e di a t e l y p r e c e d i ng the ye a r in w h i c h ther e l e va n t c a l c u l a t i o n i s ma de .

r e v e n u e s


13/23

N o . 1 2 Bank of Tanzania 1966 1 3

4 2 . Except as provided in sections 39 and 40, the Bank shallPmWbitione x t e nd a ny c r e d i t d i r e c t l y o r i nd i r e c t l y t o t he G o ve r nme n t o rpubl ic author i ty . c ^ t 0G o v e r n m e n t ,(b) Financial relation w ith other ba nks e t c .4 3 . ( 1 ) The Ba n k m a y o pe n a c c o un t s f or , a c c e p t de po s i t s f ro m, Saroflertoc o l l e c t m o n e y a nd o t h e r m o n e t a r y c la i ms fo r a nd o n a c c o un t o f, b&Bf e,a n d m a y g e n e r a l l y a c t a s b a n k e r t o b a n k s .(2) Su bje c t to the p rov is ion s o f th i s Act , the B an k m ay provid ea d d i t i o n a l s e r v i c e s t o b a n k s , i n c lu d i n g i n t e r b a n k c l e a r i n g s a n d t h eprov ision of safe d ep os it facil i t ies.4 4 . - ( 1 ) The Ba n k m a y pu r c h a se f ro m, s e l l t o a nd r e d is c c R Ha a t s c o un to n b e h a l f of, b a n k s , s u c h b ills o f e x c h a n g e , p r o m i s s o r y n o t e s a n d 4h erc r e d i t i n s t r u m e n t s a s -

( a ) b e a r th e e n d o r s e m e n t o r a c c e p t a n c e o f a b a n k ; a n d(b) m atu re wi thin one hu nd red and e ig hty days f rom the d a te o fa c qu i s i t i o n o r r e d i sc o un t by t he Ba n k ; a n d(c) a re i ssued a nd ma de for the purpose of f inanc ing-(i) t he pu r c h a se o r ma r k e t i ng o f p r o du c e , t he i m po r t a t io n o re x p o r t a t i o n o f p r o d u c e a n d o t h e r g o o d s , o r t h e t r a n s p o r t a t io n o f p r o d u c e a n d o t h e r g o o d s w i th in T a n z a n i a ;(ii) t he s t o r a g e o f no n- pe r i sha b l e go o d s a nd p r o du c t s w h i c h a r ed u l y i n s u r e d o r d e p o s i t e d u n d e r c o n d i t i o n s a s s u r i n g t h e i rp r e s e r v a t i o n in a u t h o r i z e d w a r e h o u s e s o r in o t h e r p l a c e sa p p r o v e d b y t h e B a n k ; o r( i i i ) industr ial or agr icultural production.(2) If the B an k is sat isf ied th at i t is in the in ter est of the nat io na l

e c o n o m y s o t o d o , it m a y e x e r c i s e t h e p o w e r s c o n f e r re d b y s u b s e c t i o n( l ) i n r e s p e c t o f in s t r u m e n t s , b e a r i n g t h e e n d o r s e m e n t o r a c c e p t a n c eo f a ba nk a n d r e l a t i ng t o i ndus t r i a l o r a g r i c u l t u r a l p r o d uc t i o n , w h i c hm a t u r e w i th i n t w o hu nd r e d a nd se ve n t y da ys f ro m t he da t e o f a c qu i s i t i o n o r r e d i sc o un t by t he Ba n k .( 3 ) Wh ere the Ban k take s any ins t rumen t un de r sub sec t io n (2) it m ayr e q u i r e t h e t r a n s a c t i o n t o b e f u rt h e r s e c u r e d b y t h e p l e d g e , h y p o t h e c a t io n o r a s s i g n m e n t o f a n y p r o d u c t s o r c r o p s t o w h i c h t h e tr a n s a c t i o n o ra n y c o n n e c t e d t r a n s a c t i o n r e l a t e s .

4 5 . The Ba n k m a y g r a n t l o a ns o r a d va nc e s f o r f ixed p e r i o d s , L d i o tex cee din g s ix m on ths , to ba nk s which pledg e the fol lowing as se cur i ty fors u c h l o a n s o r a d v a n c e s : -(a ) the in s t rum ents r e fe r red to in sec t ion 44 , o r(b) su bje c t to the l imi ta tions pro vid ed for in sec t ion 40 , neg ot ia bles e c u ri t ie s i s s u e d o r g u a r a n t e e d b y th e G o v e r n m e n t .

4 6 . Su bje c t to the prov is ion s of sec t ion 44 a nd 45 , the B an k m ay ciejgairionsm i n e t h e g e n e r a l t e r m s a n d c o n d i t i o n s u n d e r w h i c h it e x t e n d s c j ^ 4 # d i tt o b a n ks . In pa r t i c u l a r , t he Ba nk sha l l de t e r m i ne a nd pub l i sh t he nM e s c t i o nsof in te res t it wil l ch arg e for r e d isco unt in g i ns t r um ents in acc or da nc e wi ths e c t i o n 4 4 , a n d fo r g r a n t i n g l o a n s o r a d v a n c e s to b a n k s in a c c o r d a n c ewi th sec t ion 45 .


14/23

14 N o . 1 2 Bank of Tanzania 1 9 6 6

(c) Control of banking and creditR e s e r v e 47 . (1) Sub jec t to the provis io ns of th is sec t ion , the Ba nk m ay ,r e q u i r e m e n t s fro m t im e t o t i m e , r e q u i r e b a n k s t o m a i n t a i n m i n i m u m c a s h b a l a n c e s o nb a n k s ' 3 6 0 1 f de p o s i t w i th t he Ba n k a s r e se r ve s a g a i n s t t he de p o s i t a nd o t he r l ia b il it ie so f t h e b a n k s .

(2) The Ba nk m ay p resc r ibe di f fe rent r a t ios fo r d i ffe rent k inds ofl ia b il it ie s a nd m a y p r e sc r i be t he m e t ho ds o f c o m put i ng t he a m o u n t o ft he r e se r ve s ( w h i c h r a t i o s a n d m e t h o d s sha l l a pp l y un if o rml y t o a l lb a n k s ) , b u t t h e t o t a l o f s u c h b a l a n c e s r e q u i r e d o f a n y b a n k s h a l l n o te x c e e d t w e n t y pe r c e n t um o f t ha t ba n k ' s de p o s i t a nd o t he r l ia b i li ti e s.( 3 ) A ny r e qu i r e m e n t o r i nc r e a se in t he r a t i o s p r e sc r i be d un de r t h issec t ion sha l l t ake e f fec t o n th e exp i ra t ion of th i rty da ys no t ice to theb a n k s .( 4 ) The Ba nk m a y i mp o se o n a ny ba nk w hi c h fa ils t o ma i n t a i n t hem i n i m u m b a l a n c e s r e q u i r e d u n d e r t h i s s e c t i o n a p e n a l t y c h a r g e n o te x c e e d i n g o n e t e n t h o f o n e p e r c e n t u m p e r d a y o n t h e a m o u n t o f t h ede f i c i e nc y f or e ve r y da y o n w h i c h t he de f i c i e nc y c o n t i nu e s , a nd su c hc h a r g e m a y b e r e c o v e r e d b y d e d u c t i o n fro m a n y b a l a n c e o f, o r m o n e y sowing to , the ba nk co nc ern ed or as a c iv il deb t .(5) In this se ct i on , th e l iabil it ies of a b an k m ea n s its l iabil it ies inT a n z a n i a .

R e g u l a t i o no f d e p o s i tr a t e o fb a n k s a n ds p e c i f i e dfinanciali n s t i t u t i o n s

C r e d i tc o n t r o l so v e r b a n k s

C r e d i tc o n t r o l s o v e rs p e c i f i e dfinanciali n s t i t u t i o n s

4 8 . ( 1) T h e B a n k m a y , w h e n it c o n s i d e r s s u c h a c ti o n n e c e s s a r y ,i s s u e o r d e r s p r e s c r i b i n g t h e m a x i m u m o r m i n i m u m r a t e s o f i n t e r e s tw h i c h ba n ks a nd spe c i f i e d f i na nc i a l i n s t it u t i o ns sha l l pa y o n a ny t ype o fd e p o s i t a n d , in t h e t r a n s a c t i o n o f t h e i r b u s i n e s s i n T a n z a n i a , t h e b a n k sa n d the spe c i f i e d f inanci al i n s t i tu t i o ns sha l l c o m pl y w it h su c h o r de r s .( 2 ) O r d e r s m a y be m a d e un de r t h is s e c t i o n in r e sp e c t o f a l l ba nk sa n d spe c i f i e d f i na nc i a l i n s t it u t i o ns o r in r e s p e c t o f a ll b a n k s , o r a l lspec i f ied f inanc ia l ins t i tu t ion s , o r an y ca t eg or y of spec i f ied f inanc ia li n s t i t u t i o ns , a n d su c h o r de r s sha l l a pp l y un i f o rml y t o su c h o f t he ba nk sa nd spe c i f i e d f ina nc i a l i n s t it u t i o ns t o w h i c h t he y r e l a t e a s e ng a g ein t he t r a n sa c t i o n s c o ve r e d by t he o r de r s a nd sha l l, t o g e t h e r w i th t he i reffect ive d at es , be pu blis he d in the Gazette.494- (l ) The Ba n k m a y , w h e n it c o n s i de r s suc h a c t i o n ne c e s s a r y , i s sueo r d e r s t o c o n t r o l t h e v o l u m e , t e r m s a n d c o n d i t i o n s o f c r e d i t e x t e n d e db y b a n k s a n d , in t h e t r a n s a c t i o n o f t h e ir b u s i n e s s in T a n z a n i a , t h eba n ks sha l l c o mp l y w i th suc h o r de r s .( 2 ) O r de r s un de r t h is s e c t i o n s ha l l no t r e qu i r e ba nk s t o t a ke a nys t e p t o r e d uc e a n y e x i s t i ng c r e d i t p r e m a t u r e l y , sha l l a pp l y un i fo r ml y to

a ll b a n k s e n g a g i n g in t h e c r e d i t t r a n s a c t i o n s c o v e r e d b y t h e o r d e r s a n dsha l l , t o ge t h e r w i th t he i r e f fe c ti ve d a t e s , be pu b l i s he d i n t he Gazette.50.-(1 ) The Ba nk ma y , w h e n it c o ns i de r s suc h a c t i o n n e c e s sa r y ,i s s u e o r d e r s t o c o n t r o l t h e v o l u m e , t e r m s a n d c o n d i t i o n s o f c r e d i t( inc l ud ing i n s t a l l me n t c r e d i t ) e x t e n de d t h r o ugh l o a ns , a d va nc e s o ri nv e s t m e n t s by spe c i f i e d f inanci al i n s t i tu t i o ns a n d , in t he t r a n sa c t i o no f t he i r b us i n e s s in Ta nz a n i a , suc h i n s ti t u t io ns sha l l c o m pl y Wi t h S uc ho r d e r s .


15/23

N o . 1 2 Bank of Tanzania 1966

(2) Ord ers un d er th is sec t ion sha l l no t r equi re the ins t itu t ions to takes t e ps t o r e duc e a ny e x i s t i ng c r e d i t p r e ma t u r e l y , sha l l a pp l y un i f o r ml y t oa l l spe c i f i e d f i na nc i a l in s t i tu t i o ns e n ga g i n g in t he c r e d i t t r a n sa c t i o n sc o ve r e d by t he o r d e r s a nd sha l l , t o ge t he r w i th t he i r e f fe c ti ve da t e s , bepubl i shed in the Gazette.5 1 . - ( 1 ) Eve r y ba n k a nd spe c i fi e d f i na nc ia l i n s ti tu t io n sha l l f u r n i s n n f o r m a t l o nt o t he Ba nk , a t su c h t i me a n d in su c h m a n n e r a s m a y be p re sc ri be .' d by ,

J r l u r n i s i i e dt he Ba nk , suc h i n f o r ma t i o n a s t he Ba nk ma y r e qu i r e f o r t he prof^s^^d i sc ha r ge o f its func t ions and respon sibi l i t i e s . a n ds p e c i f i e d( 2 ) The Ba n k ma y pub l i sh in w ho l e o r in pa r t , a t suc h t i me s a s i t m a y a n c i a lde c i de , the i n fo r ma t io n f u r n i she d pu r su a n t to su bse c t i o n . ( 1 ), bu t n $ s t I t u t l o n sinformat ion s ha l l be pu bl i s he d which wou ld dis c lo se the f inanc ia l a f fa ir so f a ny c u s t o m e r o f a b a n k o r f inancia l i n s t it u t io n un l e s s h i s w r it t e n c o n se n t ha s fi rs t be e n o b t a i ne d by t he B a nk .

5 2 . W he re an y b an k fans to com ply wi th an y req ui re m en t o f sec tiffidkult b y4 8 , 49 or 51 , or any spe cif ied f inancial inst i tut ion fails to comp ly with ai ty 1 1 ^ a n dr e q u i r e m e n t o f s e c t i o n 48 , 50 o r 5 1 , t he ba nk o r , a s t he c a se ma^^e^f1the f inancial inst i tu t ion, an d ev er y off icer of the b a n k o r f inancfelncialins t i tu t ion w ho is in defaul t , sha l l be l iable to a defa ul t f ine ; an d t i 8e t I t u t l o n sp r o v i s i o n s o f s e c t i o n 2 5 o f t h e B a n k i n g O r d i n a n c e s h a l l a p p l y t o s u c hbank, f inancial inst i tut ion or off icer as they apply to banks and off icers inde f a u l t unde r t ha t O r d i na nc e .(d ) External reserves, gold and foreign exchange

53 . - (1) The Ban k sha l l a t a ll t imes us e i ts be s t en de av or s to m a d a s e r v e o ft a in a r e s e r v e o f e x t e r n a l a s s e t s a t a n a g g r e g a t e a m o u n t o f n o t le ss x tl w yithe va lu e of four m on th s ' imp or ts as av er ag ed for the las t tJe>&p r e c e d i n g y e a r s . S u b j e c t to s u b s e c t i o n ( 3 ) s u c h r e s e r v e s h a l l c o n s i s tof an y or al l of the fol lowing:-(a) gold;(b) con vert ible foreign ex ch an ge in the form of-(i) de m an d or t ime de po si t s wi th fore ign cen t ra l ba nk s or wi tht he B a n k ' s a g e n t s o r c o r r e s p o n d e n t s a b r o a d ; d o c u m e n t s a n d i n s t r u m e n t s c u s t o m a r i ly u s e d fo r t h e m a k i n go f p a y m e n t s o r t r a n s f e r s in i n t e r n a t i o n a l t r a n s a c t i o n s ;

(iii) notes o r co ins ;(c ) secur i t ies o f, o r gu ar an te ed by, fo re ign go ve rnm en ts o r in te r na t iona l f inanc ia l o rganiza t ions or ins t i tu t ions .(2) The Ba nk sha l l f rom t ime to t ime de te rm ine the type and formo f c o nve r t i b l e fo r e ign e xc ha ng e a nd t he k i nds o f s e c u r i t i e s w h i c h ma y behe l d in t he r e se r ve o f e x t e r n a l a s se t s p u r s ua n t to subse c t i o n ( 1 ).( 3 ) The Ba nk m ay inc lude in i ts r es e rv e of ex te rn a l as se ts an y l iquide x t e r na l a s se t no t i nc l ude d in sub se c t i o n (1 ) , o r a ny r e a d i l y a va i l a b l ei n t e r n a t i o na l d r a w i n g f ac il it y, w h i c h t he Ba n k , a f t er c o n su l t a t i o n w i tht he I n t e r n a t i o n a l M o ne t a r y F und a nd w i th t he a pp r o v a l o f t he M i n i s t e r ,cons iders sui table fo r inc lus ion in , such rese rve .


16/23

N o . 12 Bank of Tanzania 1966

(4) In th is sec t io n, "conver t ib le fo re ign ex ch an ge " m ea n s fore igne x c h a n ge w hi c h is f re e ly ne go t i a b l e a nd t r a ns f e r a b l e in i n t e r na t i o na le x c h a n g e m a r k e t s a t e x c h a n g e r a te m a r g i n s c o n s i s t e n t w i th t h e A rt ic le so f A gr e e m e n t , a s i n f o rc e fr om t ime t o t i me , o f t he I n t e r n a t i o na lM o n e t a r y F u n d .D e a l i n g s i n 5 4 . ( 1 ) Su bie c t to the prov is ions of th is sec t i on , the Ba nk ma y-g o l d a n d r Jf o r e i g n (a ) impor t , exp or t , buy , se l l , ho ld or o the rwise de a l in go ld ;c u r r e n c i e s ( b ) a c qu i r e a nd t r a ns f e r ba l a nc e s in f o re i gn c u r r e n c i e s , ho l d suc hba l a nc e s w i th f o r e ign c e n t r a l ba nk s o r w i th t he Ba n k ' s a ge n t s o rc o r r e s p o n d e n t s a b r o a d , a n d i n v e s t s u c h b a l a n c e s in m a r k e t a b l efore ign secur i t ies ;

(c ) acq ui r e , ho ld and t r ansfe r , and e f fec t t r an sac t ion s of an y kind in ,f o r e i gn e xc ha nge .( 2 ) T h e B a n k m a y e n g a g e m fo r ei gn e x c h a n g e t r a n s a c t i o n s o n l y w i th -(a) banks;(b) the G overn men t ;(c) a public authority;(d) fo re ign cen t ra l b an ks , fo re ign ba n ks , o r fo re ign f inanc ia l ins t i tutions ;( e ) fo re ign govern m ents o r age nc i es o f fo re ign go ver nm ents ;( f ) international f inancial organizations or inst i tut ions;( g ) a ny o t he r pe r so n w ho m t he M i n i s t e r, o n t he r e c o m m e nd a t i o no f t he Ba nk , m a y p r e s c r i be f or t he pu r p o s e s o f t h i s s e c t i o n .( 3 ) The buy i ng a nd se ll ing r a t e s in t r a nsa c t i o ns a u t ho r i z e d by t h iss e c t io n s h a l l b e in a c c o r d a n c e w ith i n t e rn a t i o n a l a g r e e m e n t s t o w h i chTa n z a n i a i s a pa r t y o r w it h w h i c h Ta nz a n i a is a s s o c i a t e d .

E x c h a n g e 5 5 . The Ba nk sha l l ex erc i se s uc h func t ions in the adm inis t ra t ion of anyc o n t r o l j a w j -eiat ing t o m e c o n t r o l o f t h e i m p o r t, e x p o r t , p u r c h a s e , s a l e o r o t h e rt r a n s a c t i o n s in f o re ig n e x c h a n g e a n d g o ld a s m a y b e c o n f e r re d u p o n itb y o r u n d e r s u c h l aw .P a y m e n t s 5 6 . T h e B a n k s h a l l a d m i n i s t e r a n y p a y m e n t s a g r e e m e n t e n t e r e d in toa g r e e m e n t b y T a n z a n i aF i s c a i a g e n t 5 7 . ( l ) T h e Ba n k sha l l be t he f is ca l a g e n t fo r a l l t he G o ve r nm e n t ' sa n d t r a n sa c t i o n s w i th i n t e r na t i o na l f inanci al o r ga n i z a t i o n s o r i n s t it u t i o ns o fd e p o s i t o r yf o r w h i c h T a n z a n i a i s a m e m b e r .G o v e r n m e n t st r a n s a c t i o n s ( 2 ) The Ba nk sha l l a c t a s a de po s i t o r y f o r t he Ta nz a n i a c u r r e nc yi n t e r n a t i o n a l ho l d i ngs o f i n t e r n a t i o n a l f inanci al o r g a n i z a t i o n s o r i n s t i tu t i o ns o f w h i c hfinancial T a n z a n i a i s a m e m b e r .i n s t i t u t i o n s ^Miscellaneous powers and functionsRelations ^ * ^ n e B a n k m a y o p e n a c c o u n t s f or , a c c e p t d e p o s i t s fro m , a n dwith foreign col lec t mo ney and o ther mo ne ta ry c la ims for and on acc ou nt of, fo re ignbanks cen tral ba nk s, foreign ba nk s and foreign f inancial inst i tut ions, an d ma yge ne r a l l y a c t a s ba nke r t o suc h ba nks a nd i ns t i t u t i o ns .


17/23


59. The Ba nk m ay, with the a pp rov al of the M inister , pro m ote , asadre insub sc r i be t o , ho l d , a nd se l l sh a r e s i n , a ny c o r po r a t i o n es tabl i she^r feya t ionso r w i t h t he a pp r o v a l o r un de r t he a u t ho r i ty o f, t he G o v e r n m e n t forlishedp u r p o s e s o f p r o m o t i n g th e d e v e l o p m e n t o f a m o n e y m a r k e t o r s e c u f t f ie ^ n e y 0 1m a r k e t in T a nz a n i a o r o f i mpr o v i ng t he f i na nc i a l m a c h i ne r y f or t rf ec m a r e 'f in a n c in g o f e c o n o m i c d e v e l o p m e n t in T a n z a n i a :P r o v i d e d t ha t t he t o t a l va l ue o f t he Ba n k ' s ho l d i ng o f a ny su c hsh a r e s sh a l l n o t a t a ny t ime e xc e e d fifty pe r c e n t um o f t he a gg r e ga t e o f t heBa n k ' s pa i d up c a p i t a l a nd o f t he ge ne r a l r e s e r v e fund o f t he Ba n k .

6 0 . The B a nk ma y , if in its o p i n i o n c i r c u m s t a nc e s o f a n u n u s t a Q r e s t o nn a t u r e r e n d e r it d e s i r a b l e a n d p r u d e n t s o to d o , p a y i n t e r e s t a t s u c h n ra te s ma n d sub j e c t t o su c h qua l i fi c a ti o ns a s it m a y de t e r m i ne o n mi n i mu m c S s n n c e s a rba l a nc e s de po s i t e d w i t h t he Ba nk i n a c c o r da nc e w i t h s e c t i o n 47 o r o n bl 9ffe edba l a nc e s i n a ny a c c o un t w i t h t he Ba nk w hi c h i s a b l o c ke d a c c o un t w i f f i Tr P un t st h e m e a n i n g o f t h e E x c h a n g e C o n t r o l O r d i n a n c e . Cap. 29 46 1 . - ( l ) T h e B a n k m a y a d v i s e t h e G o v e r n m e n t o n a n y m a t t e r r e la t in gt o i t s f unc t i o ns , po w e r s a nd du t i e s unde r t h i s o r a ny o t he r l a w a nd sha l la d v i s e t h e G o v e r n m e n t w h e n , in t h e B a n k ' s o p i n i o n , a n y s u c h m a t t e r isl ike ly to a f fec t the ac hi ev em en t o f the pr inc ipa l objec t ives o f t he Ba nk a sset for th in section 5.( 2 ) The G o ve r nm e n t m a y r e qu i r e t he Ba n k t o g i ve i ts a dv i c e o n a nym a t t e r r e l a t i ng to t he f unc t i o ns , po w e r s a n d du t i e s o f t he Ba nk a ndc r e d i t c o n d i t i o n s in T a n z a n i a o r a n y p r o p o s a l s , m e a s u r e s o r t r a n s a c t i o n sre la t ing th ere to , and the Ban k sha l l g ive it s advice accord ingly .

( a ) s a ve a s e xp r e s s l y a u t ho r i z e d by t hi s A c t, e n ga ge in t r a d e , o r o w no r a c qu i r e a ny d i r e c t i n t e r e s t i n a ny c o mme r c i a l , a g r i c u l t u r a l ,i ndus t r i a l o r s i mi l a r un de r t a k i n g e x c e p t in t he c o ur s e o f o b t a i n i ngsa t i s fac t ion for any debt due to the Bank;(b) pu rch as e , acqui re o r lease imm ovable prop er ty for any pu rpo seex ce pt as prem ises fo r the Bank ( inc luding rea so na ble provis ion fora n t i c i p a t e d f u tu re r e q u i r e m e n t s ) o r fo r t h e u s e o f t h e m e m b e r sof th e Bo ard or o f th e s ta f f o f the B ank ;( c ) d r a w o r a c c e p t b ill s pa y a b l e o t he r w i se t ha n o n d e m a n d ; o r(d) sav e for the pur po ses o f g iving e f fec t to subs ec t io n ( 2) o f sec t ion1 2 , g u a r a n t e e a n y l o a n , a d v a n c e o r i n v e s t m e n t .(2 ) W here , in the cas e p rovided in pa rag rap h (a ) o f sub sec t io n ( 1 ) , th eB a n k a c q u i r e s a n y i n t e r e s t to w h i c h t h a t p a r a g r a p h r e f e r s , t h e B a n k

sha l l d i sp o se o f t he s a m e a t t he e a r l i e s t su i t a b le o ppo r t un i t y .

6 3 . The G o ve r nm e n t sha l l no t ma i n t a i n a n y r e se r v e o f e x t e r n a l a s se t s L i mit at io nex cep t to the exte nt ne ce ss ar y for working ba lan ce s . Soilings

(f) Prohibited operations6 2 . - ( l ) The Ban k sh a l l no t - Proh ib i tedo p e r a t i o n s

P A R T VMISCELLANEOUS

( a ) General


18/23

18 N o . 1 2 Bank of Tanzania 1 9 6 6P r o h i b i t e db a n k i n gn a m e s

B a n k , e t c .d e e m e d t o b ep u b l i cs e r v i c e f o rc e r t a i np u r p o s eC a p . 4 5P e r m a n e n tC o m m i s s i o nt o h a v ej u r i s d i c t i o n

Ac t s 1 9 65N o . 4 3

S u b s c r i p t i o nf o r i n i t i a la u t h o r i z e dc a p i t a l

A s s e t s o fE a s t A f r i c a nC u r r e n c yB o a r d

E x c l u s i o no f c e r t a i na s s e t s f r o ml im i t s o nC r e d i t

6 4 . S a v e w i t h t he w r i t te n c o n se n t o f t he M i n i s t e r a c t i ng o n t her e c o m m e n d a t i o n o f t h e B a n k , n o b a n k s h a l l b e r e g i s t e r e d h e r e a f t e run de r t he p r o v i s i o ns o f a ny l a w in f o rc e in Ta nz a n i a by a na m e w h i c hi nc l ud e s a ny o f t he w o r ds "Ce n t r a l " , "G o ve r n me n t " , "N a t i o na l " ,' R e p u b l i c " , " R e p u b l i c a n " , " R e s e r v e " , , f S t a t e " , " T a n z a n i a " " T a n z a -n i a n" o r "U ni o n"

6 5 . In t he d i s c h a r g e o f its f unc t io ns un de r t h is A c t a nd i n t he a dm i n i s .t r a ti o n o f a ny l a w t o w h i c h se c t i o n 55 r e f e r s , t he Ba n k , a nd t he m e m be r so f t h e B o a r d a n d o f t h e s t af f o f t h e B a n k , s h a l l b e d e e m e d , fo r t h ep u r p o s e s o f s e c t i o n 5 o f t h e O ffi cia l S e c r e t s O r d i n a n c e , t o b e p e r s o n shold ing off ice in the service o f th e U nited Re pu blic .6 6 . In a d d i ti o n t o a n y o t h e r p e r s o n s m r e s p e c t o f w h o m t h e P e r m a n e n tC o m m i s s i o n o f E n q u i ry h a s j u ri s di c ti o n , th e P e r m a n e n t C o m m i s s i o nsh a l l h a v e j u r i sd i c t io n to e nq u i r e i n to t he c o n du c t in t he e xe r c i s e o f t h e i r

r e sp e c t i v e o f fi ce s o r a u t ho r i t i e s , o r in a b us e thereof, o f t h e m e m b e r so f t h e B o a r d a n d t h e m e m b e r s o f t h e s t af f o f t h e B a n k a n d , a c c o r d i n g l y ,the Ba nk is spec i f ied for the pur po se s o f su bs ec t io n (4) o f sec t io n 67 oft he I n te r im C o ns t i t u t io n o f Ta nz a n i a , 1965 .(b) Transitional

6 7 . A ll l a n ds , bu i l d ings a n d m o v a b l e p r o p e r t y ( i nc lud i ng s t o c k s o fno t e s o r c o i ns ) o b t a i ne d o r p r o v i d e d by t he G o ve r nm e n t , p r i o r t o t hec o m m e n c e m e n t o f t h i s s e c t i o n , fo r th e u s e o f t h e B a n k s h a l l , o n , t h ec o m m e n c e m e n t o f t hi s s e c t i o n , v e s t in t h e B a n k w i t h o u t f u rt h er a s s u r a n c e ; a n d s u c h l a n d s , b u i l d in g s a n d p r o p e r t y , a n d a n y s u m o f m o n e ypa i d t o o r a pp r o p r i a t e d t o t he use o f t he Ba n k by t he G o ve r n m e n tbe f o r e t he da t e p r e s c r i be d f o r t he p u r p o s e s o f s e c t i o n 68 ( inc l udi ng a nysh a r e o f t he U n i t e d Re p ub l i c in t he a s se t s o f t h e E a s t A f ri c an Cu r r e nc yBoa rd dis t r ibuted before tha t da te ) , sha l l be de em ed to : be the subsc r ip t ionin fu ll in mo ne y ' s w o r t h a n d m o n e y by t he U n i t e d Re pu b l i c f or t hec a p i t a l o f t he Ba nk a u t h o r i z e d by se c t i o n 14 , a nd t he U n i t e d Re p ub l i csha l l be u nd e r no f u r t he r li ab il it y in r e sp e c t o f su c h subs c r i p t i o n .

6 8 . - ( 1 ) A ll t he sha r e o f t h e U n i t e d Re pu b l i c in t he a s se t s o f t h eE a s t A f ri ca n C ur r e n c y Bo a r d w h i c h a re d i s t r i bu t a b l e a f te r t he p r e s c r i be d da t e sha l l be t r a ns f e r r e d t o t he Ba nk , a n d t he Ba nk sha l lha v e t he so le a u t ho r it y t o r e c e i ve su c h a s se t s .( 2 ) In t hi s s e c t i o n , "t he p r e sc r i be d da t e " m e a ns t he da t e a s de t e r m i ne dby t he M i n i s t e r o n w h i c h t he d i s t r ibu t i o n o f t he a s s e t s o f t he E a s tA f ri c an Cu r r e nc y Bo a r d ( o t he r t ha n a n y p r e l i mi na r y d i s t r ibu t i o n ma def or t h e p u r p o s e s o f e n a b l i n g th e B a n k t o u n d e r t a k e a n y a c ti v it ie s n e c e s s a r y b e fo r e i t c o m m e n c e s b u s i n e s s ) is c o m m e n c e d .6 9 . A ny se c ur i t i e s i s s ue d by t he U n i t e d Re pu b l i c o r Za nz i ba r w h i c ha r e r e c e i v e d b y t h e B a n k a s p a r t o f t h e U n i t e d R e p u b l i c ' s s h a r e o f t h ea s s e t s o f t h e E a s t A fr ic an C u r r e n c y B o a r d s h a l l n o t b e d e e m e d t o b es e c u r i ti e s i s s u e d o r g u a r a n t e e d b y th e G o v e r n m e n t , a n d s h a l l n o t b et a k e n i nt o a c c o u n t in c o m p u t i n g t h e a m o u n t o f c r e d i t e x t e n d e d t o t h eG o v e r n m e n t a n d p u b l ic a u t h o r i t i e s , f or t h e p u r p o s e s o f s e c t i o n 3 9 o r

4 0 .


19/23

N o . 12 Bank of Tanzania 1966 19

70 . Any reserve of external assets in excess of working balances Ifekkferofby the Government on the commencement of this section s ha^b^stransferred to the Bank as it shall request, and upon the transfer Of11such assets the Bank shall credit the account of the GovernmentriWftrF o fthe value thereof. G o v e r n m e n t

71 . - (1) Any time after the commencement of section 4 the Bank ma-^liminarymake such arrangements as it considers necessary for the printMgnotes and the minting of coins for the purpose ofthis Act. expenses

( 2 ) Upon the commencement of section 4, any act done, and preliminary expense s incurred, by the Government in connection with theformation of the Bank, including the printing of notes and minting ofcoins to be issued by the Bank, shall, as the Minister may direct, havethe same effect and validity as if such act had been validly done andsuch expenses validly incurred by the Bank; and the Bank may continueany act so commenced but remaining unfinished at the date of commencemen t of section 4 as if such act had be en initiated by the Bank.

(c) Amendment and repeal of Laws72 . The provisions of th e written laws se t out in the first, second aterindmentthird columns of the Schedule hereto are hereby amended in themanner set out opposite thereto in the fourth column ofthe Schedule.7 3 . Subject to sections 33 to 36 (inclusive), the Currency NotespealOrdinance, the Metallic Currency Ordinance and the Currency Decreeof Zanzibar are hereby repealed.

THE SCHEDULE

(Section 72)A M E N D M E N T OF LAWS

(a) Laws oflanzania and Langanyika1. 2. 3. 4.

(1 ) Cap. 16 The Penal Ch a pt er Add, im med ia tel y be low secti on 332, theC o d e XXXIII following n e w secti on: -" D e f a c i n g 332A. Any person who, withoutb a n k authority, wilfully de faces , t e a r s ,n o t e s j j jc u t s or otherwise mutilates anyb a n k note or currency note which

is le ga l te nd er , is guilty of ano f f e n c e and is liable on convictionto a fine of one hundred shillingsm res pect of each n o t e . "

S ec t ion 341 Insert, immedia tely before the words "b ankn o t e " in the fifth line of pa r ag r aph (c), thew o r d s "currency note or"


20/23

2 0 N o . 1 2 Bank of Tanzania 19663. 4

C h a p t e r A d d , i m m e d i a t e l y b e l o w s e c t i o n 3 5 2 , t h eX X X V f o ll o w i ng n e w s e c t i o n : -"Wron g fu li s su e o fn o t e s

Sec t ion 353

Section 358

(2) Cap . 294 Th eE x c h a n g eC o n t r o lO r d i n a n c eP a r t V

( 3 ) C a p . 4 3 0 T h eBan k in gO r d i n a n c eP a r t i

S e c t i o n 2

3 5 2 A . A n y p e r s o n w h o i s s u e s o ri s a p a r t y t o i s s u i n g -( a ) a n y n o t e p u r p o r t i n g t o b ea c u r r e n c y n o t e o f T a n z a n i a ;o r( b ) a n y b a n k n o t e p u r p o r t i n gt o b e c u r r e n c y in T a n z a n i a ,o t h e r w i s e t h a n in a c c o r d a n c e w i t ht h e p r o v i s i o n s o f t h e B a n k o fT a n z a n i a A c t , 1 9 6 5 , s h a l l b et u i l ty o f a n o f f e n c e a n d s h a l l b ea b l e o n c o n v i c t i o n t o i m p r i s o n m e n t f o r a t e r m n o t e x c e e d i n gf i v e y e a r s . "I n s e r t , i n t h e d e f i n i t io n " c o i n " i m m e d i a t e l ya f t er t h e w o r d " s t a t e " , t h e c o m m a a n d w o r d s ",a n d c o i n w h i c h w a s a t a n y t i m e l e g a l t e n d e r inT a n z a n i a o r in a n y o t h e r c o u n t r y a n d w h i c his c o n v e r t i b l e i n to c o i n o f l e g a l t e n d e r t h e r e i n "D e l e t e t h e w o r d s " t he A c c o u n t a n t - G e n e r a l "w h e r e v e r t h e y o c c u r a n d s u b s t i t u t e t h e r e f o r i nt h e f o u r t h l i ne a n d t h e s i x t h a n d s e v e n t h l i n e s ,t h e w o r d s " a n o f f i c e r o f t h e B a n k o f T a n z a n i aa p p o i n t e d b y t h e B a n k f or t h e p u r p o s e " a n d ,i n t h e t e n t h l i n e , t h e w o r d s " t h e R a n k o fT a n z a n i a "A d d , i m m e d i a t e l y b e l o w s e c t i o n 3 7 , t h ef o ll o w in g n e w s e c t i o n : -" B a n k o f 3 7 A . ( 1 ) T h e M i n i s t e r f o r t h eT a n z a n i a t i m e b e i n g r e s p o n s i b l e f o r f i n a n c i a lm a t t e r s m a y , b y o r d e r p u b l i s h e di n t h e Gazette, t r a n s f e r o r d e l e g a t e t o t h e B a n k o f T a n z a n i a a l l o ra n y o f t h e f u n c t i o n s , p o w e r s a n dd u t i e s o f t h e T r e a s u r y u n d e r t h isO r d i n a n c e , i n c l u d i n g a n y p o w e r t om a k e o r d e r s ; a n d , w h e r e a n ys p e c i f i c f u n c t i o n , p o w e r o r d u t yi s s o t r a n s f e r r e d o r d e l e g a t e d , t h eBa n k sh a l l h av e th e like in c id en ta la n d s u p p l e m e n t a r y p o w e r s in r e l a t i o n t h e r e t o a s a r e v e s t e d i nt h e T r e a s u r y b y t h is O r d i n a n c e .

(2 ) Th e ex e rc i se o f an y fu n c tiono r p o w e r , a n d t h e p e r f o r m a n c e o fa n y d u t y , u n d e r t h i s O r d i n a n c eb y t h e B a n k o f T a n z a n i a p u r s u a n tt o a n y t r a n s f e r o r d e l e g a t i o n u n d e rt h i s s e c t i o n , s h a l l b e s u b j e c t t os u c h c o n d i t i o n s , l i m i t a ti o n s a n dq u a l i f i c a ti o n s a s m a y b e s p e c i f i e db y t h e M i n i s t e r b y o r d e r o r b yd i r e c t i o n s t o t h e B a n k i nwrit ing ."

Ad d , imm ed ia te ly b e lo w sec t ion 1 , th e fo l lowi n g n e w s e c t i o n : -" A p p l i c a t i o n 1 A . T h i s O r d i n a n c e s h a l l e x t e n dt o Z a n z i b a r a s w e l l a s t o T a n g a n y i k a . "

( 1 ) D e l e t e t h e d e f i n it i o n s " c o m p a n y " , " c o o p e r a t i v e s o c i e t y ! ' " E a s t A fr i c a" , " E a s t A f r i c anG o v e r n m e n t s a n d "r e g i s t r a r" a n d s u b s t i t u t et h e r e f o r t h e f o l lo w i n g n e w d e f i n i t i o n s : -


21/23


2. 3 . 4.T. Cap . 2 ,12 " 'Com p an y ' me an s a com p an y a s so d e f in ed ins e c t i o n 2 o f t h e C o m p a n i e s O r d i n a n c e , ac o m p a n y a s s o d e n n e d in s e c t i o n 2 o f t h e

Z . C a p . 1 53 C o m p a n i e s D e c r e e o f Z a n z i b a r , a n d i n c l u d e s a c o m p a n y i n c o r p o r a t e d o u t s i d eT a n z a n i a t o w h i c h P a r t X II o f t h a t O r d i n a n c e o r P a r t I X o f t h a t D e c r e e a p p l y ;' c o - o p e r a t i v e so c i e t y ' m e a n s a c o - o p e r a t i v eT . C a p . 2 1 1 s o c i e t y r e g i s t e r e d u n d e r t h e C o - o p e r a t i v eZ . C a p . 1 54 S o c i e t i e s O r d i n a n c e o r t h e C o - o p e r a t i v eS o c i e t i e s D e c r e e o f Z a n z i b a r ;' E a s t A f ri ca ' m e a n s T a n z a n i a , K e n y a a n dU g a n d a a n d t h e ' E a s t A f r ic a n G o v e r n m e n t s ' m e a n s t h e G o v e r n m e n t s o f t h o s ec o u n t r i e s a n d i n c l u d e s t h e E x e c u t i v e f or

Z a n z i b a r ;r e g i s t r a r ' m e a n s s u c h P e r s o n a s t h e M i n i s t erm a y a p p o i n t t o b e ,t h e r e g i s t r a r f o r t h ep u r p o s e o r t hi s O r d i n a n c e ; (2 ) in se r t , in th e . s econ d , l in e p f th e d e f in i t ion ,p r i va t e c o m p a n y i m m e d i a t e l y a l t e r t h e w o r d s" C o m p a n i e s O r d i n a n c e " t h e c o m m a a n dw o r d s , t h e C o m p a n i e s ' D e c r e e o f Z a n z i b a r " .

P a r t i A d d , i m m e d i a t e l y b e l o w s e c t i o n 2 , t h efo l lowin g n ew sec t io r i ) : -" T r a n s it i o n a l 2 A . - ( 1 ) W h e r e , i m m e d i a te l yp ro v is io n s b e f o r e t h e c o m m e n c e m e n t o f t h i sr e l a t in g to s e c t i o n , a n y c o m p a n y o r c o -e x t e n s i o n o f o p e r a t i v e s o c i e t y i s c a r r y i n g o nO r d in a nc e b a n k i n g b u s i n e s s i n Z a n z i b a r , t h eto Zan z ib a r p rov is o to su b sec t io n (1 ) o f s ec t io n4 , su b se . c t ion Xl) o f s ec t ion _ , s u b s e c t i o n ( 2 ) o l s e c t i o n 7 s h a l la p p l y t o s u c h c o m p a n y o r c o o p e r a t i v e s o c i e t y a s if t h e r e w e r es u b s t i t u t e d f o r r e f e r e n c e s t o t h ed a t e o f t h e c o m m e n c e m e n t o f t h eO r d i n a n c e , r e f e r e n c e s t o t h e d a t eo f t h e c o m m e n c e m e n t o f t hi ssec t ion .( 2 ) F o r t h e a v o i d a n c e o f d o u b ti t is h e r e b y d e c l a r e d t h a t a n yl i c e n c e i s s u e d t o a b a n k p r i o r t o ,a n d i n f o r c e i m m e d i a t e l y b e f o r e ,t h e c o m m e n c e m e n t o f t h is s e c t i o ns h a l l h a v e e f fe c t t h r o u g h o u tT a n z a n i a . "S ectio n 7 (2) I n s e r t , i m m e d i a t e l y a f t e r t h e w o r d s " t h er e g i s t r a r m a y " in t h e s e c o n d l in e , t h e c o m m a sa n d w o r d s ', a f t e r c o n s u l t i n g t h e B a n k o fT a n z a n i a , "

S ectio n 9 (1 ) I n s e r t , i m m e d i a t e l y a f t e r t h e w o r d s " T h er e g i s t r a r m a y " i n t h e f ir s t l i n e , t h e c o m m a s a n dw o r d s " , a f t er c o n s u l t i n g t h e B a n k o f T a n z a n i a , "S ec tio n 9 (4) I n s e r t , i m m e d i a t e l y a f t e r t h e w o r d s ' t h er e g i s t r a r ' . ' i n t h e f i ft h- li ne , t h e c o m m a s a n dw o r d s , t h e B a n k o r T a n z a n i a ,S ec ti on 2 4 I n s e r t , i m m e d i a t e l y a f t e r t h e w o r d s " C o o p e r a t i v e S o c i e t i e s O r d i n a n c e " i n t h e s e c o n dl in e t h e w o r d s "o r t h e C o m p a n i e s D e c r e e o rt h e C o - o p e r a t i v e S o c i e t i e s D e c r e e o f Z a n z i b a r "S e ct io n 3 1 S u b s t i t u t e a s e m i - c o l o n a n d t h e w o r d " o r "f o r t h e f u ll s t o p a t t h e e n d o f s e c t i o n 3 1 , a n da d d t h e f o ll o w in g n e w p a r a g r a p h : -


22/23

2 2 No. 11 Bank of Tanzania 1966

Z . C a p . 67(b) Laws of Zanzibar

4."(d) to the G o v e r n m e n t S a v i n g sB a n k c o n s t i t u t e d u n d e r th eG o v e r n m e n t S a v i n g s B a n k D e c r e eo f Z a n z i b a r . "

( l ) C a p . 13 TheP e n a lD e c r e e

P a r t Add, i m m e d i a t e l y b e l o w s e c t i o n 305 , theXXXIin f o l l o w i n g n ew s e c t i o n : -" D ef ac in g 3 0 5 A - ( 1 ) Any p e r s o n who,b an k n o te s wi th ou t au th or i ty , w i lful ly d e f ac es ,t e a r s , c u t s or o t h e r w i s e m u t i l a t e sa n y b a n k n o t e or c u r r e n c y n o t ew h i c h is l e g a l t e n d e r , is g u i l ty ofa n o f f e n c e and is l i a b l e onc o n v i c t i o n to a fine of one

h u n d r e d s h i l l i n g s in r e s p e c t ofe a c h n o t e . "S e c t i o n 311 i n s e r t , i m m e d i a t e l y b e f o r e the w o r d s " b a n kn o t e " in the f if th l ine of p a r a g r a p h (c), thew o r d s " c u r r e n c y n o t e or"Par t XXXV Add ; i m m e d i a t e l y b e l o w s e c t i o n 322, thefol lowing new s e c t i o n : -

" W r o n g f u l 3 2 2 A . Any p e r s o n who i s s u e s orissue . oT is a p a r t y to i s s u i n g -n o t e s (a) an y n o t e p u r p o r t i n g to bea c u r r e n c y n o t e of T a n z a n i a ; or( b ) any b a n k n o t e p u r p o r t i n gto be c u r r e n c y in T a n z a n i a ,o t h e r w i s e t h a n in a c c o r d a n c e w i t ht h e p r o v i s i o n s o f t h e B a n k ofT a n z a n i a Act, 1 9 6 5 , s h a l l be guiltyo f an o f f e n c e and s h a l l be Gableon con v ic t ion to i m p r i s o n m e n t fora t e r m not e x c e e d i n g f i v e y e a r s . "

D e l e t e the d e f i n i t i o n " c o i n " and s u b s t i t u t et h e f o l l o w i n g n e w d e f i n i t i o n : -' ' c o i n ' i n c l u d e s any c o i n c o i n e d in a m i n t foru s e in T a n z a n i a , c o i n w h i c h i feg a lt e n d e r in T a n z a n i a or in any o t h e r c o u n ta n d c o i n w h i c h wa s at an y t i m e l e g a lt e n d e r in T a n z a n i a or any o t h e r c o u n t r yw h i c h is c o n v e r t i b l e i n t o c o i n of l e g a lt e n d e r t h e r e i n ; "P a r t X X XV I Add, i m m e d i a t e l y b e l o w s e c t i o n 328, thef o l l o w i n g n e w s e c t i o n : -

" M e l t i n g 3 2 8 A . Any p e r s o n who, w i t h o u td o w n of a u t h o r i t y , m e l t s d o w n , b r e a k sc u r r e n c y up or d e f a c e s by s t a m p i n g t h e r e o n a n y n a m e , w o r d or m a r k ,a n y c o i n c u r r e n t for the t i m eb e i n g in T a n z a n i a is g u i l ty of ano f f e n c e and is l i a b l e on c o n

Documents

Bank of Tanzania Act 1965