Banking and Financial Services Act
ZambiaAct of Parliament
The Banking and Financial Services Act is an Act of the Parliament of Zambia. It contains 136 sections. Read its sections below, or ask Levy any question about the Banking and Financial Services Act and get an answer grounded in the Act with citations.
Sections of the Banking and Financial Services Act
- S. 1Short title
- S. 2Interpretati on
- S. 3Applicati on of th is Act
- S. 4Licensing of companies as banks
- S. 5Determinati on of applications
- S. 6Applicati on f or licences to be refused in certa in cases
- S. 7Investigati on of applicants
- S. 8Authorised activities of banks in additi on to taking of depos its
- S. 9Branches of banks
- S. 10Grant of licence
- S. 11Applicati on of certa in provisions of th is Chapter to financial
- S. 12Branches of financial institutions
- S. 13Conditions of licences
- S. 14Durati on of licences
- S. 15Licences not transferable
- S. 16Revocati on of licences
- S. 17Prohibiti on of Unlicensed business
- S. 18Repayment of funds
- S. 19The Register
- S. 20The Registrar
- S. 21Use of Register in evidence
- S. 22Inspecti on of Register
- S. 23Limitati on on voting control
- S. 24Ownership
- S. 25Meaning of "corporate restructuring transacti on"
- S. 26Prohibiti on of prescribed transactions
- S. 27Consent to corporate restructure, etc.
- S. 28Investigati on of applicants f or consent
- S. 29Effect of amalgamati on or transfer
- S. 30Applicati on of Parts 1 and 2 to incorporated financial
- S. 31Qualificati on of Directors and seni or officers
- S. 32Directors from outside to be in the majority
- S. 33Conduct of directors, chief executive officers, chief financial
- S. 34Indemnity of directors and others
- S. 35Disclosure of interests
- S. 36False statements and obstructi on of inspecti on
- S. 37Suspensi on or dismissal of directors and managers
- S. 38Variati on of corporate constitutions
- S. 39Amendment of constituti on by Bank of Zambia
- S. 40Interest rates and charges
- S. 41Collateral contracts
- S. 42Other laws not affected
- S. 43Principal administrative office
- S. 44Display of names
- S. 45Use of licensed name
- S. 46Holidays
- S. 47Disclosure of interest rate and charges
- S. 48Customer complaints
- S. 49Advertisement by licensee
- S. 50Confidentiality
- S. 51Records of constituti on and of compliance with th is Act
- S. 52Credit documentati on
- S. 53Manner of keeping records
- S. 54Retenti on of records
- S. 55Maintenance of records
- S. 56Annual financial statements
- S. 57Statement as to subsidiaries
- S. 58Reserves f or bad and doubtful debts
- S. 59Approval of annual financial statements
- S. 60Monthly statements
- S. 61Publicati on of financial statements
- S. 62Appointment of audit or
- S. 63Disqualificati on of audit or
- S. 64Audit or's report
- S. 65Resignati on or terminati on of appointment of audit or
- S. 66Immunity of audit or
- S. 67Audit committee
- S. 68Repealed by Act No. 18 of 2000
- S. 69Reserves
- S. 70Liquid assets
- S. 71Deficiency of liquid assets or prudential liquidity ratio
- S. 72Prohibiti on of unsecured borrowing
- S. 73Limitations on granting advances
- S. 74Constraints on contracts with related persons
- S. 75Limitations on equity Investments
- S. 76Unclaimed funds or personal property
- S. 77Unsafe and unsound practices
- S. 78Examinati on of banks
- S. 79Scope of examinati on
- S. 80Inspecti on of representative offices
- S. 81Supervisory actions
- S. 82Special reserve or liability insurance
- S. 83Capital adequacy
- S. 84Notice of taking possessi on
- S. 85Precedence of th is Act Conflict of laws
- S. 86Meaning of "insolvent"
- S. 87Acceptance of depos its by insolvent banks
- S. 88Approval of Bank of Zambia required f or voluntary winding
- S. 89Duties of bank on voluntary liquidati on
- S. 90Notice of voluntary winding up and liquidati on
- S. 91Rights of depositors and creditors
- S. 92Distributi on of assets on voluntary liquidati on
- S. 93Powers of Bank of Zambia if assets insufficient or completi on
- S. 94Repealed by Act No. 18 of 2000
- S. 95Repealed by Act No. 18 of 2000
- S. 96Repealed by Act No. 18 of 2000
- S. 97Repealed by Act No. 18 of 2000
- S. 98Repealed by Act No. 18 of 2000
- S. 99Repealed by Act No. 18 of 2000
- S. 100Repealed by Act No. 18 of 2000
- S. 101Compulsory liquidati on, winding up or dissoluti on
- S. 102Power of Bank of Zambia to appoint agent
- S. 103Effect of compulsory dissoluti on etc.
- S. 104Powers of Bank of Zambia in effecting compulsory liquidati on
- S. 105Limitati on of filing of claims
- S. 106Objections to liquidati on schedule
- S. 107Priority of creditors
- S. 108Accounts after distributi on of assets
- S. 109Unclaimed funds
- S. 110Final distributi on in compulsory liquidati on
- S. 111Reasons f or decisions and right to be heard
- S. 112Right of appeal
- S. 113Appointment and convening of Tribunal
- S. 114Powers of Tribunal
- S. 115Decisi on of Tribunal
- S. 116Investigations
- S. 117Use of the word "bank"
- S. 118Misleading and unlicensed names
- S. 119Restricti on on use or registrati on of banking and related names
- S. 120Validity of certa in acts by banks
- S. 121Documents
- S. 122Extensi on of time lim its
- S. 123Immunity of Bank of Zambia officials, etc.
- S. 124Regulations
- S. 125Guidelines
- S. 126Bank of Zambia's report
- S. 127False documents
- S. 128Penalty f or offences where no specific penalty provided
- S. 129Offences by body of persons
- S. 130Exemptions
- S. 131Repeal of Cap. 700 and savings
- S. called "the customer's statement") of the nature and amount f or
- S. ISection I
- S. IISection II
- S. IIISection III
- S. IVSection IV