Building Societies Act
ZambiaAct of Parliament
In force, and amended by 1 amendment Act. Check the amendments before relying on the wording of a section.
The Building Societies Act is an Act of the Parliament of Zambia. It contains 148 sections. Read its sections below, or ask Levy any question about the Building Societies Act and get an answer grounded in the Act with citations.
Sections of the Building Societies Act
- S. 1This Act may be cited as the Building Societies Act. Short title
- S. 2I nterpretation
- S. 3(1) Any number of persons, not being less than five, may establish a building Establishment of
- S. 4Notwithstanding the provisions of section three, the Minister, if he is satisfied Minister may suspend
- S. 5C onditions relating to deposit with Bank of Zambia
- S. 6R egistration of existing societies
- S. 7E ffect of registration
- S. 8P rohibition of unregistered and terminating societies
- S. 9The Registrar shall keep a register of building societies in which he shall record, Maintenance of
- S. 10N ame of building society
- S. 11C ontents of rules
- S. 12E ffect of rules
- S. 13M embers who are not shareholders
- S. 14M embers under the age of twenty-one
- S. 15J oint shareholders
- S. 16(1) The liability of a member of a building society in respect of a share on which Liability of members
- S. 17B usiness not to be commenced before registration
- S. 18Except with the prior approval of the Minister, a building society shall not make Building society not to
- S. 19M inimum subscription by founding members
- S. 20B ooks and records to be kept by building society
- S. 21B uilding society to supply copies of rules
- S. 22N umber of directors
- S. 23(1) The remuneration payable to the chairman and directors of a building Remuneration of
- S. 24E lection of directors
- S. 25The acts of a director of a building society shall be valid notwithstanding any Validity of acts of
- S. 26P ersons disqualified from being a director
- S. 27D isclosure of interest by directors
- S. 28N otification of changes in holders of certain offices
- S. 29O fficers not to accept commissions in connection with loans
- S. 30O fficers to give security and to account
- S. 31O fficers not to be exempted from liability
- S. 32(1) Every building society shall cause to be kept such proper books of account Keeping of books of
- S. 33A nnual accounts and balance sheet
- S. 34C ontents and form of accounts
- S. 35S upplementary provisions as to offences under sections 32, 33 and 34
- S. 36S igning of balance sheet
- S. 37(1) The income and expenditure account and revenue appropriation account Account and auditors'
- S. 38D irectors' report
- S. 39R ight to receive copies of balance sheet and auditors' and directors' reports
- S. 40A ppointment of auditors
- S. 41D isqualifications for appointment as auditor
- S. 42A uditor's report and right of access to books and documents and to attend and
- S. 43A nnual general meeting
- S. 44O ther meetings
- S. 45(1) Any provision contained in the rules of a building society shall be void in so Length and manner of
- S. 46P ersons entitled to notice
- S. 47P roxies
- S. 48(1) Any provision contained in the rules of a building society shall be void in so Right to demand a poll
- S. 49(1) A resolution of a building society shall be a special resolution when it has Special resolutions
- S. 50(1) If at least five members of a building society apply in writing to the society Notice of members'
- S. 51A nnual return
- S. 52(1) For each financial year for which an annual return is made by a building Additional annual
- S. 53A uditors' report on annual return
- S. 54(1) The provisions of sections fifty-five to fifty-nine shall have effect with respect General provisions as
- S. 55(1) The provisions of this section shall apply where the rules of a building Determination of
- S. 56Where the parties to a dispute agree to refer it to the Registrar, or where the Determination of
- S. 57A subordinate court presided over by a senior resident magistrate may hear Determination of
- S. 58Subject to the provisions of section fifty-nine, every determination of a dispute Effect of determination
- S. 59The arbitrators, or the Registrar, or the subordinate court, as the case may be, Statement of case for
- S. 60B uilding society may make advances
- S. 61O rdinary advance
- S. 62(1) A special advance is an advance made by a building society on the security Special advance
- S. 63C ollective advance
- S. 64R epayment of advances
- S. 65A mount of advances
- S. 66A dvances to full value in certain cases
- S. 67S pecial advance to purchaser of mortgaged property
- S. 68F urther advances for certain purposes
- S. 69R estrictions on second and contributory mortgages
- S. 70(1) For the purpose of facilitating the repayment to a building society of an Advance for single
- S. 71V aluation for purposes of advance
- S. 72(1) Every building society shall, in the record of advances to be kept under Record of advances
- S. 73If a building society makes an ordinary advance, a special advance or an Security taken from
- S. 74O ffer of advance not to imply warranty
- S. 75P rohibition against balloting for advances
- S. 76P rovisions as to sale of mortgaged properties
- S. 77(1) Where a building society has sold a freehold or leasehold estate as Disposal of surplus
- S. 78D ischarge of mortgages
- S. 79P ower to borrow
- S. 80L imit of repayments to investors and lenders
- S. 81L imit of deposits
- S. 82L iability for borrowing in excess of powers
- S. 83M inimum notice of withdrawal
- S. 84A ssistance by one building society to another
- S. 85D epositor under the age of twenty-one
- S. 86M embers or depositors dying intestate
- S. 87T rustee status for certain investments in building societies
- S. 88P rovisions of Act to be inserted in certain documents
- S. 89A uthorised investments
- S. 90A uthorised banks
- S. 91O ffences under Part VII
- S. 92G eneral reserve fund
- S. 93P rovisions as to liquidity
- S. 94R estriction of payment of dividends
- S. 95C hange of name
- S. 96A building society which changes the situation of its registered office or its Notification of change
- S. 97A lteration of rules
- S. 98Union of building societies
- S. 99Transfer of engagements
- S. 100Registrar may approve union or transfer
- S. 101Registration of transfers, etc., to operate as a conveyance
- S. 102Creditors not to be prejudiced by union or transfer
- S. 103Nomination of Registrar
- S. 104Indemnity of Registrar and other persons
- S. 105Power to require production of books, etc.
- S. 106Powers of inspection
- S. 107Power to call a meeting
- S. 108Power to suspend borrowing and subscription for shares
- S. 109Power to control advertising
- S. 110Dissolution in accordance with rules
- S. 111Dissolution by consent
- S. 112Dissolution on award of Registrar
- S. 113Provisions applicable to dissolution under sections 110 and 111
- S. 114Winding-up by or under the supervision of the High Court
- S. 115Liability of members in winding-up or dissolution
- S. 116Notice of winding-up or dissolution
- S. 117Powers in relation to land
- S. 118Offences in relation to property of building societies
- S. 119False statements in documents
- S. 120Compulsory cancellation or suspension of registration
- S. 121Cancellation of registration at request of building society
- S. 122Effect of cancellation or suspension of registration
- S. 123Obsolete
- S. 124Annual report of Registrar
- S. 125Provisions as to evidence
- S. 126Form in which records may be kept
- S. 127Regulations
- S. 128Registrar to consider representations by building societies
- S. 129Rules of court
- S. 130Financial year of building societies
- S. 131Non-compliance not to invalidate advance
- S. 132Lost or destroyed share certificate, etc.
- S. 133Inspection of documents by public
- S. 134General penalty
- S. 135Repeals
- S. 136Transitional provisions
- S. ISection I
- S. IISection II
- S. IIISection III
- S. IVSection IV
- S. IXSection IX
- S. VSection V
- S. VISection VI
- S. VIISection VII
- S. VIIISection VIII
- S. XSection X
- S. XISection XI
- S. XIISection XII