POST OFFICE SAVINGS BANK

CHAPTER 44:03
POST OFFICE SAVINGS BANK

ARRANGEMENT OF SECTIONS

    SECTION

    1.    Short title

    2.    Interpretation

    3.    Establishment of Savings Bank

    4.    Establishment of Board

    5.    Functions of Board

    6.    Management of Savings Bank

    7.    Reserve Fund and Accumulated Deficit Fund

    8.    Security of moneys deposited and expenses

    9.    Investment of moneys

    10.    Interest

    11.    Accounts not operated on for fifteen years

    12.    Books, accounts, records and reports

    13.    Determination of disputes

    14.    Regulations

    15.    Remittances to and from other savings banks

    16.    Disclosure of information

    17.    Exemption from stamp duty

    18.    Liability of Government etc.

    19.    Authorization of payment for loss

40 of 1967
1 of 1969
44 of 1971
19 of 1993

    An Act to provide for the establishment and administration of a Post Office Savings Bank and for matters incidental thereto

1.    Short title

    This Act may be cited as the Post Office Savings Bank Act.

2.    Interpretation

    In this Act, unless the context otherwise requires—

    ‘‘account’’ means an account in the Savings Bank;

    ‘‘Board’’ means the Post Office Savings Bank Board established under section 4;

    ‘‘officer’’ means any person employed or assigned in connexion with any business of the department responsible for postal services;

    ‘‘principal office’’ means the principal Office of the Savings Bank situated in such place as the Postmaster-General may by notice, from time to time, specify;

    ‘‘Savings Bank’’ means the Post Office Savings Bank deemed to be established under section 3;

    ‘‘Savings Bank year’’ means the period of twelve months beginning on the 1st January in any year and ending on the 31st December next following.

3.    Establishment of Savings Bank

    (1) The Post Office Savings Bank of Malawi, hereinafter referred to as the former Savings Bank, subsisting immediately before the commencement of this Act by virtue of the Post Office Savings Bank Ordinance (now repealed), hereinafter referred to as the repealed Ordinance, shall be deemed to be the Post Office Savings Bank established and constituted under this Act.

    (2) Any person who, immediately before the commencement of this Act, had money in an account with the former Savings Bank shall be deemed to have such money in an account in the Post Office Savings Bank under this Act.

    (3) The Post Office Savings Bank established and constituted under this Act shall be a body corporate with perpetual succession and a common seal, capable of suing and being sued in its own name and which, subject to this Act, may acquire, hold or dispose of moveable and immoveable property for the purpose of its functions.

4.    Establishment of Board

    (1) There is hereby established a Post Office Savings Bank Board which shall consist of the following members—

    (a)    the Secretary to the Treasury or his representative, who shall be Chairman;

    (b)    the Governor of the Reserve Bank of Malawi or his representative;

    (c)    the Postmaster-General or his representative; and

    (d)    two other members appointed by the Minister and holding office at the Minister’s pleasure.

    (2) The Chairman and any two other members shall constitute a quorum at any meeting of the Board, and unless otherwise provided or determined by the Board, the decision of the majority of the members present and voting at any meeting shall constitute a decision of the Board. The Chairman shall have a deliberative vote and, in addition, in the event of an equality of votes, a casting vote.

    (3) Meetings of the Board shall be called by the Chairman and shall be conducted in such manner as the Board may, from time to time, determine.

    (4) No act or proceeding of the Board shall be invalidated merely by reason of the existence of a vacancy or vacancies among the members, and all bona fide acts or proceedings of the Board shall be valid notwithstanding any defect that may afterwards be discovered in the appointment of any member of the Board.

    (5) The Chairman may invite any person to attend a meeting of the Board, and any such person attending a meeting of the Board shall have the right to address the Board but not to vote on any matter before the Board.

5.    Functions of Board

    In addition to any functions conferred on it by this Act or any regulations made thereunder, the Board shall be responsible for the policy and general administration of the Savings Bank, and with regard to these matters the Postmaster-General shall, in the exercise of his functions under this Act or any regulations made thereunder, be subject to any special or general directions of the Board.

6.    Management of Savings Bank

    (1) Subject to this Act and any regulations made thereunder, the Postmaster-General shall be responsible for the…