Swaziland Development and Savings Bank Order, 1973
Kings Order in Council 49 of 1973
- Assented to on 12 December 1973
- Commenced on 1 April 1974
- [This is the version of this document at 1 December 1998.]
Part I – Preliminary
1. Short titleThis King’s Order-in-Council may be cited as the Swaziland Development and Savings Bank Order, 1973.
2. InterpretationIn this Order, unless the context otherwise requires—“appointed member” means a member of the board, other than the chairman appointed under section 6;“Bank” means the Swaziland Development and Savings Bank established under section 3(1);“board” means the board of management established under section 6;“borrower” includes a surety for a borrower;“cash credit account” means an account through which monies may, from time to time, during its currency as fixed by the board, be drawn from or repaid to the Bank, so that the total amount owing to the Bank under such account shall not at any time exceed a maximum amount to be fixed by the board;“co-operative society” means a co-operative society registered under the Co-operative Societies Act, No. 28 of 1964;“land” includes any immovable property and interest therein capable of registration in the deeds registry;“long-term external debt” means loans raised for the purposes of the Bank outside Swaziland either by the Government or the Bank, with the approval of the Minister repayable over a period of not less than three years;“magistrate’s court” means a court constituted under the Magistrate’s Court Act No. 66 of 1938;“Minister” means the Minister for Finance;“mortgage” includes any bond in which it is stipulated that the bond is intended to secure future advances and a sum is fixed as an amount beyond which future advances shall not be secured by the bond;“rolling stock” includes agricultural machines and all types of vehicles whether mechanically propelled or not.
Part II – Establishment and administration
3. Establishment, purpose and actions of the Bank
4. Authorised capital of the Bank
5. Objects of the BankThe objects of the Bank shall be to conduct the business of banking in all its aspects, having regard to the needs of the individual citizen of Swaziland and of Swaziland as a whole, and without derogating from the generality of the aforegoing, it shall—
6. Board of Directors
7. Vacation of office of directorThe office of a director shall become vacated if he—
8. Remuneration of members of the board
9. Appointment of sub-committees
10. General manager of the Bank
11. Appointment of staff of the BankThe board shall appoint and employ, at such remuneration and on such terms and conditions as it may determine, such officers and servants as it shall deem necessary for the efficient carrying out of the business of the Bank, and may require any officer or servant in its service to give security to its satisfaction for the due execution of his duties.
12. Execution of documents
Part III – Finances and accounts of the Bank
13. Funds of the BankThe funds of the Bank shall consist of—
14. Power to raise further funds
15. Application of funds of the BankThe funds of the Bank shall be applied towards—
16. Sums charged on the assets of the BankAny sums raised or accrued under this Order shall be chargeable upon and payable out of the revenues and assets of the Bank.
17. Annual reportThe board shall each year furnish the Minister with a report of the operations of the Bank and of the administration of the funds of the Bank and any other funds.
Part IV – Loans
18. Loans secured by hypothec
19. Loans secured by cession of hire-purchase contractIf a loan is granted for the purchase of machinery, equipment, vehicles, implements, rolling stock, boats, fishing tackle or nets or other like property, the board may on behalf of the Bank, instead of, or in addition to, securing the loan by a hypothec take cession from the seller of a hire purchase contract with the borrower in respect of such property as security for the loan on such conditions as it deems fit.
20. Foreclosure of hypothecs and hire-purchase contracts
21. Allocation of proceeds of sale of security
22. Disposal of hypothecated crops and produce
23. Mortgage bonds and deeds to be prepared by the Bank
24. Loans exempted from stamp dutyNotwithstanding the Stamp Duties Act No. 37 of 1970 or any other law, every instrument to secure a loan under this Order and every deed or instrument evidencing the discharge of such loans shall be exempt from the payment of stamp duty and any fees of office which may otherwise be payable.
25. Cancellation or modification of approval of loanAt any time after the approval of a loan by the Bank and before the actual payment of the loan money, the Bank may in its discretion, and without assigning any reason therefor, cancel or modify such approval and withhold payment of the whole or a portion of such loan money, and no action at the suit of any person shall lie against the Bank in respect of such cancellation or modification.
Part V – Miscellaneous
26. Vesting of assets, liabilities, in Bank, and application of regulations, directions, etc.On the commencement of this Order—
27. Exemption from income taxNotwithstanding any other law, the income of the Bank shall be wholly exempt from any income tax or company tax payable under the Income Tax (Consolidation) Act No. 84 of 1959, or any other law passed in substitution for it.
28. False statementsAn applicant for a loan who wilfully fails to disclose any material information within his knowledge, or wilfully makes any statement which he knows to be false or does not believe to be true shall be guilty of an offence and liable on conviction to a fine of five hundred emalengeni or imprisonment for one year or both.
29. Liability of board members and staffNothing done by the chairman or any other member of the board or any person acting under their directions, shall, if done bona fide for the purpose of executing any provision of this Order, render the chairman, such member or person personally liable to any action, liability, claim or demand whatsoever.
31. Minors and married women may be depositorsUnless otherwise provided by the rules of the Bank, any minor of the age of seven years and upwards and a married woman, whether married in community of property or under marital powers or not, may be a depositor in any savings bank established by the Bank, and may without assistance execute all necessary documents and give all necessary acquittances and be liable to all the obligations attaching to depositors.
32. Deposits secured by the public revenues
33. RegulationsThe Minister may make regulations for the better carrying out of the purposes and provisions of this Order, and without derogating from the generality of the aforegoing, such regulations may provide for the proper documentation and security for loans, appointment of valuers, inspectors, advisory committees and the management of any department of the Bank and may with the approval of the board provide for—
34. Winding up of the Bank[Repealed K.O-I-C. 23/1975]
35. RepealThe Swaziland Credit and Savings Bank Act No. 4 of 1965 hereby repealed.
History of this document
01 December 1998 this version
01 April 1974
12 December 1973