Vesting of Certain Banking Businesses Order, 1974
Kings Order in Council 8 of 1974
- Assented to on 22 March 1974
- Commenced on 1 April 1974
- [This is the version of this document at 1 December 1998.]
1. Short titleThis King’s Order-in-Council may be cited as the Vesting of Certain Banking Businesses Order, 1974.
2. InterpretationIn this Order, unless the context otherwise requires—“appointed day” means the 1st April, 1974;“Barclays Bank International Limited” means Barclays Bank International Limited, a company incorporated in England with limited liability, carrying on the business of banking in Swaziland;“customer” means any person having an existing banking account or other dealing, transaction or arrangement with an existing bank in the course of the business of such bank;“excluded employee” means a person who, not being a citizen of Swaziland, is, immediately before the appointed day, employed in an existing bank, and who has entered into a contract of service which requires him to serve an existing bank in Swaziland or elsewhere if called upon to do so;“existing” means existing and in force immediately before the appointed day;“existing bank” means either Barclays Bank International Limited or The Standard Bank Limited;“liability” means any enforceable legal debt or obligation, whether present or future, actual or contingent;“Minister” means the Minister for Finance and Economic Planning;“new banks” means Barclays Bank of Swaziland Limited and Standard Bank Swaziland Limited, companies to be incorporated in Swaziland for the purpose of carrying on the respective businesses hitherto conducted by the existing banks;“property” means immovable and movable property of every description and includes any such property held in trust;“security” means a mortgage, or pledge, lien, or any other charge existing under the common or statute law of Swaziland, and includes a debenture, guarantee, lien, pledge, hypothecation, indemnity or undertaking or any other means whereby the payment or discharge of any liability is secured;“The Standard Bank Limited” means The Standard Bank Limited, a company incorporated in England with limited liability, carrying on the business of banking in Swaziland;“the undertakings of the existing banks” means the business of and all of the property vested in or belonging to or held by them in Swaziland immediately before the appointed day, and includes all such property, wherever situate, then so vested in and belonging to and held by the bank concerned in respect of or attributable to its Swaziland banking operations and all of the liabilities to which it was subject in respect of its banking business in Swaziland immediately before the appointed day, but does not include any property or liabilities which by agreement between the Minister and either existing bank, and the concurrence of the other existing bank, shall be excluded from this Order;“will” includes codicil or any other testamentary writing.
3. Transfer of the undertakings of the existing banks
4. Trust property
5. Contracts, etc.Any contract, conveyance, deed, lease, licence, undertaking or any other instrument vested or transferred by this Order, entered into by, or made with, or addressed to an existing bank (whether solely or jointly with any other person) before and in force on the appointed day, shall as from such day, be binding and of full force and effect in every respect against or in favour of the new bank concerned as fully and effectively as if such new bank had been a party thereto or bound thereby, or entitled to the benefit thereof.
6. Banking business
8. Legal proceedings, etc.
9. Employees and pension schemes
10. Evidence of books, documents, etc.All documents, records and admissions which would before the appointed day have been evidence in respect of any matter for or against an existing bank shall be admissible in evidence for or against the new bank concerned.
11. Registration of transfersIn the case of property deemed to have been transferred to, and vested in, either new bank pursuant to this Order, in respect of the transfer of which any law provides for registration, it shall be the duty of the proper officer of the appropriate registration authority, upon written request made by or on behalf of such new bank, to make such entries in the appropriate register as are required by law to give effect to such transfer and, where appropriate, to issue to such new bank a certificate of title in respect of such property or to make the necessary amendments to the register, as the case may be, and to make any consequential endorsements on the deeds relating to the title, right or obligation concerned.
12. Exemption from stamp duties, etc.Notwithstanding any other law, no transfer, stamp or other duty, and no registration fee, filing fee or other fee of office, shall be charged or become payable solely on account of any transfer or vesting of any property pursuant to this Order on account of anything done under section 11.
13. Minister empowered to enter into certain agreementThe Minister may enter into a written agreement with either of the new banks whereby any property or liability of an existing bank shall be excluded from the provisions of this Order.
14. New banks licensed under Financial Institutions Order, No. 19 of 1973Notwithstanding anything to the contrary in the Financial Institutions Order, No. 19 of 1973, each new bank shall be deemed to be duly licensed in terms of such Order to carry on the business of a financial institution in Swaziland with effect from the appointed day, and the Registrar shall issue it with the requisite licence against payment of any prescribed fee, which licence shall be valid for a period of 12 months from the date of the issue thereof:Provided that such bank shall within 30 days from the appointed day furnish the Registrar with the relevant documents and particulars mentioned in section 8(3) of such Order.
History of this document
01 December 1998 this version
01 April 1974
22 March 1974