WORKERS SAVINGS AND LOAN BANK ACT

ARRANGEMENT OF SECTIONS

   1   Short title

   2   Interpretation

   3   Establishment of Workers Savings and Loan Bank

   4   Objects

   5   Registered office

   6   Application of Companies Act

   7   Capital of the Bank

   8   Duty of the Bank

   9   Powers of the Bank

   10   Power to appoint a receiver, etc

   11   Persons dealing with Bank

   12   Borrowing powers

   13   Application of the Banking Act

   14   Commencement of business

   15   Regulations

   16   Rules

   17   Transfer of employees of Workers' Savings and Loan Bank Limited

   18   Transitional

   19   Exemption from stamp duty

   20   Documents

   21   Stalling

   22   Offices

      SCHEDULES

 

THE WORKERS SAVINGS AND LOAN BANK ACT

[Date of Commencement: 23rd June, 1973]

Acts
26 of 1973,
16 of 1977,
3 of 1991.

1   Short title

   This Act may be cited as the Workers Savings and Loan Bank Act.

2   Interpretation

   In this Act-

   "the Bank" means the Workers Savings and Loan Bank established in accordance with this Act;

   "the Board" means the Board of Directors constituted in accordance with this Act;

   "co-operative societies" means societies registered under the Co-operative Societies Act;

   "the chairman" means the chairman of the Board;

   "debenture" includes debenture stock;

   "the deputy chairman" means the deputy chairman of the Board;

   "the deputy general manager'' means the deputy general manager appointed under section 21;

   "director" means a director of the Bank;

   "friendly societies" means societies registered under the Friendly Societies Act;

   "functions" includes powers and duties;

   "the general manager" means the general manager appointed under section 21;

   "pensions" includes compensation, unemployment, retirement or superannuation gratuities or allowances, and other gratuities or allowances of a like nature;

   "rules" means rules made under section 16;

   "secretary" means the secretary appointed under section 21;

   "share" includes stock;

   "staff associations" means organisations of employees, not registered as trade unions, which are established for the purpose of furthering the interests of such employees;

   "trade unions" means organisations of employees which are registered as trade unions under the Trade Union Act.

3   Establishment of Workers Savings and Loan Bank

   (1) There is hereby established for the purposes of this Act a Bank to be called the "Workers Savings and Loan Bank" which shall be a body corporate with perpetual succession and a common seal with power to purchase, take, hold and dispose of land and other property of whatever kind, to enter into contracts, to sue and to be sued in the said name and to do all things necessary for the purposes of this Act.

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