Savings Certificates Act

Link to law: http://www.parlzim.gov.zw/acts-list/savings-certificates-act-22-12
Published: 1970

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ARRANGEMENT OF SECTIONS

Section

1. Short title.

2. Interpretation.

3. Issue of savings certificates.

4. Minister may impose conditions.

5. Administration.

6. Repayment of savings certificates.

7. Undeemed certificates.

8. Savings certificates issued under Act No. 29 of 1954.

AN ACT to provide for the issue of savings certificates and the repayment of savings

certificates issued under a law of the Federal Legislature and for matters incidental to

the foregoing.

[Date of commencement: 1st December, 1963.]

1 Short title

This Act may be cited as the Savings Certificates Act [Chapter 22:12].

2 Interpretation

In this Act-

"appropriate Minister" means the Minister to whom the administration of the Posts

and Telecommunications Corporation Act [Chapter 12:02] has been assigned;

"Corporation" means the Posts and Telecommunications Corporation established by

the Posts and Telecommunications Corporation Act [Chapter 12:02];

"Minister" means the Minister of Finance or any other Minister to whom the

President may, from time to time, assign the administration of this Act.

3 Issue of savings certificates

(1) The Minister may, when so authorized by the President, issue savings certificates

in Zimbabwe and may at any time withdraw any issue of savings certificates.

(2) Every savings certificate-

(a) shall have on its face the amount thereof and the date of maturity;

(b) shall be issued at a discount;

(c) shall be repaid at its face value upon maturity, which shall be at such

date, not more than ten years from the date of issue, as the President shall have

prescribed for that particular issue.

(3) The President, in authorizing an issue of savings certificates, shall prescribe the

denominations, price of issue and period of currency of such certificates, and may

prescribe conditions for the payment of interest on the face value of certificates

unredeemed after the maturity date for that particular issue.

(4) The President may prescribe as a condition of any particular issue that the interest

thereon shall be exempt from income tax and supertax, present and future, payable or

chargeable under any enactment. The interest on savings certificates issued with such

a condition shall, notwithstanding anything contained in any enactment, be so

exempt.

4 Minister may impose conditions

(1) The Minister may, when so authorized by the President, impose conditions not

TITLE 22

inconsistent with this Act as to all or any of the following matters-

(a) the conditions on which a savings certificate may be surrendered prior

to the date of maturity;

(b) the aggregate face value of savings certificates of any issue which

may be held by any person;

(c) such other conditions as he may deem to be expedient.

(2) The Minister may fix a higher aggregate face value under paragraph (b) of

subsection (1) for persons or institutions or trusts whose receipts and accruals are

exempt from income tax.

5 Administration

(1) Subject to this Act, the control, management, issue and repayment of savings

certificates shall be vested in and entrusted to the Corporation:

Provided that the Minister, after consultation with the appropriate Minister, may issue

directions to the Corporation concerning the control, management, issue and

repayment of savings certificates and the Corporation shall comply with such

directions.

(2) Savings certificates shall be available for purchase by the public at such public

offices as the Corporation shall determine.

6 Repayment of savings certificates

The Minister shall, as circumstances require, pay out of the Consolidated Revenue

Fund, which is hereby appropriated to the purpose, to the Corporation such sums as

may be required to meet the amount due in respect of the repayment of savings

certificates.

7 Undeemed certificates

If any savings certificate remains unclaimed by any person having a just and lawful

right thereto for a period of forty-five years from the date when the certificate was

issued, then the right to claim repayment of such certificate shall be extinguished.

8 Savings certificates issued under Act No. 29 of 1954

Savings certificates issued in terms of the Post Office Savings Bank and Savings

Certificates Act, 1954 (No. 29 of 1954) the repayment of which becomes the

responsibility of Zimbabwe by virtue of an Order in Council issued under the

Rhodesia and Nyasaland Act, 1963, of the United Kingdom shall be repaid in

accordance with the terms of issue by the Corporation from moneys paid to the

Corporation in terms of section six.