CHAPTER 44:04
THE STANDARD BANK LIMITED AND BARCLAYS BANK D.C.O.

ARRANGEMENT OF SECTIONS

   SECTION

   1.   Short title

   2.   Interpretation

   3.   Transfer of the undertakings of The Standard Bank Limited and Barclays Bank D.C.O.

   4.   Trust property

   5.   Contracts, etc.

   6.   Banking business

   7.   Wills

   8.   Legal proceedings, etc.

   9.   Employees and pension schemes

   10.   Evidence of books, documents, etc.

   11.   Registration of transfers

   12.   Exemption from stamp duty, etc.

13 of 1971
G.N. 146/1971

An Act to make provision to give effect to the intention of The Standard Bank Limited and Barclays Bank D.C.O. to transfer the assets and liabilities of the said Banks relating to their businesses in Malawi to the National Bank of Malawi, a new local commercial banking company of which the said Banks are to be members; and for purposes connected therewith and incidental thereto

[1ST JULY 1971]

1.   Short title

    This Act may be cited as the Standard Bank Limited and Barclays Bank D.C.O. Act.

2.   Interpretation

   In this Act, unless the context otherwise requires—

   “appointed day” means the day appointed as the date of commencement pursuant to section 1;

   “Barclays Bank D.C.O.” means Barclays Bank D.C.O., a company incorporated in England with limited liability, carrying on the business of banking in Malawi;

   “customer” includes any person having an existing banking account or other dealing, transaction or arrangement with The Standard Bank Limited or with Barclays Bank D.C.O., as the case may be, in the course of business;

   “excluded employee” means any person who, not being a citizen of Malawi, is, immediately before the appointed day, employed in the undertaking of The Standard Bank Limited or Barclays Bank D.C.O., as the case may be, and who has entered into a contract of service which requires him to serve The Standard Bank Limited or Barclays Bank D.C.O., as the case may be, in Malawi or elsewhere if called upon to do so;

   “existing” means existing and in force immediately before the appointed day;

   “liabilities” includes duties and obligations of every description;

   “Minister” means the Minister for the time being responsible for finance;

   “the new bank” means the National Bank of Malawi, a company incorporated in Malawi for the purpose of carrying on the business of banking in association with The Standard Bank Limited and Barclays Bank D.C.O.;

   “property” means real and personal property of every description and includes securities and powers and property held in trust;

   “security” includes a mortgage or charge, whether legal or equitable, a debenture, bill of exchange, promissory note, guarantee, lien, pledge, whether actual or constructive, hypothecation, indemnity or undertaking or any other means whatsoever of securing the payment or discharge of a debt, liability or obligation, whether present or future, actual or contingent;

   “The Standard Bank Limited” means The Standard Bank Limited, a company incorporated in England, with limited liability, carrying on the business of banking in Malawi;

   “the undertaking of Barclays Bank D.C.O.” means the business of, and all of the property vested in, or belonging to, or held by Barclays Bank D.C.O. in Malawi immediately before the appointed day, and includes all such property, wherever situate, then so vested in, belonging to and held by Barclays Bank D.C.O. in respect of, or attributable to, its Malawi banking operations, and all of the liabilities to which Barclays Bank D.C.O. was subject in respect of its banking business in Malawi immediately before the appointed day, but does not include any property which by agreement between the Minister and Barclays Bank D.C.O. with the concurrence of The Standard Bank Limited, shall be excluded from the provisions of this Act, and which excluded property is specified by the Minister in a Notice published in the Gazette within seven days after notice of commencement of this Act is given pursuant to section 1;

   “the undertaking of The Standard Bank Limited” means the business of, and all of the property vested in, or belonging to, or held by The Standard Bank Limited in Malawi immediately before the appointed day, and includes all such property, wherever situate, then so vested in, belonging to and held by The Standard Bank Limited in respect of, or attributable to, its Malawi banking operations, and all of the liabilities to which The Standard Bank Limited was subject in respect of its banking business in Malawi immediately before the appointed day, but does not include any property which by agreement between the Minister and The Standard Bank Limited with the concurrence of Barclays Bank D.C.O., shall be excluded from the provisions of this Act, and which excluded property is specified by the Minister in a Notice published in the Gazette within seven days after notice of commencement of this Act is given pursuant to section 1;

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