Malawi
Post Office Savings Bank Act
Chapter 44:03
- Assented to on 21 December 1967
- Commenced on 23 February 1968
- [This is the version of this document at 31 December 2014.]
- [Note: This version of the Act was revised and consolidated in the Fifth Revised Edition of the Laws of Malawi (L.R.O. 1/2018), by the Solicitor General and Secretary for Justice under the authority of the Revision of the Laws Act.]
1. Short title
This Act may be cited as the Post Office Savings Bank Act.2. Interpretation
In this Act, unless the context otherwise requires—“account” means an account in the Savings Bank;“Board” means the Post Office Savings Bank Board established under section 4;“officer” means any person employed or assigned in connexion with any business of the department responsible for postal services;“principal office” means the principal Office of the Savings Bank situated in such place as the Postmaster-General may by notice, from time to time, specify;[19 of 1993]“Savings Bank” means the Post Office Savings Bank deemed to be established under section 3;“Savings Bank year” means the period of twelve months beginning on the 1st January in any year and ending on the 31st December next following.3. Establishment of Savings Bank
4. Establishment of Board
5. Functions of Board
In addition to any functions conferred on it by this Act or any regulations made thereunder, the Board shall be responsible for the policy and general administration of the Savings Bank, and with regard to these matters the Postmaster-General shall, in the exercise of his functions under this Act or any regulations made thereunder, be subject to any special or general directions of the Board.[19 of 1993]6. Management of Savings Bank
7. Reserve Fund and Accumulated Deficit Fund
8. Security of moneys deposited and expenses
9. Investment of moneys
10. Interest
11. Accounts not operated on for fifteen years
12. Books, accounts, records and reports
13. Determination of disputes
If any dispute arises between the Postmaster-General and any person having an account or any executor, administrator, trustee, or next-of-kin of such person, or any person appointed by a court to manage the affairs of such person, or any creditor, official receiver or trustee of any such person who has become bankrupt or insolvent, or any person claiming to be such executor, administrator, next-of-kin, manager, creditor, official receiver or trustee, or to be entitled to any moneys deposited in the Savings Bank, the matter so in dispute shall be referred in writing to the High Court, and the Court may inquire into and determine the matter in dispute, and such determination and adjudication in regard thereto shall be final and conclusive and binding on the parties.[19 of 1993]14. Regulations
The Minister may, in consultation with the Board, make regulations for the better carrying into effect of the provisions and purposes of this Act, and without prejudice to the generality of the foregoing, such regulations may provide for the regulation or control of all or any of the following matters—15. Remittances to and from other savings banks
16. Disclosure of information
17. Exemption from stamp duty
No stamp duty shall be payable on any form prescribed for the use or purposes of the Savings Bank.18. Indemnity in certain circumstances
When any payment is made or any act done by the General Manager or any officer acting under this authority in accordance with this Act, the Savings Bank, the General Manager, and such officer shall not be liable in respect of any claim on the part of any person in connexion with such payment or act, without prejudice to any right of such person to recover any sum lawfully due to him from the person to whom the Postmaster has paid the same:Provided that nothing in this section shall be construed as exempting any officer from liability for damage or loss caused to any person by reason of fraud or theft committed by such officer in relation to or in connexion with his official duties.[44 of 1971][19 of 1993]19. Authorization of payment for loss
Where a person suffers any loss from his account without any fault or neglect on his part, the Postmaster-General may, at his discretion, authorize the payment to such person of the amount of the loss, or any part thereof, from the funds of the Post Office Savings Bank.[44 of 1971][19 of 1993]History of this document
31 December 2014 this version
Consolidation
23 February 1968
Commenced
21 December 1967
Assented to