Standard Bank Limited and Barclays Bank D.C.O. Act (Chapter 44:04)
Malawi
Standard Bank Limited and Barclays Bank D.C.O. Act
Chapter 44:04
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Commenced on 1 July 1971
- [This is the version of this document at 31 December 2014 and includes any amendments published up to 31 December 2017.]
- [Note: This version of the Act was revised and consolidated in the Fourth Revised Edition of the Laws of Malawi (L.R.O. 1/2015), by the Solicitor General and Secretary for Justice under the authority of the Revision of the Laws Act.]
This Act may be cited as the Standard Bank Limited and Barclays Bank D.C.O. Act. 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;“will” includes codicil and any other testamentary writing. All contracts, agreements, conveyances, deeds, leases, licences, undertakings and other instruments, vested or transferred by this Act, whether analogous to the foregoing or not, entered into by, or made with, or addressed to The Standard Bank Limited or Barclays Bank D.C.O., respectively (whether solely or with any other person), before, and in force on, the appointed day shall, as from that day, be binding and of full force and effect in every respect against or in favour of the new bank as fully and effectively as if, instead of The Standard Bank Limited or Barclays Bank D.C.O., as the case may be, the new bank had been a party thereto or bound thereby, or entitled to the benefit thereof. Without prejudice to the generality of any other provision of this Act, the following provisions shall have effect with relation to the banking business of The Standard Bank Limited and Barclays Bank D.C.O., respectively, in Malawi—(a)any account between The Standard Bank Limited and a customer or between Barclays Bank D.C.O. and a customer shall, on and after the appointed day become an account between the new bank and such customer, with the same rights and subject to the same obligations and incidents (including rights of set-off) as would have been applicable thereto if such account between The Standard Bank Limited and the customer, or between Barclays Bank D.C.O. and the customer, as the case may be, had continued, and so that any existing instruction, order, direction, mandate or authority given by the customer in relation to the account shall continue to have full force and effect, and such account shall, for all purposes, be deemed to be a single continuing account:Provided that—(i)nothing in this paragraph shall affect any right of the new bank or of the customer to vary the conditions and incidents subject to which the account is kept; and(ii)deposits transferred from The Standard Bank Limited or Barclays Bank D.C.O., respectively, to the new bank pursuant to this Act shall, during a period of thirty days from the date of commencement of this Act, be withdrawable on demand without prejudice to any right of set-off or charge which the new bank may have thereover;(b)any security held by The Standard Bank Limited or by Barclays Bank D.C.O., respectively, as security for the payment of debts or liabilities, whether present or future, actual or contingent, of any person, which is transferred to the new bank by virtue of this Act shall, on and after the appointed day, be held by and be available to the new bank for the payment of such debts and liabilities to the said new bank, and, where the moneys secured by such a security include future advances to or liabilities of such person, the security shall, as from that day, be held and be available to the new bank as security for future advances to that person by, and future liabilities of that person to, the said new bank to the same extent to which future advances by, or liabilities to, The Standard Bank Limited or Barclays Bank D.C.O., respectively, were secured thereby immediately before the appointed day, and a transfer effected by this Act of any such security shall not operate as a release of such security notwithstanding any relevant rule of law or statutory provision to the contrary;(c)the new bank shall, in relation to any security transferred to it by virtue of this Act, and to the moneys thereby secured, be entitled to the same rights and priorities, and be subject to the same obligations and incidents, as The Standard Bank Limited or Barclays Bank D.C.O., respectively, would have been entitled and subject to if the same had continued to be held by The Standard Bank Limited or Barclays Bank D.C.O., as the case may be;(d)any negotiable instrument or order for the payment of money, whether drawn, given, accepted or endorsed before, on or after the appointed day, which is expressed to be drawn on, or given to, or accepted or endorsed by The Standard Bank Limited or Barclays Bank D.C.O., respectively, or payable at any place of business of The Standard Bank Limited or Barclays Bank D.C.O., as the case may be, shall, on and after the appointed day, have the same effect as if it had been drawn on, or given to, or accepted or endorsed by, the new bank, or payable at the same place of business of the said new bank;(e)where, by the operation of any of the provisions of this Act, any right, liability or obligation becomes a right, liability or obligation of the new bank, that bank and all other persons shall, on and after the appointed day, have the same rights, powers and remedies (and in particular the same rights and powers as to taking or resisting any legal proceedings or any application to any authority) for ascertaining, perfecting or enforcing that right, liability or obligation as if it had at all times been a right, liability or obligation of the new bank;(f)the custody of any document, goods or other property held by The Standard Bank Limited or Barclays Bank D.C.O., respectively, as bailee for any other person at any of their respective offices or branches in Malawi shall be transferred to the new bank on the appointed day, and the rights and obligations of The Standard Bank Limited or Barclays Bank D.C.O., respectively, under any contract of bailment relating to such document, goods or property shall be transferred to the said new bank on that day. In the case of property transferred to and vested in the new bank pursuant to this Act, in respect of the transfer of which any written law provides for registration, it shall be the duty of the proper officer of the appropriate registration authority, upon request made by or on behalf of the said new bank, to make such entries in the appropriate register as shall give effect to such transfer and, where appropriate, to issue to the said new bank a certificate of title in respect of the said property or to make the necessary amendments to the register, as the case may be, and, if presented therefor, to make endorsements on the deeds relating to the title, right or obligation concerned. Notwithstanding the provisions of any other written law, no 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 effected by this Act or on account of anything done under section 11.1. 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 duties, etc.