BOTSWANA SAVINGS BANK: SUBSIDIARY LEGISLATION

INDEX TO SUBSIDIARY LEGISLATION

Botswana Savings Bank Regulations

National Savings Certificate Regulations

BOTSWANA SAVINGS BANK REGULATIONS

 

(section 32)

 

(1st January, 1963)

 

ARRANGEMENT OF REGULATIONS

 

   REGULATION

 

 

 

   1.   Citation

 

   2.   Interpretation

 

   3.   Application to open an account

 

   4.   Procedure on making deposits

 

   5.   Deposit book

 

   6.   Duties of officer receiving deposit

 

   7.   Loss of deposit book

 

   8.   Delivery of deposit book to Managing Directors

 

   9.   Withdrawals: general provisions

 

   10.   Ordinary withdrawals

 

   11.   Presentation of warrant

 

   12.   Ordinary withdrawals for maintenance of a person under the age of seven years

 

   13.   Withdrawals: power of attorney

 

   14.   Telegraphic withdrawals

 

   15.   Withdrawal on demand

 

   16.   Transfers within Botswana

 

   17.   Transfers from Botswana

 

   18.   Transfers to Botswana

 

   19.   First deposit by person who cannot write

 

   20.   Deposits made in error

 

   21.   Surrender of deposit book

 

   22.   Deposit in name of trustee

 

   23.   Deposit in name of person under age of seven years

 

   24.   Substitution of person authorized to withdraw moneys from association's account

 

   25.   Addition of names to title of account

 

   26.   Proof of death

 

   27.   Proof of identity

 

 

G.N. 19, 1963,
L.N. 84, 1966,
S.I. 91, 1970,
S.I. 25, 1973,
S.I. 86, 1979,
S.I. 45, 1982,
S.I. 109, 1989.

 

1.   Citation

   These Regulations may be cited as the Botswana Savings Bank Regulations.

 

2.   Interpretation

   (1) In these Regulations, unless the context otherwise requires-

   "account" means an ordinary savings account or a save-as-you-earn account or a special savings account, as the case may be, in the Savings Bank;

   "association" means any association, society, club or fund approved by the Managing Director in terms of section 12 of the Act;

   "deposit book" means a book issued in terms of regulation 5(1);

   "ordinary savings account" means an account in which the minimum balance is P5 and repayment on demand and telegraphic withdrawals may be obtained at any post office;

   "post office" means a post office or other place at which the business of the Savings Bank is conducted;

   "save-as-you-earn account" means an account for a fixed period contract of 24 monthly deposits, with a minimum monthly deposit of P20;

   "special savings account" means an account in which the minimum balance is P200, and in which the interest is higher than that paid on an ordinary savings account.

   (2) In these Regulations, "depositor" means-

 

   (a)   in the case of a person under the age of seven years, the person making the deposit on behalf of the person under the age of seven years;

 

   (b)   in the case of a person of unsound mind, the curator of his estate;

 

   (c)   in the case of a joint account, the persons in whose names the account is entered;

 

   (d)   in the case of a body corporate, an officer of the body corporate;

 

   (e)   in the case of an association, the persons authorized to withdraw moneys standing to the credit of the account of the association; or

 

   (f)   in the case of a trustee for a person whose name is to be entered in the title of the account, the trustee.

 

3.   Application to open an account

   (1) Every application to open an account other than an account mentioned in subregulation (2) shall be made at a post office or in such other manner as the Managing Director may determine.

   (2) Every application to open an account in the name of an association or of a body corporate shall be made to the Managing Director.

 

4.   Procedure on making deposits

   (1) Before a first deposit is made a depositor shall make and sign a declaration in the appropriate form and such declaration shall be witnessed.

   (2) A depositor shall furnish to the Managing Director his full name, occupation, and place of residence and postal address.

   (3) Before an account is opened by or in the name of an association, the trustee, treasurer or other responsible officer of such association shall forward to the Managing Director-

 

   (a)   a copy of the constitution and rules of the association certified as correct under the hand of any such person;

 

   (b)   an application signed by any such person for authority to make deposits and containing the names and signatures of the persons authorized to withdraw moneys standing to the credit of the account of the association, and such other information as the Managing Director may require.

   (4) Before a first or any subsequent deposit is made, a depositor shall complete a deposit slip which shall be available at any post office or by such deposit arrangement as the Managing Director may determine.

 

5.   Deposit book

   (1) When a first deposit is to be made in an account at a post office, a numbered book shall be handed to the depositor; and such book shall remain the property of the Savings Bank.

   (2) The depositor shall affix his signature in a place provided for his signature in the deposit book.

 

6.   Duties of officer receiving deposit

   (1) The officer receiving a deposit shall enter the amount of the deposit in the deposit book and shall affix code initials and the date stamp of his office in relation to such entry and shall immediately report the receipt of the deposit to the Managing Director.

   (2) The entry of the amount of a deposit in a deposit book shall be an acknowledgement of the depositor's claim to repayment of his deposit with interest thereon but only if the amount of the deposit recorded in the deposit book agrees with the amount shown on the deposit slip.

   (3) If the amount of a deposit recorded in the deposit book differs from the amount shown on the deposit slip, the deposit slip shall be prima facie evidence of the depositor's claim to repayment of his deposit with interest thereon.

 

7.   Loss of deposit book

   (1) If a depositor loses his deposit book or his deposit book is destroyed or so damaged as to be in the opinion of an officer unfit for further use, the depositor may apply to a post office for a new deposit book.

   (2) The Managing Director may, at his discretion, issue or authorize the issue of a new deposit book to such depositor on payment by the depositor of a sum of P1.

 

8.   Delivery of deposit book to Managing Director

   Every depositor shall once in each year on or after the anniversary of the date indicated on the deposit book and at any other time when so required by the Managing Director forward his deposit book to the Managing Director.

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