BOTSWANA SAVINGS BANK: SUBSIDIARY LEGISLATION
INDEX TO SUBSIDIARY LEGISLATION
Botswana Savings Bank Regulations
National Savings Certificate (Revocation) Order
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 authorised 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.
These Regulations may be cited as the Botswana Savings Bank Regulations.
(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 authorised 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 authorised 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.
(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.
(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 authorise 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.
9. Withdrawals: general provisions
Withdrawals may be made from an account in the manner and subject to the conditions prescribed in these Regulations:
Provided that—
(i) the Managing Director may require up to one month’s notice of withdrawal if the sum to be withdrawn exceeds P2 000 and up to two months’ notice of withdrawal if the sum to be withdrawn exceeds P20 000;
(ii) a sum deposited by cheque may not be withdrawn until 21 days have elapsed from the date of deposit;
(iii) an application to withdraw the whole or any part of a cash deposit shall not be dealt with until 10 days have elapsed from the day on which the deposit was made.
(1) Except as is provided in regulations 14 and 15 a depositor who wishes to withdraw the whole or part of any sum standing to the credit of his account shall make application in the appropriate form, a copy of which shall on application be supplied to him.
(2) An application may be made in terms of subregulation (1) by any person who has attained the age of seven years.
(3) An application made in terms of subregulation (1) by an association shall be made by the persons authorised in terms of regulation 4(3)(b) to withdraw moneys from the account of the association.
(4) An application made in terms of subregulation (1) by a body corporate shall be made by an officer of that body corporate.
(5) On receipt of any application in terms of this regulation the Managing Director shall cause a warrant for the amount so payable to be transmitted by post to the depositor concerned.
(1) Every warrant issued in terms of regulation 10(5) shall be presented with the deposit book to which it relates at the post office specified in the warrant.
(2) The paying officer shall enter the amount repaid in the deposit book and attest the entry with code initials and the date stamp of his office.
(3) The paying officer shall obtain a receipt on the warrant for the amount specified therein from the person named therein or any other person authorised by or under these Regulations to receive such amount and such receipt shall be a complete discharge to the Managing Director for the amount repaid.
12. Ordinary withdrawals for maintenance of a person under the age of seven years
If it is proved to the satisfaction of the Managing Director that any sum of money standing to the credit of an account in the name of a person who has not attained the age of seven years is urgently needed for his maintenance or education, the Managing Director may pay such sum of money or part thereof to his legal guardian if he is satisfied that the legal guardian will apply the money for the benefit of such person.
13. Withdrawals: power of attorney
(1) If a person—
(a) who is named in a warrant issued in terms of regulation 10(5); or
(b) who is named in a telegram received by an officer from the Managing Director in terms of regulation 14(4),
desires some other person to receive the amount payable to him, such person shall authorise such other person to receive the amount either—
(i) by a power of attorney; or
(ii) by a letter or order in the appropriate form a copy of which shall on application be supplied by a post office.
(2) The signature of such person on any such power of attorney, letter or order shall—
(a) if such person is at sea, be witnessed by the master or officer in charge of the vessel; or
(b) in any other case, be witnessed by any accountant, advocate, attorney, administrative officer, bank manager, commissioner of oaths, justice of the peace, medical practitioner, minister of religion, police officer of or above the rank of inspector, or any officer other than the paying officer.
(3) Any such letter or order signed in accordance with the provisions of this regulation by a person who has attained the age of seven years but who has not attained the age of 21 years shall be as valid and binding upon him as it would have been if he had attained the age of 21 years when he signed the letter or order.
(4) If any such power of attorney, letter or order authorises payment to be made to—
(a) any business or trading concern which is not a body corporate and which is carried on by one or more persons under any style; or
(b) a body corporate,
any such person or, as the case may be, any officer of the body corporate may apply for payment and the signature of such person in such style or of such officer signing as such, shall be a complete discharge to the Managing Director for the amount paid.
(1) A depositor who wishes to obtain payment by telegraph of an amount standing to the credit of his account may apply for such payment at a post office.
(2) Any application made in terms of subregulation (1) shall be made in the appropriate form, a copy of which shall on application be supplied to him by a post office.
(3) When a depositor applies for payment in terms of subregulation (1) at a post office, an officer shall, if he is satisfied that a sufficient amount is standing to the credit of the account to meet the payment and upon receipt of the fees payable for the necessary telegram, send a telegram to the Managing Director in the form approved by him stating the name of the depositor, the number of his deposit book and the amount required.
(4) If the officer receives from the Managing Director in reply to the telegram of withdrawal a telegram authorising him to pay the amount required or any smaller amount, the amount so authorised shall, subject to the provisions of subregulation (5), be paid to the depositor or to any person authorised by him in terms of these Regulations to receive the amount.
(5) The following provisions shall apply to telegraphic withdrawals—
(a) the person requiring payment shall—
(i) produce evidence to the satisfaction of the paying officer that he is entitled to receive the amount authorised to be paid;
(ii) sign a receipt in the appropriate form, a copy of which shall on application be supplied to him by a post office;
(b) the paying officer shall enter the amount paid in the depositor’s book and attest the entry with code initials and the date stamp of his office.
(6) Payment of a withdrawal by telegram in terms of this regulation shall be subject to the condition that there are sufficient funds available at the post office at which payment is made to meet the amount to be withdrawn.
(7) No account may be closed by telegraphic communication.
A depositor may obtain on demand at any post office, repayment of sums not exceeding P200, subject to the following conditions—
(a) that application shall be made on the form provided for the purpose;
(b) that repayment shall be made only to the depositor in person, who shall sign the receipt therefor in the presence of the officer making the payment;
(c) that there shall be seven clear days between each demand;
(d) that no repayment on demand shall be made from a trust fund account or from the account of a minor under seven years of age or from a special savings account, or from a save-as-you-earn account;
(e) in all other respects repayment shall be subject to the rules and regulations governing withdrawals by post and by telegraph.
(1) A depositor may apply to the Managing Director for the transfer of any amount standing to the credit of his account into the name of any other person entitled to be a depositor.
(2) Such application shall be made in the appropriate form, a copy of which shall on application be supplied by a post office, and shall be accompanied by the depositor’s deposit book or by such other evidence as the Managing Director may require of the title of the depositor to the amount to which the application relates.
(3) Upon receipt of any such application and on being satisfied as to the title of the depositor to transfer the amount to which the application relates, the Managing Director shall transfer from his account to the account of the transferee the amount in question.
(4) Such application shall be a complete discharge to the Managing Director from the transferor for the amount in question.
(5) If the transferee is not a depositor, he shall make a declaration in accordance with the provisions of regulation 4 as if the amount transferred was a first deposit and a deposit book shall be handed to him and he shall affix his signature in the place provided for his signature in the deposit book.
(1) Any depositor may have an amount standing to the credit of his account transferred to an account in the post office savings bank of any country with which arrangements for transfer are in operation upon such terms and conditions as may be fixed by the Managing Director.
(2) An application for any such transfer shall be made in the appropriate form, a copy of which shall on application be supplied by a post office.
(3) The fees payable for any such transfer shall be P1 for any amount not exceeding P100 transferred, and 5 thebe for every P10 or part thereof transferred in excess of P100.
(4) The amount to be transferred shall not exceed the maximum amount agreed upon between the Managing Director and the post office savings bank of the country to which the amount is to be transferred and the transfer thereof shall be subject to any exchange control regulations for the time being in force.
If an application is made to the Managing Director to accept transfer to the Savings Bank of any amount standing to the credit of any person in the post office savings bank of any country with which arrangements for transfer are in operation, the Managing Director may, if such person is a depositor, place such amount to the credit of his account.
19. First deposit by person who cannot write
(1) When a first deposit is made by a person who cannot write, his mark shall be affixed to the declaration made by him in terms of regulation 4 in the presence of a witness who shall certify that such declaration has, before being made by such person, been read over to such person in the presence and hearing of him, the witness.
(2) The provisions of subregulation (1) shall, in so far as they are applicable, apply to the completion by a depositor who cannot write, of an authority to receive any amount payable on a warrant issued in terms of these Regulations.
(3) If a person to whom a warrant is payable cannot write, he shall, when he presents the warrant for payment, affix his mark to the receipt at the foot thereof in the presence of some person known to the paying officer and who can identify the person applying for the payment as the person named in the warrant.
If any deposit is made in error, the Managing Director may return the deposit and cancel all matters relating thereto or may take such other steps as may be necessary to give effect to the intention of the parties.
If a depositor applies for the payment of all the moneys standing to the credit of his account and for his account to be closed, he shall surrender his deposit book to the officer making the payment.
22. Deposit in name of trustee
(1) If deposits have been made in the name of one person as trustee for another person whose name is also entered in the title of the account, upon the application of the last-mentioned person, the Managing Director may, if he deems fit, remove the name of the trustee from the title of the account and substitute the name of such other trustee in place thereof or enter the account in the name of the person on whose behalf deposits were made.
(2) If a trustee is so substituted, such trustee shall make the declaration required in terms of regulation 4 in the case of a first deposit.
(3) The receipt of the person or persons named in the title of the account, as altered under the provisions of this regulation, shall be a complete discharge to the Managing Director for any amount paid to him from the account.
23. Deposit in name of person under age of seven years
If deposits have been made on behalf of and in the name of a person under the age of seven years that person shall, on attaining the age of seven years, make a declaration on the appropriate forms if required to do so by the Managing Director.
24. Substitution of person authorised to withdraw moneys from association’s account
If the trustee, treasurer or other responsible officer of an association, desires at any time to substitute a different person for a person authorised to withdraw moneys deposited in the account of such association, he shall sign and forward to the Managing Director an application containing the name and signature of the person he so desires to substitute.
25. Addition of names to title of account
(1) A depositor may apply to the Managing Director to add the name of one or more persons to the title of his account and the Managing Director may, if he deems fit, add such name or names to the title of the account.
(2) Any person whose name is so added shall make a declaration required in terms of regulation 4 in the case of a first deposit.
(3) The addition of a name or names to the title of an account under the provisions of this regulation shall not be treated as the opening of a new account.
The Managing Director may at any time require proof to his satisfaction of the death of a depositor.
Notwithstanding anything contained in these Regulations, any officer in charge of a post office may—
(a) if he is unable to identify any person who alleges he is a depositor, require such person to produce a certificate signed by an administrative officer, a justice of the peace, a commissioner of oaths or by two responsible residents of the place in which such person resides identifying such person as being the depositor named in the deposit book concerned, or some other document of identity;
(b) if he is not satisfied that any person producing a deposit book of another person and a warrant authorising withdrawal from the account in question is entitled to payment of the amount specified in the warrant, retain the deposit book and warrant and call upon such person to produce proof that he is entitled to payment of the amount or refuse to make payment of the amount except to the depositor named in the deposit book.
NATIONAL SAVINGS CERTIFICATE (REVOCATION) ORDER
(section 23 (1))
(29th January, 2021)
ARRANGEMENT OF PARAGRAPHS
PARAGRAPH
1. Citation
2. Revocation of S.I. 17 of 2007
S.I. 4, 2021.
This Order may be cited as the National Savings Certificate (Revocation) Order.
2. Revocation of S.I. 17 of 2007
The National Savings Certificate Regulations, 2007, are hereby revoked.