Uganda Development Bank Act
- Commenced on 10 November 1972
- [This is the version of this document at 31 December 2000.]
- [Note: The version of the Act as at 31 December 2000 was revised and consolidated by the Law Reform Commission of Uganda. All subsequent amendments have been researched and applied by Laws.Africa for ULII.]
1. InterpretationIn this Act, unless the context otherwise requires—
2. Establishment and general powers of the bank
3. Head office, branches and agentsThe bank shall have its head office in Kampala and may open such branches and appoint such agents in and outside Uganda as the board may consider necessary.
4. Objects of the bankThe objects of the bank shall be—
Capital and reserve
5. Authorised capital
6. LiabilityThe liability of any shareholder of the bank shall be limited to the amount of his or her share.
7. General Reserve Fund
8. Credit Guarantee Fund
10. InvestingThe board may invest idle funds and reserves of the bank in appropriate securities.
11. Board of directors
12. Functions of the board
13. Term of office
14. Board meetings
15. Managing director
16. Functions of managing directorThe managing director shall be the chief executive officer of the bank and shall, subject to the general control of the board on matters of policy, and subject, in particular, to any byelaws and regulations made under sections 27 and 28, be responsible for the direction of the day-to-day business of the bank and its administration and the organisation and control of the employees of the bank.
17. Declaration of interest
19. Declaration of secrecy
Audit and accounts
20. Audit and accounts
21. Financial yearThe financial year of the bank shall be a period of twelve months ending on the 31st day of December of each year.
22. Annual report
25. Exemption from taxThe bank shall be exempted from the payment of all taxes or duties payable to the Government.
26. LiquidationThe bank shall not be placed in liquidation other than in pursuance of an Act of Parliament passed for that purpose and then only in such manner as that Act may specify.
27. Bank byelaws
28. RegulationsThe Minister may, after consultation with the board, make regulations for better carrying into effect the provisions of this Act and, in particular, for such matters as were the bank a company registered under the Companies Act, would be dealt with in the articles of association.
History of this document
10 November 1972