Bank of South Sudan Act, 2011 _ Bank of South Sudan

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  • 10/02/2015 BANKOFSOUTHSUDANACT,2011|BankofSouthSudan

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    BANKOFSOUTHSUDANACT,2011

    THELAWSOFSOUTHSUDAN

    BANKOFSOUTHSUDANACT,2011

    ______________________________________________________________________

    PrintedbytheMinistryofJustice

    BankofSouthSudanAct,2011

    CHAPTERI

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    PRELIMINARYPROVISIONS

    1.TitleandCommencement

    2.RepealandSaving

    3.Purpose

    4.AuthorityandApplication

    1. Interpretation

    CHAPTERII

    ESTABLISHMENTOFTHEBANK

    6.Establishment

    7.Objectivesandbasictasks

    8.IndependenceoftheBank

    9.LegalprotectionfortheBank,itsofficials,employeesandagents

    10.TaxationprovisionsapplicabletotheBank

    11.Prohibitedactivities

    12.Authoritytoissueregulationsandcirculars

    13.Internationalcooperation

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    CHAPTERIII

    ORGANIZATIONANDADMINISTRATION

    14.Organization

    15.CompositionoftheBoard

    16.FunctionsandpowersoftheBoard

    17.ConditionsformembershipontheBoard

    18.CompensationofmembersoftheBoard

    19.RemovalofBoardmembers

    20.ResignationofBoardmembers

    21.VacanciesontheBoard

    22.MeetingsoftheBoard

    23.Proceedings,minutes,anddecisionsoftheBoard

    24.AuditCommitteeoftheBoard

    25.Othercommittees

    26.PowersanddutiesoftheGovernor

    27.InternalAuditorandInternalAuditDepartment

    28.PowersoftheInternalAuditDepartment

    29.Professionalstaff,otheremployeesandagents

    30.LimitationsoncreditbyBankofficialsandstaffmembers

    31.Conflictsofinterest

    32.Secrecy

    CHAPTERIV

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    FINANCIALAFFAIRS

    33.Capital

    34.ReservesoftheBank

    35.CalculationofnetprofitornetlossoftheBank

    36.Allocationofnetprofit

    37.Allocationofnetloss

    38.Coverageofshortfallsincapital

    CHAPTERV

    MONETARYUNIT,BANKNOTESANDCURRENCY

    39.Monetaryunit

    40.Issueofbanknotesandcoins

    41.FunctionsoftheBankregardingcurrency

    42.Currencyfeatures

    43.UnfitCurrency

    44.Accountingtreatmentofcurrencyissued

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    45.Currencyrecall

    CHAPTERVI

    LEGALTENDER

    46.SouthSudanesepoundaslegaltender

    47.Publicaccountsandcompulsorypayments

    48.Sumsmentionedinlaws,valuation,andconversion

    49.Designationofpricesforgoodsandservices

    50.Freedomofcurrency

    51.Enforcementofforeigncurrencypaymentobligations

    CHAPTERVII

    MONETARYFUNCTIONSANDOPERATIONS

    1. Monetaryandexchangeratepolicy

    53.ExternalvalueoftheSouthSudanesepound

    54.Overnightadvances

    55.Issuanceofdebtsecurities

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    56.Requiredreservesofbanks

    57.Publicationofinformationrelatingtocurrency

    CHAPTERVIII

    FOREIGNEXCHANGEOPERATIONS

    58.Generalpolicy

    59.ResponsibilitiesoftheBank

    60.Internationalclearingandpaymentsagreements61.Internationalreserveassets

    62.Acquisition,holdinganddisposalofinternationalreserves

    63.Investmentofinternationalreserveassets

    CHAPTERIX

    RELATIONSWITHTHEGOVERNMENT

    64.Banker,adviser,andfiscalagent

    65.AdvancestotheGovernment

    66.Consultationsandreportingonpublicsectorborrowing

    67.DepositoryandcashierfortheGovernment

    68.Fiscalagencyfunction

    69.RequiredInformation

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    CHAPTERX

    RELATIONSWITHREGULATEDENTITIES

    70.Supervisionofregulatedentities

    71.Lenderoflastresortfunction

    CHAPTERXI

    ACCOUNTS,FINANCIALSTATEMENTS,

    AUDIT,ANDREPORTS

    72.Financialyear

    73.Accountingpractices

    74.Financialstatements

    75.Auditofaccounts

    76.Transmittalandpublicationofstatementsandreports

    CHAPTERXII

    COLLECTIONOFSTATISTICALINFORMATION

    77.Collectionofstatisticalinformation

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    CHAPTERXIII

    MISCELLANEOUSPROVISIONS

    78.Preferentialright

    79.Standardsofgoodadministration

    CHAPTERXIV

    TRANSITIONALPROVISIONS

    80.Executionofcontractsandtransactions

    81.Temporarymonetarypolicyobjective

    1. TemporarysuspensionoflimitationonadvancestotheGovernmentbasedontheBankscapital

    BankofSouthSudanAct,2011

    InaccordancewiththeprovisionsofArticle55(3)(b)readtogetherwithArticle85(1)oftheTransitionalConstitutionoftheRepublicofSouthSudan,2011,theNationalLegislature,withtheassentofthePresidentoftheRepublicofSouthSudanherebyenactsthefollowing:

    CHAPTERI

    PreliminaryProvisions

    1.TitleandCommencement

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    ThisActshallbecitedasBankofSouthSudanAct,2011andshallcomeintoforceonthedateofitssignaturebythePresident.

    2.RepealandSaving

    AnyexistinglegislationinSouthSudan,thatgovernsthesamemattersassetforthinthisAct,areherebyrepealedorceasetooperateinSouthSudanprovidedthat,allproceedings,ordersandregulationstakenormadethereunder,excepttotheextenttheyarecancelledbyorareotherwiseinconsistentwiththeprovisionsofthisAct,shallremaininforceoreffect,untiltheyarerepealedoramendedinaccordancewiththeprovisionsofthisAct.

    3.Purpose

    ThepurposeofthisActistoprovidefortheestablishmentandgovernanceoftheBankofSouthSudanandanymattersorissuesrelatedthereto.

    4.AuthorityandApplication

    ThisActisdraftedinaccordancewiththeprovisionsofArticle182(1)oftheTransitionalConstitutionoftheRepublicofSouthSudan,2011whichprovidesfortheestablishmentofacentralbankintheRepublicofSouthSudantobeknownastheBankofSouthSudan.

    Interpretation

    InthisActunlessthecontextotherwiserequires,thefollowingwordsandexpressionshallcarrythemeaningassignedtothemrespectively

    NationalLegislaturemeanstheNationalLegislativeAssemblyandCouncilofStates

    AuditorGeneralmeanstheAuditorGeneralofSouthSudan

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    bankmeansalegalentityengaginginthebusinessandreceivingofmoneydepositsorotherrepayablefundsfromthepublicandmakingcreditsforitsownaccount,andlicensedtodobusinessinSouthSudan

    BankmeansBankofSouthSudan

    banknoteincludesanyinstrumentused,orintendedtobeusedasmoneyorastheequivalentofmoney,issuedunderlawfulauthorityinSouthSudanorelsewhere

    BoardmeanstheBoardofDirectorsoftheBank

    capitaloftheBankmeanstheexcessofthevalueoftheBanksassetsoveritsliabilities

    chequecashingmeansreceivingcompensationfortakingpaymentinstrumentsorstoredvalue,otherthantravellerscheques,inexchangeformoney,paymentinstruments,orstoredvaluedeliveredtothepersondeliveringthepaymentinstrumentorstoredvalue,including,butnotlimitedto:

    (a)thepresentationtoamoneyserviceproviderbyacustomerofachequepayabletotheorderofthecustomer,inexchangeforcashofequivalentorlesseramount

    (b)thepresentationtoamoneyserviceproviderbyacustomerofachequepayabletotheorderofthemoneyserviceprovider,inexchangeforcashofequivalentorlesseramountor

    (c)thepresentationbyamoneyserviceprovidertoacustomerofachequepayabletotheorderofthecustomer,tobeexchangedforcashofequivalentorlesseramountatacreditinstitutionoranyotherinstitutionwherethemoneyserviceprovidermaintainsacurrentaccounttheprovisionbyamoneyserviceprovidertoacustomerofareferencenumber,thepresentationofwhichnumberandpersonalidentificationatacreditinstitutionoranyotherinstitutionwherethemoneyserviceprovidermaintainsacurrentaccountentitlesthecustomertoreceivecashofapredeterminedamount

    counterfeitmoneyincludes:

    (a)afalsecoinorfalsepapermoneythatresemblesoristakenforacurrentcoinorcurrentpapermoney

    (b)aforgedbanknoteorforgedblankbanknote,whethercompleteorincomplete

    (c)agenuinecoinorgenuinepapermoneythatispreparedoralteredtoresembleorpassforacurrentcoinorcurrentpapermoneyofahigherdenomination

    (d)acurrentcoinfromwhichthemillingisremovedbyfilingorcuttingtheedgesandonwhichnewmillingismadetorestoreitsappearance

    (e)acoincasedwithgold,silverornickel,thatisintendedtoresembleorpassforacurrentgold,silverornickelcoinand

    (f)acoinorapieceofmetalormixedmetalsthatiswashedorcolouredbyanymeanswithawashormaterialcapableofproducingtheappearanceofgold,silverornickelandthatisintendedtoresembleorpassforacurrentgold,silverornickelcoin

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    currencyexchangemeansreceiptofrevenuesfromtheexchangeofmoneyofonecountryformoneyofanothercountry

    debtsecuritymeansanybond,debenture,orfunctionallyequivalentinstrumentofindebtedness,andanyinstrumentwhichgivestherighttoreceiveanotherdebtsecuritythroughsubscriptionorexchangedebtsecuritiesmayalsobeinbookentryform.Thetermdebtsecuritydoesnotincludepromissorynotes,billofexchange,orchequesasdefinedintheNegotiableInstrumentsLaw.

    electronicmoneymeanselectronically(includingmagnetically)storedmonetaryvalueasrepresentedbyaclaimontheissuerthatisissuedonreceiptoffundsforthepurposeofmakingpaymenttransactionsasdefinedinthisLaw,andacceptedbyanaturalorlegalpersonotherthantheelectronicmoneyissuer.

    electronicmoneyinstitutionmeansanylegalentitythathasbeengrantedalicensebytheBanktoissueelectronicmoney.

    electronicmoneyissuermeansanyentityauthorizedbylaworregulationoftheBanktoissueelectronicmoney.

    foreigncurrencyorforeignexchangemeansthemoneyofacountryorintergovernmentalorganizationotherthanSouthSudan.

    foreignexchangedealermeansanypersonwhoengagesinthebusinessofbuyingandsellingforeigncurrencies,forwardexchangecontracts,options,paymentinforeigncurrencies,swapsorotherderivativecontractsinvolvingaforeigncurrencytransaction.

    GovernmentmeanstheGovernmentofSouthSudan

    GovernormeanstheGovernoroftheBank

    investmentfundmeansacompanythatinvestsinsecuritiesbyreceivingfundsfromthepublic

    InternationalFinancialReportingStandardsmeansthemostrecentinternationalfinancialreportingstandardsissuedbytheInternationalAccountingStandardsBoard

    loanmeansempoweringownershipofmoneyand/orthingprovidedthatisequivalentinvalue,qualityordescriptions,topayortoberepaidtowhoevermaypasstheloanbytheexpirationoftheperioddesignedfortheloan

    MinistermeanstheMinisterofFinanceandEconomicPlanning,unlessindicatedotherwise

    moneymeansamediumofexchangethatisauthorizedandadoptedbySouthSudanoranothercountry,orbyanintergovernmentalorganization

    moneyservicemeansanyserviceconductedinrelationtomoneyincludingsafekeeping,moneytransmission,chequecashing,orcurrencyexchange

    moneyserviceprovidermeansanypersonwhoengagesinthebusinessofprovidingamoneyservice

    moneytransmissionmeanssellingorissuingpaymentinstruments,storedvalue,orreceivingmoneyormonetaryvaluefortransmissionthetermdoesnotincludetheprovisionsolelyofphysicaldelivery,

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    onlineortelecommunicationsservices,ornetworkaccess

    negotiablewithrespecttoafinancialinstrumentmeansthatthetitletothatinstrumentmaybetransferredbydeliveryoftheinstrumentorbysignedendorsementwrittenontheinstrumentorbyentryinaregisterofownersofsuchinstrument

    ordermeansanobligatorydirective,issuedbytheBanktooneormoreregulatedentitiesorotherpersonsinimplementationofthisAct

    paymentinstrumentmeansacheque,draft,moneyorder,travellerscheque,orotherinstrumentforthetransmissionorpaymentofmoneyormonetaryvalue,whetherornotnegotiableacreditcardvoucher,letterofcredit,orinstrumentthatisredeemablebytheissueringoodsorservicesshallbeanexceptionfromthisrule

    paymentsystemmeansanyprocedures,includingcommunicationnetworks,agreedbetweenthreeormoremoneyserviceprovidersfortheprocessingofpayments,theclearingorsettlementofpaymenttransactions,andfortheexchangeofpaymentsagainstotherpayments,financialobligationsorsecurities,inanycurrency

    paymenttransactionmeansanact,initiatedbythepayerorbythepayee,ofplacing,transferringorwithdrawingfunds,irrespectiveofanyunderlyingobligationsbetweenthepayerandthepayee.

    personincludesanynaturalpersonorlegalentity

    PresidentmeansthePresidentofSouthSudan

    recordmeansinformationthatisinscribedonatangiblemediumorthatisstoredinanelectronicorothermediumandisretrievableinperceivableform

    regulatedentitymeansabank,foreignexchangedealer,moneyserviceprovider,electronicmoneyinstitution,paymentsystemoperator,andanyotherpersonsubjecttoregulationorsupervisionbytheBankinaccordancewiththisActorotherrelevantlegislation

    regulationmeansanobligatorydirectiveapplicabletooneormoreclassesofregulatedentities,otherlegalentitiesand/orindividuals,havingtheforceoflaw,approvedbytheBoardtoimplementanyprovisionofthisActorotherlegislationadministeredbytheBank

    requiredcapitaloftheBankmeanstheamountreferredtoinsection33(1)below

    securitymeansanegotiablefinancialinstrument(whetherintheformofacertificateorinbookentryform)ofoneofthefollowingcategories:

    (a)shares,orcertificatesorreceiptsinrespectofshares

    (b)debtsecurities,whetherornotconvertibleintoshares

    (c)derivatives

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    (d)sharesorparticipationunitsininvestmentfundsor,

    (e)anyothernegotiablefinancialinstrumentdeclaredtobeasecuritybyregulationoftheBank

    sharemeansanyshareofcapitalstockorotherequitysecurityissuedbyacorporation

    Governmentagencymeansanyadministrativeorpoliticalsubdivision,agencyoranyenterpriseownedorcontrolledbytheGovernmentofSouthSudanorbyanyGovernmentagency

    storedvaluemeansmonetaryvaluethatisevidencedbyanelectronicrecord

    unfitcurrencymeansbanknotesorcoinsthat,intheopinionoftheBank,are:

    (a)mutilated,defaced,excessivelyagedordamaged

    (b)inthecaseofbanknotes,illegible,misshapenorperforated,havebeensignificantlyalteredintheirexternalappearance,includinginparticularbanknotesthathavebeenwrittenon,paintedon,overprinted,stampedorperforated,ortowhichadhesivematterhasbeenapplied

    (c)inthecaseofcoins,bent,mutilatedordefacedorthathavebeenreducedinweightotherwisethanbyabrasionthroughordinaryuse

    tothepointofbeingunrecognizableorunusableforpurposesofthisAct.

    CHAPTERII

    ESTABLISHMENTOFTHEBANK

    5.Establishment

    (1)ThereisherebyestablishedacentralbankforSouthSudan,tobeknownastheBankofSouthSudan.

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    (2)TheBankshallbeanautonomousbodycorporate,withperpetualsuccessionandacommonsealandlogo,subjecttotheprovisionsofthisAct,becapableinitscorporatenameof:

    (a)suingandbeingsued

    (b)taking,purchasingorotherwiseacquiring,holding,changinganddisposingofproperty,movableorimmovable

    (c)borrowingandlendingmoney

    (d)concludingrelevantcontracts

    (e)issuingrelevantsecuritiesandotherwiseborrowand

    (f)doingorperformingallsuchotherthingsoractsfortheproperperformanceofitsfunctionsunderthisActthatmaylawfullybedoneorperformedbyabodycorporate

    (3)TheBankshallhaveitsheadofficeinJuba.Itmayestablishoperationalunits,includingbranchoffices,representativeofficesandliaisonoffices,andmayappointagentsandcorrespondents,ats...