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

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<ul><li><p>10/02/2015 BANKOFSOUTHSUDANACT,2011|BankofSouthSudan</p><p>https://bosshq.net/resrarchandstatistics/bankofsouthsudanact2011/ 1/59</p><p>HomeAboutTheBSSCareersCountactusFormsCurrency</p><p>Menu</p><p>Search</p><p>BankingOperationsCircularsFinancialMarketsMonetaryPolicyRegulationandSupervisionResearchandStatistics</p><p>Navigation</p><p>BANKOFSOUTHSUDANACT,2011</p><p>THELAWSOFSOUTHSUDAN</p><p>BANKOFSOUTHSUDANACT,2011</p><p>______________________________________________________________________</p><p>PrintedbytheMinistryofJustice</p><p>BankofSouthSudanAct,2011</p><p>CHAPTERI</p></li><li><p>10/02/2015 BANKOFSOUTHSUDANACT,2011|BankofSouthSudan</p><p>https://bosshq.net/resrarchandstatistics/bankofsouthsudanact2011/ 2/59</p><p>PRELIMINARYPROVISIONS</p><p>1.TitleandCommencement</p><p>2.RepealandSaving</p><p>3.Purpose</p><p>4.AuthorityandApplication</p><p>1. Interpretation</p><p>CHAPTERII</p><p>ESTABLISHMENTOFTHEBANK</p><p>6.Establishment</p><p>7.Objectivesandbasictasks</p><p>8.IndependenceoftheBank</p><p>9.LegalprotectionfortheBank,itsofficials,employeesandagents</p><p>10.TaxationprovisionsapplicabletotheBank</p><p>11.Prohibitedactivities</p><p>12.Authoritytoissueregulationsandcirculars</p><p>13.Internationalcooperation</p></li><li><p>10/02/2015 BANKOFSOUTHSUDANACT,2011|BankofSouthSudan</p><p>https://bosshq.net/resrarchandstatistics/bankofsouthsudanact2011/ 3/59</p><p>CHAPTERIII</p><p>ORGANIZATIONANDADMINISTRATION</p><p>14.Organization</p><p>15.CompositionoftheBoard</p><p>16.FunctionsandpowersoftheBoard</p><p>17.ConditionsformembershipontheBoard</p><p>18.CompensationofmembersoftheBoard</p><p>19.RemovalofBoardmembers</p><p>20.ResignationofBoardmembers</p><p>21.VacanciesontheBoard</p><p>22.MeetingsoftheBoard</p><p>23.Proceedings,minutes,anddecisionsoftheBoard</p><p>24.AuditCommitteeoftheBoard</p><p>25.Othercommittees</p><p>26.PowersanddutiesoftheGovernor</p><p>27.InternalAuditorandInternalAuditDepartment</p><p>28.PowersoftheInternalAuditDepartment</p><p>29.Professionalstaff,otheremployeesandagents</p><p>30.LimitationsoncreditbyBankofficialsandstaffmembers</p><p>31.Conflictsofinterest</p><p>32.Secrecy</p><p>CHAPTERIV</p></li><li><p>10/02/2015 BANKOFSOUTHSUDANACT,2011|BankofSouthSudan</p><p>https://bosshq.net/resrarchandstatistics/bankofsouthsudanact2011/ 4/59</p><p>FINANCIALAFFAIRS</p><p>33.Capital</p><p>34.ReservesoftheBank</p><p>35.CalculationofnetprofitornetlossoftheBank</p><p>36.Allocationofnetprofit</p><p>37.Allocationofnetloss</p><p>38.Coverageofshortfallsincapital</p><p>CHAPTERV</p><p>MONETARYUNIT,BANKNOTESANDCURRENCY</p><p>39.Monetaryunit</p><p>40.Issueofbanknotesandcoins</p><p>41.FunctionsoftheBankregardingcurrency</p><p>42.Currencyfeatures</p><p>43.UnfitCurrency</p><p>44.Accountingtreatmentofcurrencyissued</p></li><li><p>10/02/2015 BANKOFSOUTHSUDANACT,2011|BankofSouthSudan</p><p>https://bosshq.net/resrarchandstatistics/bankofsouthsudanact2011/ 5/59</p><p>45.Currencyrecall</p><p>CHAPTERVI</p><p>LEGALTENDER</p><p>46.SouthSudanesepoundaslegaltender</p><p>47.Publicaccountsandcompulsorypayments</p><p>48.Sumsmentionedinlaws,valuation,andconversion</p><p>49.Designationofpricesforgoodsandservices</p><p>50.Freedomofcurrency</p><p>51.Enforcementofforeigncurrencypaymentobligations</p><p>CHAPTERVII</p><p>MONETARYFUNCTIONSANDOPERATIONS</p><p>1. Monetaryandexchangeratepolicy</p><p>53.ExternalvalueoftheSouthSudanesepound</p><p>54.Overnightadvances</p><p>55.Issuanceofdebtsecurities</p></li><li><p>10/02/2015 BANKOFSOUTHSUDANACT,2011|BankofSouthSudan</p><p>https://bosshq.net/resrarchandstatistics/bankofsouthsudanact2011/ 6/59</p><p>56.Requiredreservesofbanks</p><p>57.Publicationofinformationrelatingtocurrency</p><p>CHAPTERVIII</p><p>FOREIGNEXCHANGEOPERATIONS</p><p>58.Generalpolicy</p><p>59.ResponsibilitiesoftheBank</p><p>60.Internationalclearingandpaymentsagreements61.Internationalreserveassets</p><p>62.Acquisition,holdinganddisposalofinternationalreserves</p><p>63.Investmentofinternationalreserveassets</p><p>CHAPTERIX</p><p>RELATIONSWITHTHEGOVERNMENT</p><p>64.Banker,adviser,andfiscalagent</p><p>65.AdvancestotheGovernment</p><p>66.Consultationsandreportingonpublicsectorborrowing</p><p>67.DepositoryandcashierfortheGovernment</p><p>68.Fiscalagencyfunction</p><p>69.RequiredInformation</p></li><li><p>10/02/2015 BANKOFSOUTHSUDANACT,2011|BankofSouthSudan</p><p>https://bosshq.net/resrarchandstatistics/bankofsouthsudanact2011/ 7/59</p><p>CHAPTERX</p><p>RELATIONSWITHREGULATEDENTITIES</p><p>70.Supervisionofregulatedentities</p><p>71.Lenderoflastresortfunction</p><p>CHAPTERXI</p><p>ACCOUNTS,FINANCIALSTATEMENTS,</p><p>AUDIT,ANDREPORTS</p><p>72.Financialyear</p><p>73.Accountingpractices</p><p>74.Financialstatements</p><p>75.Auditofaccounts</p><p>76.Transmittalandpublicationofstatementsandreports</p><p>CHAPTERXII</p><p>COLLECTIONOFSTATISTICALINFORMATION</p><p>77.Collectionofstatisticalinformation</p></li><li><p>10/02/2015 BANKOFSOUTHSUDANACT,2011|BankofSouthSudan</p><p>https://bosshq.net/resrarchandstatistics/bankofsouthsudanact2011/ 8/59</p><p>CHAPTERXIII</p><p>MISCELLANEOUSPROVISIONS</p><p>78.Preferentialright</p><p>79.Standardsofgoodadministration</p><p>CHAPTERXIV</p><p>TRANSITIONALPROVISIONS</p><p>80.Executionofcontractsandtransactions</p><p>81.Temporarymonetarypolicyobjective</p><p>1. TemporarysuspensionoflimitationonadvancestotheGovernmentbasedontheBankscapital</p><p>BankofSouthSudanAct,2011</p><p>InaccordancewiththeprovisionsofArticle55(3)(b)readtogetherwithArticle85(1)oftheTransitionalConstitutionoftheRepublicofSouthSudan,2011,theNationalLegislature,withtheassentofthePresidentoftheRepublicofSouthSudanherebyenactsthefollowing:</p><p>CHAPTERI</p><p>PreliminaryProvisions</p><p>1.TitleandCommencement</p></li><li><p>10/02/2015 BANKOFSOUTHSUDANACT,2011|BankofSouthSudan</p><p>https://bosshq.net/resrarchandstatistics/bankofsouthsudanact2011/ 9/59</p><p>ThisActshallbecitedasBankofSouthSudanAct,2011andshallcomeintoforceonthedateofitssignaturebythePresident.</p><p>2.RepealandSaving</p><p>AnyexistinglegislationinSouthSudan,thatgovernsthesamemattersassetforthinthisAct,areherebyrepealedorceasetooperateinSouthSudanprovidedthat,allproceedings,ordersandregulationstakenormadethereunder,excepttotheextenttheyarecancelledbyorareotherwiseinconsistentwiththeprovisionsofthisAct,shallremaininforceoreffect,untiltheyarerepealedoramendedinaccordancewiththeprovisionsofthisAct.</p><p>3.Purpose</p><p>ThepurposeofthisActistoprovidefortheestablishmentandgovernanceoftheBankofSouthSudanandanymattersorissuesrelatedthereto.</p><p>4.AuthorityandApplication</p><p>ThisActisdraftedinaccordancewiththeprovisionsofArticle182(1)oftheTransitionalConstitutionoftheRepublicofSouthSudan,2011whichprovidesfortheestablishmentofacentralbankintheRepublicofSouthSudantobeknownastheBankofSouthSudan.</p><p>Interpretation</p><p>InthisActunlessthecontextotherwiserequires,thefollowingwordsandexpressionshallcarrythemeaningassignedtothemrespectively</p><p>NationalLegislaturemeanstheNationalLegislativeAssemblyandCouncilofStates</p><p>AuditorGeneralmeanstheAuditorGeneralofSouthSudan</p></li><li><p>10/02/2015 BANKOFSOUTHSUDANACT,2011|BankofSouthSudan</p><p>https://bosshq.net/resrarchandstatistics/bankofsouthsudanact2011/ 10/59</p><p>bankmeansalegalentityengaginginthebusinessandreceivingofmoneydepositsorotherrepayablefundsfromthepublicandmakingcreditsforitsownaccount,andlicensedtodobusinessinSouthSudan</p><p>BankmeansBankofSouthSudan</p><p>banknoteincludesanyinstrumentused,orintendedtobeusedasmoneyorastheequivalentofmoney,issuedunderlawfulauthorityinSouthSudanorelsewhere</p><p>BoardmeanstheBoardofDirectorsoftheBank</p><p>capitaloftheBankmeanstheexcessofthevalueoftheBanksassetsoveritsliabilities</p><p>chequecashingmeansreceivingcompensationfortakingpaymentinstrumentsorstoredvalue,otherthantravellerscheques,inexchangeformoney,paymentinstruments,orstoredvaluedeliveredtothepersondeliveringthepaymentinstrumentorstoredvalue,including,butnotlimitedto:</p><p>(a)thepresentationtoamoneyserviceproviderbyacustomerofachequepayabletotheorderofthecustomer,inexchangeforcashofequivalentorlesseramount</p><p>(b)thepresentationtoamoneyserviceproviderbyacustomerofachequepayabletotheorderofthemoneyserviceprovider,inexchangeforcashofequivalentorlesseramountor</p><p>(c)thepresentationbyamoneyserviceprovidertoacustomerofachequepayabletotheorderofthecustomer,tobeexchangedforcashofequivalentorlesseramountatacreditinstitutionoranyotherinstitutionwherethemoneyserviceprovidermaintainsacurrentaccounttheprovisionbyamoneyserviceprovidertoacustomerofareferencenumber,thepresentationofwhichnumberandpersonalidentificationatacreditinstitutionoranyotherinstitutionwherethemoneyserviceprovidermaintainsacurrentaccountentitlesthecustomertoreceivecashofapredeterminedamount</p><p>counterfeitmoneyincludes:</p><p>(a)afalsecoinorfalsepapermoneythatresemblesoristakenforacurrentcoinorcurrentpapermoney</p><p>(b)aforgedbanknoteorforgedblankbanknote,whethercompleteorincomplete</p><p>(c)agenuinecoinorgenuinepapermoneythatispreparedoralteredtoresembleorpassforacurrentcoinorcurrentpapermoneyofahigherdenomination</p><p>(d)acurrentcoinfromwhichthemillingisremovedbyfilingorcuttingtheedgesandonwhichnewmillingismadetorestoreitsappearance</p><p>(e)acoincasedwithgold,silverornickel,thatisintendedtoresembleorpassforacurrentgold,silverornickelcoinand</p><p>(f)acoinorapieceofmetalormixedmetalsthatiswashedorcolouredbyanymeanswithawashormaterialcapableofproducingtheappearanceofgold,silverornickelandthatisintendedtoresembleorpassforacurrentgold,silverornickelcoin</p></li><li><p>10/02/2015 BANKOFSOUTHSUDANACT,2011|BankofSouthSudan</p><p>https://bosshq.net/resrarchandstatistics/bankofsouthsudanact2011/ 11/59</p><p>currencyexchangemeansreceiptofrevenuesfromtheexchangeofmoneyofonecountryformoneyofanothercountry</p><p>debtsecuritymeansanybond,debenture,orfunctionallyequivalentinstrumentofindebtedness,andanyinstrumentwhichgivestherighttoreceiveanotherdebtsecuritythroughsubscriptionorexchangedebtsecuritiesmayalsobeinbookentryform.Thetermdebtsecuritydoesnotincludepromissorynotes,billofexchange,orchequesasdefinedintheNegotiableInstrumentsLaw.</p><p>electronicmoneymeanselectronically(includingmagnetically)storedmonetaryvalueasrepresentedbyaclaimontheissuerthatisissuedonreceiptoffundsforthepurposeofmakingpaymenttransactionsasdefinedinthisLaw,andacceptedbyanaturalorlegalpersonotherthantheelectronicmoneyissuer.</p><p>electronicmoneyinstitutionmeansanylegalentitythathasbeengrantedalicensebytheBanktoissueelectronicmoney.</p><p>electronicmoneyissuermeansanyentityauthorizedbylaworregulationoftheBanktoissueelectronicmoney.</p><p>foreigncurrencyorforeignexchangemeansthemoneyofacountryorintergovernmentalorganizationotherthanSouthSudan.</p><p>foreignexchangedealermeansanypersonwhoengagesinthebusinessofbuyingandsellingforeigncurrencies,forwardexchangecontracts,options,paymentinforeigncurrencies,swapsorotherderivativecontractsinvolvingaforeigncurrencytransaction.</p><p>GovernmentmeanstheGovernmentofSouthSudan</p><p>GovernormeanstheGovernoroftheBank</p><p>investmentfundmeansacompanythatinvestsinsecuritiesbyreceivingfundsfromthepublic</p><p>InternationalFinancialReportingStandardsmeansthemostrecentinternationalfinancialreportingstandardsissuedbytheInternationalAccountingStandardsBoard</p><p>loanmeansempoweringownershipofmoneyand/orthingprovidedthatisequivalentinvalue,qualityordescriptions,topayortoberepaidtowhoevermaypasstheloanbytheexpirationoftheperioddesignedfortheloan</p><p>MinistermeanstheMinisterofFinanceandEconomicPlanning,unlessindicatedotherwise</p><p>moneymeansamediumofexchangethatisauthorizedandadoptedbySouthSudanoranothercountry,orbyanintergovernmentalorganization</p><p>moneyservicemeansanyserviceconductedinrelationtomoneyincludingsafekeeping,moneytransmission,chequecashing,orcurrencyexchange</p><p>moneyserviceprovidermeansanypersonwhoengagesinthebusinessofprovidingamoneyservice</p><p>moneytransmissionmeanssellingorissuingpaymentinstruments,storedvalue,orreceivingmoneyormonetaryvaluefortransmissionthetermdoesnotincludetheprovisionsolelyofphysicaldelivery,</p></li><li><p>10/02/2015 BANKOFSOUTHSUDANACT,2011|BankofSouthSudan</p><p>https://bosshq.net/resrarchandstatistics/bankofsouthsudanact2011/ 12/59</p><p>onlineortelecommunicationsservices,ornetworkaccess</p><p>negotiablewithrespecttoafinancialinstrumentmeansthatthetitletothatinstrumentmaybetransferredbydeliveryoftheinstrumentorbysignedendorsementwrittenontheinstrumentorbyentryinaregisterofownersofsuchinstrument</p><p>ordermeansanobligatorydirective,issuedbytheBanktooneormoreregulatedentitiesorotherpersonsinimplementationofthisAct</p><p>paymentinstrumentmeansacheque,draft,moneyorder,travellerscheque,orotherinstrumentforthetransmissionorpaymentofmoneyormonetaryvalue,whetherornotnegotiableacreditcardvoucher,letterofcredit,orinstrumentthatisredeemablebytheissueringoodsorservicesshallbeanexceptionfromthisrule</p><p>paymentsystemmeansanyprocedures,includingcommunicationnetworks,agreedbetweenthreeormoremoneyserviceprovidersfortheprocessingofpayments,theclearingorsettlementofpaymenttransactions,andfortheexchangeofpaymentsagainstotherpayments,financialobligationsorsecurities,inanycurrency</p><p>paymenttransactionmeansanact,initiatedbythepayerorbythepayee,ofplacing,transferringorwithdrawingfunds,irrespectiveofanyunderlyingobligationsbetweenthepayerandthepayee.</p><p>personincludesanynaturalpersonorlegalentity</p><p>PresidentmeansthePresidentofSouthSudan</p><p>recordmeansinformationthatisinscribedonatangiblemediumorthatisstoredinanelectronicorothermediumandisretrievableinperceivableform</p><p>regulatedentitymeansabank,foreignexchangedealer,moneyserviceprovider,electronicmoneyinstitution,paymentsystemoperator,andanyotherpersonsubjecttoregulationorsupervisionbytheBankinaccordancewiththisActorotherrelevantlegislation</p><p>regulationmeansanobligatorydirectiveapplicabletooneormoreclassesofregulatedentities,otherlegalentitiesand/orindividuals,havingtheforceoflaw,approvedbytheBoardtoimplementanyprovisionofthisActorotherlegislationadministeredbytheBank</p><p>requiredcapitaloftheBankmeanstheamountreferredtoinsection33(1)below</p><p>securitymeansanegotiablefinancialinstrument(whetherintheformofacertificateorinbookentryform)ofoneofthefollowingcategories:</p><p>(a)shares,orcertificatesorreceiptsinrespectofshares</p><p>(b)debtsecurities,whetherornotconvertibleintoshares</p><p>(c)derivatives</p></li><li><p>10/02/2015 BANKOFSOUTHSUDANACT,2011|BankofSouthSudan</p><p>https://bosshq.net/resrarchandstatistics/bankofsouthsudanact2011/ 13/59</p><p>(d)sharesorparticipationunitsininvestmentfundsor,</p><p>(e)anyothernegotiablefinancialinstrumentdeclaredtobeasecuritybyregulationoftheBank</p><p>sharemeansanyshareofcapitalstockorotherequitysecurityissuedbyacorporation</p><p>Governmentagencymeansanyadministrativeorpoliticalsubdivision,agencyoranyenterpriseownedorcontrolledbytheGovernmentofSouthSudanorbyanyGovernmentagency</p><p>storedvaluemeansmonetaryvaluethatisevidencedbyanelectronicrecord</p><p>unfitcurrencymeansbanknotesorcoinsthat,intheopinionoftheBank,are:</p><p>(a)mutilated,defaced,excessivelyagedordamaged</p><p>(b)inthecaseofbanknotes,illegible,misshapenorperforated,havebeensignificantlyalteredintheirexternalappearance,includinginparticularbanknotesthathavebeenwrittenon,paintedon,overprinted,stampedorperforated,ortowhichadhesivematterhasbeenapplied</p><p>(c)inthecaseofcoins,bent,mutilatedordefacedorthathavebeenreducedinweightotherwisethanbyabrasionthroughordinaryuse</p><p>tothepointofbeingunrecognizableorunusableforpurposesofthisAct.</p><p>CHAPTERII</p><p>ESTABLISHMENTOFTHEBANK</p><p>5.Establishment</p><p>(1)ThereisherebyestablishedacentralbankforSouthSudan,tobeknownastheBankofSouthSudan.</p></li><li><p>10/02/2015 BANKOFSOUTHSUDANACT,2011|BankofSouthSudan</p><p>https://bosshq.net/resrarchandstatistics/bankofsouthsudanact2011/ 14/59</p><p>(2)TheBankshallbeanautonomousbodycorporate,withperpetualsuccessionandacommonsealandlogo,subjecttotheprovisionsofthisAct,becapableinitscorporatenameof:</p><p>(a)suingandbeingsued</p><p>(b)taking,purchasingorotherwiseacquiring,holding,changinganddisposingofproperty,movableorimmovable</p><p>(c)borrowingandlendingmoney</p><p>(d)concludingrelevantcontracts</p><p>(e)issuingrelevantsecuritiesandotherwiseborrowand</p><p>(f)doingorperformingallsuchotherthingsoractsfortheproperperformanceofitsfunctionsunderthisActthatmaylawfullybedoneorperformedbyabodycorporate</p><p>(3)TheBankshallhaveitsheadofficeinJuba.Itmayestablishoperationalunits,includingbranchoffices,representativeofficesandliaisonoffices,andmayappointagentsandcorrespondents,ats...</p></li></ul>

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