The Bank Deposit Security Fund Act, 1996
Be it hereby passed, by the Transitional National Assembly, and assented to, by the President of the Republic, In accordance with the provisions of the 5th. Constitutional Decree, 1991, the following Act:-
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Chapter 1
Preliminary Provisions
Title and commencement |
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This Act may be cited as the, “Bank Deposit Security Fund Act, 1996”, and shall come into force, as from the date of its signature.
Interpretation
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In this Act, unless the context otherwise requires:-
Banking business : means the receipt of money, through the system of
current and deposit accounts, payment and collection of cheques, provision and extension of financing to clients and otherwise any banking business, as the Bank of Sudan may specify.
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Bank : means the Bank of Sudan, established under the
provisions of section 4 of the Bank of Sudan Act, 1959.
bank : means any bank licensed to practice banking
business, in the Sudan, upon the coming into force of this Act, or any new bank, to be licensed, after commencement of this Act.
Bank which ceased to pay
Any bank : |
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against which an order has been issued, to
prevent it form the practice of banking business;
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which assigns all the obligations of its deposits to any
other bank;
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to which a liquidator has been appointed, under a decision
which has been issued to voluntarily liquidate it, or a plan
has been laid down for the settlement, the organization, or
re-establishment of the same, or the measures of amalgamating
it have been approved by a competent authority, or the
application for the liquidation thereof is submitted before a
competent court;
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which has been granted a current term for the adjournment
of the debts due there from;
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