MiLAWYER
Sign inJoin free

Law library · Sierra Leone · Acts of Parliament

The Bank of Sierra Leone (Amendment) Act, 1970

Status not yet checkedBanking and financeAct of Parliament · 53 provisions

Sign in to download the PDFAsk Tima about this lawCases on this law

Status: Status not yet checked · not yet checked against the latest official version

Add an amendment or a newer version of this law

Cite as

Added to the library by Umaru Afiz SESAY on Oct 25, 2026

Open the original documentSource: Law Reform Commission of Sierra Leone

Contents
  1. Preamble
  2. Section 1 — Commencement.
  3. Section 2 — Interpretation.
  4. Section 3 — Establishment of Bank.
  5. Section 4 — Status and powers.
  6. Section 5 — Purposes.
  7. Section 6 — Offices, branches, agents and correspondents.
  8. Section 7 — Capital.
  9. Section 8 — Profits and General Reserves.
  10. Section 9 — Board of Directors.
  11. Section 10 — Governor and Deputy Governor.
  12. Section 11 — Other Directors.
  13. Section 12 — Disqualification from and cessation of appointment.
  14. Section 13 — Appointments to fill vacancies and to provide for substitutes.
  15. Section 14 — Meetings of Board.
  16. Section 15 — Appointments of officers and other staff.
  17. Section 16 — Secrecy.
  18. Section 17 — Currency of Sierra Leone.
  19. Section 18 — Parity of the currency.
  20. Section 19 — Sole right of issue vested in Bank.
  21. Section 20 — Obligation in respect of currency.
  22. Section 21 — Agents for the issue, exchange and withdrawal of currency.
  23. Section 22 — Denomination and form of notes and coins.
  24. Section 23 — Bank's currency to be legal tender and power to call in.
  25. Section 24 — Tampering with coins.
  26. Section 25 — Lost and damaged currency.
  27. Section 26 — Counterfeit currency.
  28. Section 27 — External Reserve.
  29. Section 28 — Maintenance of External Reserve.
  30. Section 29 — General powers of Bank.
  31. Section 30 — Prohibited activities.
  32. Section 31
  33. Section 32 — Bank as banker to the Government.
  34. Section 33 — Financial advice.
  35. Section 34 — Advances to Government.
  36. Section 35 — Bank as agent for the Government.
  37. Section 36 — Co-operation with banks in Sierra Leone.
  38. Section 37 — Required Reserves.
  39. Section 38 — Regulation of interest and credit.
  40. Section 39 — Clearing house.
  41. Section 40 — Development Credit Fund.
  42. Section 41 — Financial year.
  43. Section 42 — Audit.
  44. Section 43 — Accounts and annual report and publication thereof.
  45. Section 44 — Revaluation Reserve Account.
  46. Section 45 — Bye-laws.
  47. Section 46 — Tax status.
  48. Section 47 — Securities in respect of preliminary expenses.
  49. Section 48 — Prohibited banking names.
  50. Section 49 — Liquidation.
  51. Section 50 — Collection of information.
  52. Section 51 — Liability for damages.
  53. Section 52 — Repeal and savings.

Preamble

ACTS Supplement to the Sierra Leone Gazette Extraordinary Vol. CI, No. 32 dated 16th April, 1970 THE BANK OF SIERRA LEONE (AMENDMENT) ACT, 1970 ARRANGEMENT OF SECTIONS Section No. PART I—PRELIMINARY

Section 31

Publication of re-discount rate. ii PART VII—RELATIONS WITH THE GOVERNMENT

Check the current official version before relying on this text. MiLAWYER shares legal information, not legal advice.