Section 49, The Bank of Sierra Leone Act, 2000

The Bank shall establish and maintain a Development Credit Fund to be constituted by amounts from time to time transferred by the Government and the Bank pursuant to subsection (3) of section 11 and by accruals to it, for the purposes of— (a) making loans and advances to co-operative banks and statutory bodies in which the Bank is entitled to invest under paragraph (i) of subsection (1) of section 36 on such terms and conditions as the Board may determine; or (b) facilitating the purchase, holding or sale of debentures, bonds and other debt obligations, having a maturity not in excess of eight years from the date of acquisition by the Bank, 56 No. 3 *Bank of Sierra Leone Act* 2000 issued by co-operative banks and statutory bodies in which the Bank is entitled to invest under paragraph (i) of subsection (1) of section 36. PART X — ACCOUNTS AND STATEMENTS [Margin: Financial year of Bank.] **50.** The financial year of the Bank shall be the same as the financial year of the Government. [Margin: Accounts of Bank.] **51.** The accounts of the Bank shall be in a form approved by the Auditor-General. [Margin: Audit.] **52.** (1) The accounts of the Bank shall be audited annually by the Auditor-General or an auditor appointed by the Auditor-General. (2) Without prejudice to subsection (1), the Minister may from time to time request the Auditor-General to make an examination of, and submit a report on, the accounts relating to the issue, re-issue, exchange and withdrawal of notes and coins by the Bank. [Margin: Accounts and annual report and publication thereof.] **53.** (1) The Bank shall, within three months from the close of each financial year make and submit to the Minister— (a) a copy of the annual accounts certified by the Auditor-General or an auditor appointed by him; and (b) a report on its operations during that year and such report shall be published by the Bank. (2) The Minister shall as soon as possible after receipt of the report— (a) cause a copy of the report and statement of accounts to be laid before Parliament; and (b) cause a copy of the annual statement of accounts to be published in the *Gazette*. No. 3 *Bank of Sierra Leone Act* 2000 57 (3) The Bank shall, not later than twenty one days after the last working day of each month make and publish a return of its assets and liabilities as at the close of business of the last working day; and a copy of the return shall be submitted to the Minister who shall cause it to be published in the *Gazette*. [Margin: Revaluation reserve account.] **54.** (1) The gains and losses arising from any changes in the valuation of the Bank's assets or liabilities in, or denominated in, gold or foreign currencies, Special Drawing Rights or Euros as a result of changes in the exchange rate for the Leone or of any change in the values, parities or exchange rates of such assets with respect to the leone shall be carried to a special account called the revaluation reserve account. (2) The profits or losses arising from such change shall not be included in the computation of the annual profits and losses of the Bank. (3) In the case of a carried-over loss or net debit balance in the revaluation reserve account, amounts shall be transferred from the available balance in the General Reserve to cancel such carried-over losses. (4) The balance of loss not covered by transfer from the General Reserve shall be shown separately in the balance sheet under the revaluation reserve account and until this balance is cancelled by future revaluation gains or by transfers from the General Reserve, no profits shall be transferred to the Consolidated Fund; and any available profits shall be credited to the revaluation reserve account in an amount sufficient to cover the carried over losses. (5) No credits or debits shall be made to the revaluation reserve account except in accordance with this section. PART XI — MISCELLANEOUS [Margin: Bye-laws.] **55.** (1) The Board may by statutory instrument make Bye-laws to provide for all matters for which bye-laws are necessary or convenient for the efficient operation of any of the provisions of this Act and for good order and management of the Bank. 58 No. 3 *Bank of Sierra Leone Act* 2000 (2) The Bye-laws made under subsection (1) shall be authenticated by the Bank's seal and shall be published in the *Gazette*. [Margin: Tax status Cap. 274] **56.** (1) The Bank shall not be liable to the payment of any stamp duty under the Stamp Duty Act. (2) The Bank shall not be liable to the payment of customs duty on the importation of gold, silver, coins, notes, and security papers. (3) The profits of the Bank shall not be liable to income tax or any other tax. [Margin: Prohibited banking names.] **57.** No licensed institution shall, from the commencement of this Act be registered under the provisions of any legislation by a name which includes any of the words "Central", "National", "Sierra Leone", "Sierra Leonean", "Reserve", or "State", or their equivalent in any other language. [Margin: Liquidation.] **58.** The Bank shall not be placed in liquidation except pursuant to legislation passed in that behalf and then in such manner as that legislation directs. [Margin: Collection of information.] [Margin: Act No. 5 of 1963.] **59.** For the purpose of this Act and for the discharge by the Bank of its functions as a central bank, the Governor or any officer of the Bank authorised by him may require from any person any information, estimates, returns or particulars, subject to the same procedures and restrictions as are set forth in sections 5 to 17 of the Statistics Act, 1963. [Margin: Interpretation of "credit information".] **60.** For the purposes of sections 61, 62, 63, 64, and 65 "credit information" means any information relating to— (i) the amounts and the nature of loans or advances and other credit facilities granted by a licensed institution to any borrower or class of borrowers; (ii) the nature of security taken from any borrower for credit facilities granted to him; No. 3 *Bank of Sierra Leone Act* 2000 59 (iii) the guarantees, bid bonds, performance bonds and other forms of indemnities issued by a licensed institution on behalf of any of its customers; (iv) credit classification under different health categories as may be determined by the Bank from time to time, such as current, sub-standard, doubtful or loss. [Margin: Bank to collect and furnish credit information.] **61.** The Bank may— (a) collect, in such manner as it may think fit, credit information from every licensed institution; and (b) furnish such information to any licensed institution in accordance with the provisions of section 63. [Margin: Bank to call for returns containing credit information.] **62.** (1) For the purpose of enabling the Bank to discharge its functions under section 61, it may at any time direct any licensed institution to submit to it such statements relating to such credit information and in a form and within such time as may be specified by it. (2) A licensed institution shall, notwithstanding anything to the contrary contained in any enactment for the time being in force or in any instrument regulating the constitution thereof or in any agreement executed by it, relating to the secrecy of its dealings with its constituents, be bound to comply with any direction issued under subsection (1). [Margin: Procedure for furnishing credit information to licensed institutions.] **63.** (1) A licensed institution may, in connection with any financial arrangement entered into or proposed to be entered into by it with any person, make an application to the Bank in such form as the Bank may specify requesting it to furnish the applicant with such credit information as may be specified in the application. 60 No. 3 *Bank of Sierra Leone Act* 2000 (2) On receipt of an application under subsection (1), the Bank shall, as soon as may be, furnish the applicant with such credit information relating to the matters specified in the application, as may be in its possession but the information so furnished shall not disclose the names of the licensed institutions which have submitted such information to the Bank. (3) The Bank may in respect of each application levy such fees as it may determine from time to time for furnishing credit information. [Margin: Disclosure of information prohibited.] **64.** (1) Any credit information contained in a statement submitted by a licensed institution under section 62 or furnished by the Bank to any licensed institution under section 63 shall be treated as confidential and shall not, except for the purposes of this Act, be published or otherwise disclosed. (2) Nothing in this section shall apply to— (a) the disclosure by any licensed institution, with the previous permission of the Bank, of any information furnished to the Bank under section 62; (b) the publication by the Bank, if it considers it necessary in the public interest so to do, of any information collected by it under section 62, in such consolidated form as it may think fit, without disclosing the name of any licensed institution or its borrowers. (3) Notwithstanding anything contained in any enactment for the time being in force, no court, tribunal or other authority shall compel the Bank or any licensed institution to produce for inspection any statement submitted by that licensed institution under section 62 or to disclose any credit information furnished by the Bank to that licensed institution under section 63. [Margin: Certain claims for compensation barred.] **65.** No person shall have any right, whether in contract or otherwise, to any compensation for any loss incurred by reason of the operation of any of the provisions of sections 60 to 64. No. 3 *Bank of Sierra Leone Act* 2000 61 [Margin: Penal provisions.] **66.** (1) If any licensed institution— (a) fails to submit any statement required under section 62 or submits under that section a statement which is false in any material particular; or (b) fails to comply with any condition imposed in connection with the provisions on credit information under this Act. every director or other officer of the licensed institution who is knowingly a party to the breach commits an offence and shall be liable to punishment on conviction under section 68. (2) Any person who discloses any credit information, the disclosure of which is prohibited under this Part, commits an offence and shall be liable on conviction to punishment under section 68. [Margin: Liability for damages.] [Margin: Cap. 265.] [Margin: Cap. 172.] **67.** No claim for damages shall lie against the Bank for anything which is done or said in good faith in the administration of the Banking Act or the Exchange Control Act or any rules, regulations, directives or orders made thereunder. Directors, officers and employees of the Bank shall have the same protection in this respect as that afforded to public officers under the Public Officers Protection Act. [Margin: Offences and penalties.] **68.** (1) Except as otherwise provided in this Act any person who— (a) contravenes any provision of this Act or regulations made thereunder or anything prescribed or direction made or given under this Act and published in the *Gazette*; or (b) knowingly makes an incorrect statement in a document submitted by him or any incorrect information supplied by him for the purpose of this Act, 62 No. 3 *Bank of Sierra Leone Act* 2000 shall be liable on conviction to a fine not exceeding five million leones or to imprisonment for a term not exceeding three years or to both. (2) Where an offence under this Act is committed by a body of persons— (a) in the case of a body corporate, every director or officer of the body shall also be guilty of the offence; and (b) in the case of a partnership every partner or officer of that firm or organisation shall also be guilty of that offence. (3) No person shall be guilty of an offence by virtue of subsection (2), if he proves that the offence was committed without his knowledge or connivance and that he exercised all due care and diligence to prevent the commission of the offence having regard to all the circumstances. [Margin: Cognizance of offences.] **69.** No court shall take cognizance of any offence punishable under this Act except upon a complaint in writing made by an officer of the Bank, generally or specially authorised in writing in that behalf by the Governor. [Margin: Repeal and savings.] [Margin: Act No. 6 of 1963.] **70.** (1) The Bank of Sierra Leone Act, 1963 is hereby repealed. (2) Any bye-laws, rules, regulations, orders, notices, prescriptions or other instruments or directives issued under the repealed Act and in existence immediately before the commencement of this Act, shall continue in operation until their expiration or until their express repeal or revocation. (3) Any person holding or deriving office by appointment under the repealed Act shall be deemed to have been appointed or to derive office under this Act. (4) In the event of any conflict or inconsistency between the provisions of this Act and the provisions of any other enactment by or under which any licensed institution is constituted or established, the provisions of this Act shall prevail. No. 3 *Bank of Sierra Leone Act* 2000 63 [Margin: Transitional provisions.] **71.** The minimum paid-up capital referred to in Part III shall be fully subscribed within five years of the commencement of this Act. Passed in Parliament this *15th* day of *February*, in the year of our Lord two thousand. J. A. CARPENTER, *Clerk of Parliament.* THIS PRINTED IMPRESSION has been carefully compared by me with the Bill which has passed Parliament and found by me to be a true and correctly printed copy of the said Bill. J. A. CARPENTER, *Clerk of Parliament.*