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The Federation of Rhodesia and Nyasaland (Dissolution) Order in Council 1963

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Dissolution of Bank and distribution of assets

70.—(1) The Bank of Rhodesia and Nyasaland shall be dissolved on 31st December 1965, or on such earlier date as may be appointed by the Committee of Ministers.

(2) On the dissolution of the Bank, the assets remaining to it at that date shall be disposed of as follows—

(a)the gold, cash, securities, outstanding loans and other financial assets of the Bank shall be allocated amongst the Central Banks established in the Territories and transferred to them in proportion to the amount of Federal currency (whether coin or notes) which shall before the date of demonetisation have been handed in by each of the Central Banks to the Bank of Rhodesia and Nyasaland and redeemed by that Bank; and

(b)the immovable property of the Bank, and the movable property other than that described in paragraph (a), shall vest in the Central Bank of the Territory in which the property is situate.

(3) The provisions of subsections (3) and (4) of section 10 shall apply to property vested by this section as they apply to property vested by section 10.

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