CENTRAL BANK OF SEYCHELLES ACT, 2004

(Act 12 of 2004)

PART XV – TAXES, REGULATORY POWERS AND APPEALS

49. The Bank shall be exempt from stamp duty, business tax, trades tax, goods and services tax and all other taxes, fees and duties on its assets, documents, profits, operations and property.

50. For the purposes of carrying into effect the principles and provisions of this Act, the President may, on the recommendation of the Board, make regulations.

51. (1) The Central Bank of Seychelles Act, 1982 is hereby repealed.

(2) With effect from the date of repeal of the aforesaid Act –

(a) the rights, obligations, assets and liabilities of the Central Bank of Seychelles established by the aforesaid Act (hereinafter referred to as the former Bank) on the day immediately preceding the said date of repeal shall be the rights, obligations, assets and liabilities of the Bank;

(b) notes and coins issued by the former Bank shall be deemed to have been notes and coins issued by the Bank;

(c) the regulations made, licences granted, directions issued and notifications made under the repealed Act shall continue in effect until they are amended under the provisions of this Act;

(d) the officers and other employees of the former Bank shall be deemed to be officers and employees of the Bank on conditions not less favourable than those subsisting immediately prior to the said date of repeal;

(e) all contracts, deeds, bonds, agreements and other instruments made by the former Bank which subsist or have effect immediately prior to the date of repeal shall have effect against or in favour of the Bank as if the Bank had been a party thereto;

(f) all suits, appeals or other legal proceedings instituted by or against the former Bank and pending immediately prior to the date of repeal shall not abate or be discontinued or be in any way prejudicially affected by reason of such repeal and accordingly may be continued and enforced by or against the Bank;

(g) all acts done, decisions taken, authorisations or permissions granted by the former Bank or by the Board of Directors, officers or employees of the former bank which were validly done, taken or granted under any written law or under and in accordance with the repealed Act shall continue to have effect in accordance with their terms or until amended, annulled or withdrawn in accordance with the written law.

I certify that this is a correct copy of the Bill which was passed by the National Assembly on the 14th December, 2004.

Sheila Banks

Clerk to the National Assembly