Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1698071950710.pdf (Guyana)
Seal No .

613 of 1983 GUYANA ACT No.

17 of 1983 SAVINGS SCHEMES ACT 1983 President.

/'!t3-IO -10 ARRANGEMENT OF SECTIONS PART I PRELIMINARY SECTION l. Short title.

2.

Interpretation.

(' v 9 No.

171 THE LAWS OF GUY ANA [A.D. 1983 2 PART II SAVINGS SCHEMES COMMITfEE 3.

Establishment of the Savings Schemes Committee.

4.

Functions of ithe Committee.

5.

Meetings and procedure of 1th!e Committee.

6.

Powier to appoint sub-committees.

7.

Power to delegate.

8.


Proteotion of members of the Committee or any sub-committee thereof.

9.

Officers and other employees of the Committee.

10.

Funds and resources of the Committee.

PART III SAVINGS SCHEMES 11.

Approval of Savings Schemes.

12.

Management and operation of approved Savings Schemes.

13.

Deduction of sums from 1emoluments of employees and deposit in ap proved Savings Scheme.

14.

Guarantee by :the Government of paymenc of amounts due from the Com miHee.
Investment of amounts in 1the aec0iunts in any approved Savings Scheme.

15.

PART IV MISCELLANEOUS • .. -- 16.

Accounts and audit.

17.

Annual report.

18.

Power of Minister 1.10 ,giv~.directions.

19.

Orders regarding~Us~btyOf Banking Act and Bank of Guyana Act to the Committee.

Limi~aition provisions excluded.

20.

21.

Superannuation benefits of public officers and teachers employed with the Committee.

22.

Power to make regulations.

PART V AMENDMENT OF THE INCOME TAX ACT 23.


Amendment of the Income Tax Act.

91 • AD.

1983) a SAVINGS SCHEMES AN ACT to make provii>ions for the establishment of tq~ _Sayji;igs Schemes Committee, for encouraging savings by.

pers9~.- ap.d, Jqr .

.

, ,- : ma1t1Jers connected therewith.

Enacted by the Parliament of Guyana: A.D. 1983 PART I PRELIMINARY 1.

2.

This Act may be cited as the Savings Schemes Act 1983. short Utle.

In this Act - · · - .... , ~~~~~ilon.


(a) "approved Savings Scheme" means a Savings Scheme ,, .

approved by the Minister under this Act; (b) "bank" has the meaning assigned to it by· seotlon cap.

85:01 2 of the Banking Act; (c) "Commhtee" means 1the Savings Schemes Committee established by section 3; (d) "financial institution" has the meaning assigned to it by section 2 of the Co-operaJtive Financial oap.
711:ot Institutions Act; (e) "Savings Scheme" means a scheme intended to en courage persons to save money and involvfog deposit of money for a specific period.

PART II SAVINGS SCHEMES COMMITfEE 3.

~1) There is hereby_ establish~.


a committeJe 1to be known a.a; l:ltablllllo the Savtngs Schemes Comml't'tee consisting of not more than eleven per- ment of the sons appointed by the Minister by instrument in wriiting from amonp ~~~=• persons appearing to him ·to be qualified as having experience of, and Committee.
shown capacity in, such maJttlers which he considers will be benefilcial in the functioning of the Committee and, without prejudice Ito ithe gen- erality of the foregoing, in particular in mwtters relwting to banking, finance, moblisation of funds, industry.

commeroe:, law or administra- tion, or appearing to him to represent workmen.

(2) The Committee shall be a body corporate.


i(3) The seal of the Committee shall be kept in the custody of of the chairman or the secretary of ithe Committee and shall be authenticated by the signwture of the chairman and ithe secretary of the Committee.

• ~i (~.

4 No.
• ~i (~.

4 No.

171 THE LAWS OF GUY ANA [A.D. 1983 (4) Every document purporting 1to be an instrument duly exe cuted under the seal of 1the Committ·ee shail be received in evidence and deemed, without further proof, to be so executed unless the con trary is proved.

(5) A:ll documents, other 11.han those riequired by law to be under seal, made by, and all decisions of, the Commititee may be signi fied undei· the hand of the chairman or the secretary of the Com mittee.
(6) The Membership of the Committee as first constitrnted and every change thereof shall be notified in the Gazette.

(7) The terms and condiruons of appointment of the chairman and other members of 1the Comm~ttee shall be such as may be pres cribed by the Minister by regulations.

Functions of the Committee.

4.


The functions of the Commit-tee shall be - (a) to prepare, manag.e and operate Savings Schemes; and (b) any other funotion, relating to finanoe or banking, it is authorised or directed by the Minister by order to undertake and perform.

Meetings and 5.

(1) The rAinister may by regulations prescribe the procedure ~~ceg~: of >f :the Comm1ttee, including 1the intervals at which the meetings of the ~ommittee shall be held and the quorum for its meetings.

mtttee.
mtttee.

(2) Subject to ;the provisions of this Act and any regulations made by the Minisiter, the Committee may regulate its own prooeedings and may make rules for that purpose.
{3) Any minutes made of a meeting of the Committee shall, if duly signed by the chairman or other person presiding at the meeting, wr'.hout further proof of any other mat<ter or thing, be rieoeivabie in all legal proceedings as prima facie evidence of the proceedings of the Committee of which 1the minutes have been made and of the meeting of the Committee, in respect of the prooeiedings of which the minutes have been so ma~.

having been duly convened and held.

6.


(1) The Committee may appoint such sub-committees as it thinks fit: Provided that any sub-commi'tilee so appointed shall include not less 1than two members of the Committee, and may include persons who are not members of the Committee.

(2) Subject to the provisions of this Act, the constitution, functions and procedure of a sub-commivtee constituted under subsec tion (1) shall be determined by 1the Committee.

Power to appoint sub-com• mittees.

AD.


1983] s SAVINGS SCHEMES [No.

17 7.

Subject to the provisions of this Act, die CommittJee may ~01"'~ t!0 de:lega:te to any of its members or to any sub-committee constituted e e a under ~ootion 6 (1) the power aDjd 'aulthority to carry out on its behalf such functions as the Commi>t<tee may determine.
8 (1) Subjoot to subsection (2), no ac:tion, suit, prosecution ~l°t:~:~ers or other proceedings shall be brought or instituted personally again.st a of the Com· fmltteeor mem er 01 1t e ommr.tiee or any o any aot done bona fide in pursuance orf the execution or intended exe- ~h:::1c!ree cution of his duties under this Act.

.

its suo-comm~ttees m respect o any sub- ,, h C f" b · .
· (2) Whe11e a member of the CommiHee or any of ilts sub-com mittees is exempt from liability by reason only of subsection (1), the Committee or the sub-committee, as the case may be, shall be liable to 1the eJQtient that it would be if such memb~r was a servant or agent of the Committee or the sub-comm1Utiee, so, however, that if in any case the Commi.ttee or the sub-committee is not liable for any of !the above-: mentioned acts, then subsootion r(l) dm::s not opera:te to ·exempt such member as thierein sitaited.
9.
The Committee may employ at such vemunerntion and on ~:~:rs ei::id such other .terms and conditions as it 1thinks fit, a secretary and such R!oyees of other officers and employees as it deems necessary for the purpose of ml~te~om· carrying out tthe functions of the Committee: Provided thait if 1the office of secPetary is vacant or if the secrntary is for any 11eason unable rtO perform the functions Of his office, the Minister may assign a public officer in ·the Ministry 1to carry out the functions of the office of secretary.
10. of-· The funds and resources of the Committee shall consist Funds and resources of the Committee.
(a) such sums as may be provided by or undcT an appropriation law; (b) such sums as may be allocated from time to time to ;the Commi.te fro:n loan fur,ds; (c) moneys ·earned or arising from any pro;_J:rty or innst .. ments of 1the Committee; (d) all othier sums or property which may in any manner be Deceived by, or become payabl<e to, or vc:: :c~ in, the Committee in the performanae of irts functio•1s 01 in respect of any malttcr inoidental rthe'reiro.
(2) For rthe purposes of this section, 1the expression "loan funds" means such sums as may be made available, from time to time, by the Government by way of loan.

No.

17J THE LAWS OF GUY ANA [A.D. 1983 6 PART III SA VIN GS SCHEMES Approval savings Schemes.

of 11.

(1) The Committee may, and if so directed by the Minis~er shall, submit 'tO the Minis:er on;; or more Savings Schemes for app;·oval.

(2) The Minister may approve any Savings Scheme with or without modification.
Management and opera· tion of approvea S1a1vingis Schemes.

Cap.

85:02 12.

(1) The Committee shall manage and operate every approved from persons under any such Savings Scheme and accept deposits Scheme.

(2) For all or any of the purposes of any approved Savings Scheme managed and operatied by it the Committee may appoint as its agent any bank, any financial institution, the Post Offioe or any other person, if it or he consents ~o function as such.
(3) The Bank of Guyana shall, if so directJed by :the Minister by 011der, perforll) in !

'elation to the Committee, and such approved Savings Schemes 1as may be specified by the Minister in the 8rder.

the functions conferred on 1that Bank in relation to banks under section 36 of the Bank of Guyana Act.

.

h 13.
.

h 13.

(1) Any employee may with h the consent of his employer Deduction of sums from emoluments aut onse t e emp oyer, m sue 'e om- ;s mitree, to deduct from ,the emoluments payabLe by 1the employer to the of demJ1oye 1 0:eci employee such sums, and at such intervals, as may be specified by the i~n ap:fo employ1e:~ and to deposit :the same in the account of such employee in ~~i~r:!:.

any approved Savings Scheme specified by him.

orm as may e spec1 1 "f"ed b h C y 1t h f 1 b .
(2) Where a:1y c:uchorisation has beien made by any employee in :the manner referred w in subseotion (1) - (a) (b) (cJ the employer shall deduct from ithe 1emoluments of the employee such sums, and at such intervals, as may be specified by the employee and notwithstand ing anything contained in any other wr1Hen law, it shall be lawful for the employer to do so; the employer shall deposit the sums so deducted in the account of :the employ100 in the approved Savings Scheme sp~cified by him within such 1time as may be specifiied by the Committee; and the ;;mp~oyer shall maintain a separate account in 11espect of the sums deducted in pursuanoe of the authorisation: Provided that whe11e mo11e 1than one employee of the em ployer have aut~1ori~~d '.h~ employ~r in the manner re£erred to in sub- AD.
19831 SA.

VINGS SCHEMES [No.

17 7 section (1) in relation to the same approvied Savings Scheme, the em ployer may maintain one account in respect of the deductions made from ithe emoluments of all such employees for deposit ~n their accoun:s in that approvied Savings Scheme.
(3) Notw1thstanding anything contained in any other written law, the sums deducbed by any employer from ,the emoluments of his employees in pursuance of any authorisation referred rto in subsection (1) shall, in 1the case of insolvency or winding up of the employer, havre priority over all other debts due from the employer, other 1than debts due to the State.

14.
14.

(1) The Government shall, by order signed on behalf of rthe Guarantee Government by the Minister, and on such 1terms and subject to such ~~4:it ac:,~­ conditions as may be specified in tthe order, guarantee 1the payment by paymentst dof · ue t e omlllttlee o eac o he maintained in an approved Savings Scheme, of the amount he is en- Committee.

titled 1to ueoeive under that Scheme from the Committee when the amount becomes due for payment.
t e persons m w ose name an account is from uae t h fh .amoun h · (2) Where any amount becomes payable by the Government pursuant 1to a guarantee givie:n in exercise of :the powiers conferred by subsootion 0).

that amount shall be charged on <the Consolidatied Fund and the Minister shall direct payment of the same rto issue out of the ConsolidaJted Fund.
(3) Where any amount is paid out of the Consolidated Fund in pursuance of any liability incurued by the Government under a guarantee given in exercise of the powiers confemed by subsection (1), rthe CommittJee shall repay such amount ~together with interest 1thereon at such rate as the Minister may specify) 1to 1the Consolidated Fund in such manner 81Ild ait such time as the Minisber may direct.
(4) Where !the Government has, in exercise of the powers con ferred by subsection (1), givien any guaranteie in respect of rthe amounts due under any approved Savings Scheme, rthe Minister shall, so long as the guarantee is in force, lay before the National Assembly as soon as may be possible after the end of each financial year a statement containing 1the particulars of the sums deposited under the approved Savings Scheme and outstanding a:t the end of that financial year and 1he amounts, if any, which have been e~ther issued out of the Con solidatJed Fund under lthis section or paid into the Consolidaited Fund in or towards repayment of any money so issued.
- - Savings Scheme as may be specified by 1the Minister shall be invested -= ::ounta Such part of !the amounts in the accounts in any approved 111veatment 15.

( ) a m sue seculi!tres as may .

~ in the propoiltion S"'*'ified by him· or approv ed b be .

.

h y ' • ~ • the M" .

accounts 1ms- an, ap.

In proved Sav· In.gs Scheme.

8 No.

171 --~---- -~--- THE LAWS OF GUY ANA [A.O.

1983 (b) in any other manner as may be specified by the Minister.

PART IV Accounts and audit.

MISCELLANEOUS 16.


(1) The Committee shall ke1ep accou1J1ts of i:ts transactions to accounts shall be audited the satisfaction of the Minis~er and the annually by an auditor appointed by the Minister.
(2) The members, officers and other employiees of the Com mhee shall grant to· the audutor appointed under subsootion {1) acoess to all books, documents, cash and securHi:es of the Committee and shall give to him on request all such information as may be within 1their knowledge in relation :to the operation of the Committee.

Annual report.

17.
Annual report.

17.

(1) As soon as may be possible after ~ts accounts for any year hav:e been audited, in accordance w~th the provisions of section 15, 1the Committee shall submit 1to the Minister a report on i1ts opera tions throughout that year, 1together with a statement of its accounts so audited.

(2) A copy of the report mentioned in subsection (1) together with a copy of ithe 11epo11t of ithe auditor shall be laid before the National Assembly.

Power of Minister to give dire°'" tons.

18.


(1) Th::: Minister may giVle to the Committee direotions of a general character as to the policy to be followed by the Committiele in ithe exercise and performance of its funotions and the Committee ~hall give effect to any such directions.

(2) The Committee shall provide such facilities to the Minister as will enable him to verify any informaition furnished in pursuance of this section.

19.
19.

(1) Section 3 of the Banking Aot shall not apply to the Com- Orders re- garding ·•· "C application mhlv · of Bankinlt (2) Subject to the provisions of this Act the Minister may by Act and ~:~naof Act orde;· nrmlv a'1'f ryrovision of the Banking Act, other than a provision to.

the Com contained in Part'n thereof, 1to the Committiee and such provision sha.U truttee.

apply to the Committee with sue i a aptat10n, exception, mo I ication Cap.

85:01 and qualification as may be specified in the order.
d'f' d l · · · · Cap.

85:02 (3) Subject to the provisions of 1this Act, the Minister may by order apply any provision of Part VII of 1the Bank of Guyai:ia Act.

to the Committee and such provision shall apply to the Committee with such adaptation, exception, modification and qualification as may be spc-rified in the order.

9 AD.

1983] SAVI1VGS SCHEMES [No.

17 20.


No written law prescribing a period of limiltatio~ within ~i:;l:i~:" which a sum of money may 1x~ recovered shall apply to a claim for a ezcluded.

sum of money by the Committcle.

21.

(1) Where, with th~ approval of the appropriaite authority, !~~~~~ an officer - ( a) (b) is seconded or temporariiy transferred from a ren- te":ch~nd sionabk office within the weaning of the Pensions emptoy1!i Act ·to an office with 1the Commit~eie, section 5 of 1that ~~:h!e.
Act sh~!l apply 1to ~im as if his _serv:ioe in t~e Gap.

office w1th the Commtttee were service m a public offioe; 02 27 : benefits of public offic- is itransferred from a pensionable office within the meaning of the Pensions Act to a substantive appoint ment in an office with the Committee, his service with the Committee shall be other public service within the meaning of, and for the purposes of.

such provisions in relaition thereto as are contained in the Pensions Act.
(2) Where a teacher who has done qualifying service within the meaning of the Teachers' Pensions Act is, w~th the approval of the Oap.
39:05 appropriate authority, - (a) seconded or temporarily transferred from his pension able office as a teacher to an office wrth the Com- mittee, section 5 of the Pensions Act (as it applies No, e ot 1971 mutatis mutandis to a teacher under section 7C of the Teachers' Pensions (Amendment) Aot 1971) shall apply to him as it applies in the case of a public officer; (b) is 1transferred from his pensionable office as a teacher to a substantive appointment in an office with the Committee.
his service with the Committee shall be !treated as if it were other public service within the meaning of, and for the purposes of, such provisions in relation thereto as are contained in, the Pensions Act and as if he were a public officer to whom the " Pensions Act applies.
(3) In this section, "appropriate authority" means the person or authority vested by law with power to appoint the officer to the pensionable office held by him (and to which the Pensions Act applies) or to appoint the teacher to the office held by him as a teacher as the case may be. '

22.

(I) The Minister may make regulations for carrying into Power to effect the purposes of this Act.

make regulations.

10 No.
171 THE LAWS OF GUY ANA [A.D. 1983 (2) Without prejudice to the generality of the foregoing and in particular the regulations may provide for all or any of the follow ing ma;tters - (a) (b) the terms and conditions of appointment of the chair man and other members of the Committee; the procedure of the Committee, including the inter vals at which the meetings of the Committee shall be held and the quorum for its meetings; (c) any other matter that is required to be, or may be, prescribed by the Minister by regulations made under this Act.
PART V AMENDMENT OF THE INCO.ME TAX ACT The Income Tax Act is hereby amended in the following (a) by the substitution in section 20, for the words "and 26", of the words ", 26 and 35A"; (b) by the substitution in section 26, for the words "and 25 B", wherever they occur, of the words ", 25 I3 and 35 A"; (c) by ,the insertion un.der the heading "Ascertainment of Chargeable Income", after section 35, of the follow ing section as section 35A - 23.

Amendment the Of Income Tax respeols - Act.

Cap.


81:01 1 I S h c eme, :~~':::~ii-;::· 35A.

(1) Subject to the other provisions of this seotion, in ascenaining the chargeable income, and addt- t;~ri!

'u~~ to for any year of assessment, of any individual, being a person eligible to be a subscriber to approved Savings be re cvant approved Savings in schemes.
whose name account is maintained in the year preceiding the year of assessmenit in one or more approved Savings Schemes, ithere shall be allowed a deduction of the aggregate of the sums deposited during the year preceding the year of assessment in each such account by that individual or, if he is an employee, by his employer pursua111t 1to an aU!thorisation by him.

(2) Where any person.


engaged in any 1Lrade, businrns, profession or vocation has opened an account in the name of any of his employees in an approved Savings Scheme and has in the year prect¥ling any year of assess ment deposited any sums in such account, - (a) in ascertaining the chargeable in come of tlia.t person the trade, business_ profession or fr....111 • A.D. 19831 u * SAVINGS SCHEMES [No.

17 99 • c. • ..

,.
!,._, • vocation for that year of assess ment there shall be allowed a deduction of the aggregate of the sums deposited by him in ,the aforesaid account in the year pre ceding :that year of assessment; (b) subject Ito the Olther provisions of this section, the employee shall not be liable to pay the tax, in respect of the sums so deposited, either in the year of assessment following the year in which such sums were deposited or in the year of assessment following the year in which he received the whole or part of the sums so pe posilted on the maturity of the approved Savings Scheme or in any other year of assessment.
(3) The interest which accrued due to any individual during any year on the amount Ito his credit in any approved Savings Scheme shall be exempt from the tax.
• (4) Where the whole OI part of the amount Ito the credit of any individual in ,the account in his name·in any approved Savings Scheme is withdrawn by that indivi,dual during the contin~ of the Scheme and before the expiry of the period for which he was required by the Scheme to maintain ithe account for re ceiving full benefits ithereunder, the amoun:t so withdrawn shall, for the purposes of this Act, be deemed to be the income of that individual in the year in which the amollllit is withdrawn .
(5) In this section "approved Savings Scheme" has the same meaning as in the Sav ings Schemes Act 1983.

'; (d) by the substitution in the fir-st proviso to section 75(3), for the words "allP 26", of the words ", 26 and 35A" .

Pa:_sed ey the National Assembly on 1983-08~ (Bill No.

17 /1983) (Ed) 2A/3 ll) F. A. Narain, Oerk of the National Assembly.

• • .. .

1 I 1 i I J