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SOURCES OF LAW

SOURCES OF LAW 1. Statutes A statute may be defined as an express and formal laying-down of a rule or rules of conduct to be observed in the future by persons to whom the statute is expressly, or by implication, made applicable. (a) Primary or principal legislation These are the laws made by parliament, after a bill has passed by majority of parliament. These laws must not conflict with the constitution. It should be noted that, the parliament is the supreme legislative body; it can make or unmake any law to any extent. Any act passed by parliament which is of general application is absolutely binding on all persons within the sphere of parliament’s jurisdiction. (b) Subordinate or subsidiary legislation The power of the parliament to delegate its authorities is found under article 97(5) of the constitution of the United Republic of Tanzania which states that:- “The provisions of this article or article 64 of this constitution shall not prevent the parliament from enacting laws makin
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CLASSIFICATION OF LAW

CLASSIFICATION OF LAW Law can be classified in many ways which depends on the perspective, use or the system concerned. Some of the famous classification of the law is as explained herein below:- (i) Positive Law and Natural Law Law is a social rule posted by human beings to regulate in a general and binding manner the social behaviour of human beings as social beings in a given society. Characteristics of Positive Law (a) Command (b) Sovereign authority (c) Punishment (d) Sanctions Natural Law-Law is God given, it is inherent and immutable. (ii) Common Law and Civil Law( as system of law) This classification is based on looking at the law as a legal system of a particular country. Today in the world there are two major systems of law, which are named as common law and civil law. Common law is mostly practised by common law countries, i.e. the countries that were rules by Britain or are part and parcel of the common wealth of nations, whereas the civil law or continental law is a syste
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THE NATURE, CLASSIFICATION AND SOURCES OF LAW

THE NATURE, CLASSIFICATION AND SOURCES OF LAW 1. What is law Law is a rule prescribed for human action/conduct. It concerns human beings, group of people or society and not individual. It is a rule prescribed for human action by a determinate authority. Otherwise, it is defined as a system of rules of social behaviour. These rules must be general and not specific 2. Characteristics of Law (a) Social control mechanism • It is a means to persuade its members to think and act in compliance with the norms which make up its culture (b) The most important feature of law is that, it is normative. By normative it means that certain norms characteristic of human social life and indicative of what is done by the majority in a given situation have taken on the quality of what ought to be done. What is the case is transformed into what ought to be the case The word Norm-originate from the word square or norma, that is used by carpenters and masons to make right angles, which afforded them a ready
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FUNGO'S SECOND DIRECTIVE TO WRITING, READING AND REFERENCING

THE INSTITUTE OF FINANCE MANAGEMENT THE LAW PANEL DIRECTIVE NO.2/2009 FUNGO’S GUIDE TO READING, WRITING AND REFERENCING PART I GENERAL GUIDANCE TERMINOLOGIES Citation - a reference to a document. It should include all the bibliographic details needed to trace the document. Footnotes - listed at the bottom of the page on which a reference or citation occurs in the text. A number is placed in the text to indicate the cited work and again at the bottom of the page in front of the footnote. Used when only a small number of references need to be made. Endnote - when a large number of references are to be cited, endnotes (at the end of each chapter or at the end of the whole work) are often used. References - a list of citations (material cited) in a written work. Bibliography - is a list of documents (books, articles, papers) read for a specific essay of assignment. It can also mean a list of works on a specific subject. Listing the resources you use as you gather information will save you
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BANK FOR INTERNATIONAL SETTLEMENT

Bank for International Settlements The Bank for International Settlements (BIS) is an international organization of central banks which "fosters international monetary and financial cooperation and serves as a bank for central banks." [1] It is not accountable to any national government. The BIS carries out its work through subcommittees, the secretariats it hosts, and through its annual General Meeting of all members. It also provides banking services, but only to central banks, or to international organizations like itself. Based in Basel, Switzerland, the BIS was established by the Hague agreements of 1930. The name of the BIS in German: Bank für Internationalen Zahlungsausgleich (BIZ), in French: Banque des Reglements Internationaux (BRI), in Italian: Banca dei Regolamenti Internazionali (BRI). It has representative offices in Hong Kong and Mexico City. Contents [hide] • 1 Organization of central banks o 1.1 Regulates capital adequacy o 1.2 Encourages reserve transparency
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Banking Supervision

The Bank of Tanzania uses both on-site and off-site inspection in supervising banks and financial institutions. • In on-site inspection a full scope examination where the supervisors review the five key components of the institutions, that is Capital adequacy, Asset quality, Management quality, Earnings capability and Liquidity (CAMEL) at least once a year for every institution. In addition, supervisors do verify compliance with laws and regulations and assess the effectiveness of the institutions' internal control system. • In the off-site inspection assessment of financial soundness through analysis of the statistical and other returns covering key areas of the institutions is done. From the analysis an Early Warning Report is produced. The statistical returns are submitted periodically (i.e weekly, monthly, quarterly, semi-annually and annually or on ad hoc basis if the circumstances so demand). 1: ACTS: • Bank of Tanzania Act, 1965 as amended in 1978 was repealed and replace
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