Historical Background of the Corporation
Consolidated Holding Corporation, formerly known as NBC Holding Corporation, is a statutory corporation established by Parliament through the enactment of the National Bank of Commerce (Reorganization and Vesting of Assets and Liabilities) Act No.23 of 1997; as amended by Act No. 2 of 1998; Act No. 10 of 2001; Act No. 9 of 2002; Act No. 10 of 2007 and Act No 26 of 2007, now revised and codified as Chapter 404.
The Corporation is one of the three successor entities of the former National Bank of Commerce (NBC). The reorganization of the defunct NBC gave rise to the following entities:
- NBC Holding Corporation (Renamed Consolidated Holding Corporation-CHC)
- NBC Limited (formerly, NBC (1997) Limited), and
- National Micro finance Bank (NMB) Ltd
The Corporation started its operations on 1st October 1997, a day after the NBC was officially dissolved. It was vested with the assets and liabilities of the former NBC, which were not vested to either NBC Limited or NMB, and charged with carrying on the business of a holding company and of an investment company in relation to NMB and NBC Limited respectively.
At the expiry of the first five-year mandate on 30 September 2002, the Corporation was granted a new lease of life for another period of 5 years expiring on 30 September 2007. It was assumed that at the end of this period, the Corporation would wind up its business and the remaining assets and liabilities would be transferred to the Treasury Registrar.
Before the expiry of this mandate, the National Assembly passed an amendment to the establishment Act (Cap 404) through Act No. 10 of 2007 granting the Corporation another new lease of life up to 30th June 2011. The amendment also vested all remaining activities from Loans and Advances Realization Trust (LART); Air Tanzania Holding Corporation (ATHCO); and SIMU 2000 Ltd to CHC. In another development, the National Assembly further amended the Principal legislation through Act No. 26 of 2007 to vest all the remaining tasks of the Presidential Parastatal Sector Reform Commission (PSRC) to the Corporation. |
