BANK OF NAMIBIA ACT 15 OF 1997 [ASSENTED TO 5 DECEMBER 1997] [DATE OF COMMENCEMENT: 16 FEBRUARY 1998] (Unless otherwise indicated) (Signed by the President) as amended by Bank of Namibia Amendment Act 11 of 2004 ACT To provide for a central bank of Namibia to serve as the State's principal instrument to control money supply, currency and institutions of finance; and to provide for matters incidental thereto. ARRANGEMENT OF ACT 1 Definitions PART I BANK OF NAMIBIA, ITS OBJECTS AND POWERS 2 Continuation of Bank of Namibia as central bank of Namibia 3 Objects 3A Mission statement of Bank 3B Bank to perform its functions independently PART II BOARD, MANAGEMENT AND STAFF 4 Constitution of Board 5 Tenure of office, conditions of service and remuneration of members 6 Termination of appointment and vacation of office of member 7 Disqualification from membership of Board 8 Duties of Governor and Deputy Governor 9 Meetings of Board 10 Disclosure of interest 11 Appointment of staff, agents and correspondents 12 Confidentiality 13 Indemnity from personal liability PART III CAPITAL, PROFITS AND RESERVES 14 Share capital of Bank 15 Profits of Bank 16 General Reserve Account and other reserve accounts PART IV MONETARY UNITS, SYMBOLS, NOTES AND COINS OF LEGAL TENDER 17 Monetary units and symbols 18 External value of Namibian currency 19 Issuance, manufacture and characteristics of notes and coins 20 Legal tender 21 Withdrawal of notes and coins from circulation 22 Exchange of notes and coins 23 Bank not liable for lost or stolen notes or coins 24 Mutilation of notes 25 Counterfeiting, forgery and related offences 26 South African Rand to continue as legal tender PART V