SECTION |
TITLE |
|
ARRANGEMENT
OF SECTIONS |
|
CHAPTER
I. INTERPRETATION OF ACT
|
1. |
Definitions |
1A. |
Relationship
between Act and Financial Sector Regulation Act [...inserted by Act
2017_009_290_20170822 Sch4] |
|
CHAPTER II.
ADMINISTRATION OF ACT |
2. |
...
[...repealed by Act
2017_009_290_20170822 Sch4 - was entitled "Functoins of Registrar"] |
3. |
Delegation
of powers and assignment of duties by Registrar
|
4. |
Powers
of inspection of, guidance notes, directives and guidelines by, Authority [...Title amended by Act 2021_023_012_20220128 - was entitled "Powers of inspection of, and guidelines by, Registrar"] |
5. |
Furnishing
of information by mutual banks
|
6. |
...
[...repealed by Act
2017_009_290_20170822 Sch4 - was entitled "Power of Registrar to extend
certain periods"] |
7. |
...
[...repealed by Act
2017_009_290_20170822 Sch4 - was entitled "Appeal against decisions of
Registrar"] |
8. |
...
[...repealed by Act
2017_009_290_20170822 Sch4 - was entitled "Annual report by Registrar"] |
|
CHAPTER
III. AUTHORIZATION TO ESTABLISH, AND REGISTRATION AND CANCELLATION OF
REGISTRATION OF, MUTUAL BANKS |
9. |
Registration
a prerequisite |
10. |
Authorization
to establish mutual bank
|
11. |
Granting
or refusal of application for authorization
|
12. |
Revocation
of authorization
|
13. |
Application
for provisional registration as mutual bank
|
14. |
Granting
or refusal of application for registration [...Title amended by Act 1999_054_006_19991215 by way of unmarked omission and unmarked insertion - was entitled "Granting
or refusal of application for provisional registration"] |
15. |
Conditions of registration [...Title amended by Act 1999_054_007_19991215 by way of unmarked omission and unmarked insertion - was entitled "Conditions,
duration and renewal of provisional registration"]
|
16. |
... [...repealed by Act 1999_054_008_19991215 - was entitled "Application
for final registration as mutual bank"]
|
17. |
... [...repealed by Act 1999_054_008_19991215 - was entitled "Granting
or refusal of application for final registration"] |
18. |
Untrue
information in connection with applications
|
19. |
Juristic
personality of mutual bank |
20. |
... [sic - no title]
|
21. |
Cancellation
or suspension of registration by Registrar
|
22. |
Notice
by Registrar of intention to cancel or suspend registration
|
23. |
Cancellation
or suspension of registration by court
|
24. |
Restriction
by Registrar of activities of mutual bank |
25. |
Cancellation
of registration at request of mutual bank |
26. |
Withdrawal
of suspension or restriction
|
27. |
Publication
of information relating to mutual banks
|
28. |
Date
on which registration lapses
|
29. |
Repayment
of deposits upon lapse of registration |
30. |
Reregistration
in terms of this Act
|
30A. | Reregistration after commencement of Mutual Banks Amendment Act, 1999 [...inserted by Act 1999_054_021_19991215]
|
31. |
Annual
licence
|
|
CHAPTER IV.
ADMINISTRATION OF MUTUAL BANKS |
32. |
Matters
to be set forth in articles
|
33. |
Alteration
of articles
|
34. |
Alteration
|
35. |
Change
of name of mutual bank
|
36. |
Binding
force of articles
|
37. |
Directors
of mutual bank
|
38. |
Disqualifications
of directors
|
39. |
Disclosure
by directors of interest in contracts with mutual bank
|
40. |
Head
office of mutual bank |
41. |
Branch
offices and agencies |
42. |
Accounting
records
|
43. |
Annual
financial statements
|
44. |
General
meetings
|
45. |
Appointment of
auditor
|
46. |
Functions of
auditor in relation to
Registrar
|
47. |
... |
|
CHAPTER V.
PRUDENTIAL REQUIREMENTS |
48. |
Minimum share
capital and unimpaired
reserve funds
|
49. |
Minimum
reserve balance
|
50. |
Minimum liquid
assets
|
51. |
Large exposures
|
52. |
Failure or
inability to comply with
prudential requirements
|
53. |
Returns |
|
CHAPTER VI.
PROVISIONS RELATING TO
ASPECTS OF THE CONDUCT OF THE BUSINESS OF A MUTUAL BANK |
54. |
Acceptance of
deposits and granting
of loans, advances or other credit
|
55. |
Restriction on
investments in
immovable property and shares, and on loans and advances to certain
subsidiaries
|
56. |
Restriction on
investments with, and
loans and advances to, certain associates
|
57. |
Shares
|
58. |
Dividends
|
59. |
Undesirable
practices
|
60. |
Shareholding
in insurer |
|
CHAPTER
VII. CONVERSION OF MUTUAL BANKS |
61. |
Definitions
|
62. |
Conversion of
mutual banks into banks
|
63. |
Application
for Registrar's approval
|
64. |
Consideration
of application |
65. |
Special
general meeting to authorize
conversion
|
66. |
Registration
of controlling company
in respect of bank established by conversion
|
67. |
Registration
of memorandum and
articles of association by Registrar of Companies
|
68. |
Notice in
Gazette of conversion
|
69. |
Effects of
conversion
|
70. |
Issue of
shares to persons who were
members of former mutual bank |
|
CHAPTER
VIII. AMALGAMATION, WINDING-UP AND DISSOLUTION |
71. |
Amalgamation
and transfer of assets
and liabilities
|
72. |
Transfer of
part of a mutual bank's
business
|
73. |
...[...repealed by Act 2021_023_014_20220128 - was entitled "Judicial management"]
|
74. |
... [...repealed by Act 2021_023_014_20220128 - was entitled "Voluntary winding-up of mutual bank"] |
75. |
... [...repealed by Act 2021_023_014_20220128 - was entitled "Winding-up by court"] |
76. |
... [...repealed by Act 2021_023_014_20220128 - was entitled "Appointment of judicial manager and liquidator"] |
77. |
... [...repealed by Act 2021_023_014_20220128 - was entitled "Dissolution of mutual bank"] |
78. |
Limitation of
liability of members
|
78A. | Sectoins 71, 72 and 78 do not apply to mutual banks in resolution [..inserted by Act 2021_023_015] |
79. |
Liability of
borrowers in winding-up
|
80. |
... [...repealed by Act 2021_023_016_20220128 - was entitled "Distribution of surplus in winding-up"] |
81. |
... [...repealed by Act 2021_023_016_20220128 - was entitled "Appointment of curator to mutual bank"] |
|
CHAPTER IX.
GENERAL PROVISIONS |
82. |
Appointment of
inspector by Registrar
on application of members
|
83. |
Investigation
by inspector appointed
by mutual bank
|
84. |
Information to
be furnished to
inspectors
|
85. |
Application
for shares or for leave
to make deposits
|
86. |
Certification
of returns and other
documents
|
87. |
Inspection,
copies and keeping of
documents
|
88. |
Minors and
married women
|
89. |
Limitation of
liability
|
90. |
Furnishing of
information by
Registrar |
91. |
Regulations |
92. |
Offences and
penalties
|
93. |
Review of Act
|
94. |
Interpretation
of certain references
in existing laws 1965
|
95. |
Repeal of
laws, and savings
|
96. |
Short title
and commencement
|
Sch. |
SCHEDULE. LAWS REPEALED
(Except in so
far as the provisions thereof relate to terminating mutual building
societies) [s95] |