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South Africa
NATIONAL LEGISLATION OVERVIEWS
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Mutual Banks Amendment Act, No. 54 of 1999

Long title


To amend the Mutual Banks Act, 1993, so as to delete a definition and to define or further define certain expressions; to extend the powers of the Registrar of Banks to hold discussions, with a view to achieving effective supervision, with the executive management of mutual banks or of their associates; to substitute for the concepts of provisional and final registration as a mutual bank the single concept of registration as a mutual bank; to delete residual references to terminating mutual building societies; to make other provision with regard to the payment of annual licence fees in respect of mutual bank business; to include employees of associates of mutual banks in the limit placed on the number of employees that may serve as directors of a mutual bank; to prohibit the appointment of officers of associates of mutual banks as auditors of such mutual banks; to provide more specific guidelines regarding matters to be reported to the said Registrar by the auditor of a mutual bank; to include employees of associates of mutual banks in the limit placed on the number of employees that may serve on a mutual bank’s audit committee; to make further provision with regard to large exposures of mutual banks; to further regulate the furnishing by mutual banks of returns to the Registrar of Banks; to authorize the making of regulations with regard to the restriction of mutual banks’ investments in immovable property and shares and of the granting by mutual banks of loans and advances to certain subsidiaries; and to further regulate the role of mutual banks as agents in the effecting of money-lending transactions; and to provide for matters connected therewith.

Table of contents

SECTION TITLE
1.  Amendment of section 1 of Act 124 of 1993...
2.  Amendment of section 4 of Act 124 of 1993
3.  Amendment of section 9 of Act 124 of 1993
4.  Amendment of section 12 of Act 124 of 1993
5.  Substitution of section 13 of Act 124 of 1993
6.  Substitution of section 14 of Act 124 of 1993
7.  Substitution of section 15 of Act 124 of 1993
8.  Repeal of sections 16 and 17 of Act 124 of 1993
9.  Amendment of section 18 of Act 124 of 1993
10.  Amendment of section 19 of Act 124 of 1993
11.  Amendment of section 20 of Act 124 of 1993
12.  Substitution of section 21 of Act 124 of 1993
13.  Amendment of section 22 of Act 124 of 1993
14.  Amendment of section 23 of Act 124 of 1993
15.  Amendment of section 24 of Act 124 of 1993
16.  Substitution of section 25 of Act 124 of 1993
17.  Amendment of section 26 of Act 124 of 1993
18.  Amendment of section 27 of Act 124 of 1993
19.  Amendment of section 28 of Act 124 of 1993
20. Amendment of section 29 of Act 124 of 1993
21.  Insertion of section 30A in Act 124 of 1993
22.  Substitution of section 31 of Act 124 of 1993
23.  Amendment of section 37 of Act 124 of 1993
24.  Amendment of section 43 of Act 124 of 1993
25.  Amendment of section 45 of Act 124 of 1993
26.  Amendment of section 46 of Act 124 of 1993
27.  Amendment of section 47 of Act 124 of 1993
28.  Amendment of section 51 of Act 124 of 1993
29. Amendment of section 53 of Act 124 of 1993
30. Amendment of section 55 of Act 124 of 1993
31. Amendment of section 56 of Act 124 of 1993
32. Amendment of section 59 of Act 124 of 1993
33. Amendment of section 62 of Act 124 of 1993
34. Amendment of section 68 of Act 124 of 1993
35. Amendment of section 69 of Act 124 of 1993
36. Amendment of section 71 of Act 124 of 1993
37. Amendment of section 77 of Act 124 of 1993
38. Short title

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