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NATIONAL LEGISLATION OVERVIEWS
NATIONAL LEGISLATION OVERVIEWS
Mutual Banks Act, No. 124 of 1993
Long title
To provide for the regulation and supervision of the activities of juristic persons doing business as mutual banks; and to provide for matters connected therewith.
Table of contents
Legislation Text Access Point
Long title
To provide for the regulation and supervision of the activities of juristic persons doing business as mutual banks; and to provide for matters connected therewith.
Table of contents
| 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repealed by Act 2017_009_290_20170822 Sch4 - was entitled "Functoins of Registrar"] |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repealed by Act 2017_009_290_20170822 Sch4 - was entitled "Power of Registrar to extend certain periods"] |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repealed by Act 2017_009_290_20170822 Sch4 - was entitled "Appeal against decisions of Registrar"] |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repealed by Act 2017_009_290_20170822 Sch4 - was entitled "Annual report by Registrar"] |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repealed by Act 1999_054_008_19991215 - was entitled "Application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] |
Legislation Text Access Point
| Versions [To check whether a version has commenced, and how it was commenced, please see the Timeline for the Act, and the Annotated Text for the version.] |
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| As unamended Act 1993_124_000_19930723 | EXT.LINK | REQ.INFO | LINK |
| As amended by Act 1994_025_000_19941202 . | N/A | REQ.INFO | LINK |
| As amended by Act 1999_054_000_19991215 . | N/A | REQ.INFO | LINK |
| As amended by Act 2017_009_000_20170822 . | N/A | REQ.INFO | LINK |
| As amended by Act 2021_023_000_20220128 . | N/A | REQ.INFO | LINK |
| As amended by Act 2022_012_000_20221209 . | N/A | REQ.INFO | LINK |
| As amended by ... | N/A | REQ.INFO | LINK |
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