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South Africa
NATIONAL LEGISLATION OVERVIEWS
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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

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repealed by Act 2017_009_290_20170822 Sch4 - was entitled "Functoins of Registrar"]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repealed by Act 2017_009_290_20170822 Sch4 - was entitled "Power of Registrar to extend certain periods"]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repealed by Act 2017_009_290_20170822 Sch4 - was entitled "Appeal against decisions of Registrar"]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repealed by Act 2017_009_290_20170822 Sch4 - was entitled "Annual report by Registrar"]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repealed by Act 1999_054_008_19991215 - was entitled "Application for final registration as mutual bank"]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repealed by Act 1999_054_008_19991215 - was entitled "Granting or refusal of application for final registration"]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/AREQ.INFOLINK
As amended by ... N/A REQ.INFO LINK

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