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NATIONAL LEGISLATION OVERVIEWS
Banks Amendment Act, No. 26 of 1994
NATIONAL LEGISLATION OVERVIEWS
Banks Amendment Act, No. 26 of 1994
Long
title
To amend the Banks Act, 1990, so as to define or further define certain expressions; to create a sanction for a refusal or failure by an aspirant director or executive officer of a bank or controlling company to complete a questionnaire at the request of the Registrar of Banks; to replace an obsolete expression; to extend the powers of the said Registrar to hold discussions, with a view to achieving effective supervision, with the executive management of banks and their associates; to substitute for the concepts of provisional and final registration as a bank the single concept of registration as a bank; to provide for the conduct by foreign institutions of the business of a bank in the Republic by means of a branch; to further regulate the procedure for the establishment by a foreign institution of a representative office in the Republic; to make other and additional provision with regard to the payment of annual licence fees in respect of banking business; to rationalize a multiplicity of provisions governing the acquisition of shares in banks and controlling companies; to further regulate the transfer by a bank of the whole or any part of its business; to extend the categories of employees of banks and their associates who shall be debarred from holding the office of a director of such a bank; to create a sanction for a failure to furnish the Registrar of Banks with the prescribed information regarding proposed appointments of new directors to the board of directors of banks and controlling companies; to provide more specific guidelines regarding matters to be reported to the said Registrar by the auditor of a bank; to extend the categories of employees of banks and their associates who shall be debarred from serving on a bank's audit committee; to provide for the appointment of certain knowledgeable persons to assist in the judicial management or liquidation of banks; to regulate the effect of the suspension, cancellation or termination of the registration of a bank while such bank is being wound up, under judicial management or under curatorship; to provide for the appointment of a commissioner to investigate the affairs of a bank under curatorship or of its associates; to increase, and to further regulate the making of regulations with regard to, the minimum share capital and unimpaired reserve funds required to be maintained by a bank; to make further provision with regard to large exposures by banks; to further regulate the furnishing by banks of returns to the Registrar of Banks; to authorize the making of regulations with regard to the restriction of banks' investments in immovable property and shares and of the granting by banks of loans and advances to certain subsidiaries; to further regulate the role of banks as agents in the effecting of moneylending transactions; to effect a certain textual change; to prohibit any differentiation in the voting rights attached to the ordinary shares of a bank or a controlling company; to further regulate certain criminal matters; and to provide for the making of recommendations to the Minister of Finance regarding amendments to the Banks Act, 1990, through the medium of the Policy Board for Financial Services and Regulation; and to provide for matters connected therewith.
Table of contents
Legislation Text Access Point
To amend the Banks Act, 1990, so as to define or further define certain expressions; to create a sanction for a refusal or failure by an aspirant director or executive officer of a bank or controlling company to complete a questionnaire at the request of the Registrar of Banks; to replace an obsolete expression; to extend the powers of the said Registrar to hold discussions, with a view to achieving effective supervision, with the executive management of banks and their associates; to substitute for the concepts of provisional and final registration as a bank the single concept of registration as a bank; to provide for the conduct by foreign institutions of the business of a bank in the Republic by means of a branch; to further regulate the procedure for the establishment by a foreign institution of a representative office in the Republic; to make other and additional provision with regard to the payment of annual licence fees in respect of banking business; to rationalize a multiplicity of provisions governing the acquisition of shares in banks and controlling companies; to further regulate the transfer by a bank of the whole or any part of its business; to extend the categories of employees of banks and their associates who shall be debarred from holding the office of a director of such a bank; to create a sanction for a failure to furnish the Registrar of Banks with the prescribed information regarding proposed appointments of new directors to the board of directors of banks and controlling companies; to provide more specific guidelines regarding matters to be reported to the said Registrar by the auditor of a bank; to extend the categories of employees of banks and their associates who shall be debarred from serving on a bank's audit committee; to provide for the appointment of certain knowledgeable persons to assist in the judicial management or liquidation of banks; to regulate the effect of the suspension, cancellation or termination of the registration of a bank while such bank is being wound up, under judicial management or under curatorship; to provide for the appointment of a commissioner to investigate the affairs of a bank under curatorship or of its associates; to increase, and to further regulate the making of regulations with regard to, the minimum share capital and unimpaired reserve funds required to be maintained by a bank; to make further provision with regard to large exposures by banks; to further regulate the furnishing by banks of returns to the Registrar of Banks; to authorize the making of regulations with regard to the restriction of banks' investments in immovable property and shares and of the granting by banks of loans and advances to certain subsidiaries; to further regulate the role of banks as agents in the effecting of moneylending transactions; to effect a certain textual change; to prohibit any differentiation in the voting rights attached to the ordinary shares of a bank or a controlling company; to further regulate certain criminal matters; and to provide for the making of recommendations to the Minister of Finance regarding amendments to the Banks Act, 1990, through the medium of the Policy Board for Financial Services and Regulation; and to provide for matters connected therewith.
Table of contents
| SECTION | TITLE |
| 1. | Amendment
of section 1 of Act 94 of 1990... |
| 2. | Amendment
of section 2 of Act 94 of 1990... |
| 3. | Amendment
of section 6 of Act 94 of 1990... |
| 4. | Amendment
of section 9 of Act 94 of 1990... |
| 5. | Amendment
of section 11 of Act 94 of 1990... |
| 6. | Amendment
of section 14 of Act 94 of 1990... |
| 7. | Amendment
of section 15 of Act 94 of 1990... |
| 8. | Substitution
of section 16 of Act 94 of 1990... |
| 9. | Substitution
of section 17 of Act 94 of 1990... |
| 10. | Substitution
of section 18 of Act 94 of 1990... |
| 11. | Insertion
of sections 18A and 18B in Act 94 of 1990 |
| 12. | Repeal
of section 19 of Act 94 of 1990... |
| 13. | Repeal
of section 20 of Act 94 of 1990... |
| 14. | Amendment
of section 21 of Act 94 of 1990... |
| 15. | Amendment
of section 22 of Act 94 of 1990... |
| 16. | Substitution
of section 23 of Act 94 of 1990... |
| 17. | Amendment
of section 24 of Act 94 of 1990... |
| 18. | Amendment
of section 25 of Act 94 of 1990... |
| 19. | Amendment
of section 26 of Act 94 of 1990... |
| 20. | Substitution
of section 27 of Act 94 of 1990... |
| 21. | Substitution
of section 28 of Act 94 of 1990... |
| 22. | Amendment
of section 29 of Act 94 of 1990... |
| 23. | Amendment
of section 30 of Act 94 of 1990... |
| 24. | Amendment
of section 31 of Act 94 of 1990... |
| 25. | Amendment
of section 32 of Act 94 of 1990... |
| 26. | Insertion
of section 33A in Act 94 of 1990 |
| 27. | Amendment
of section 34 of Act 94 of 1990... |
| 28. | Substitution
of section 35 of Act 94 of 1990... |
| 29. | Repeal
of section 36 of Act 94 of 1990... |
| 30. | Amendment
of section 37 of Act 94 of 1990.. |
| 31. | Amendment
of section 39 of Act 94 of 1990... |
| 32. | Substitution
of section 40 of Act 94 of 1990... |
| 33. | Amendment
of section 42 of Act 94 of 1990... |
| 34. | Amendment
of section 43 of Act 94 of 1990... |
| 35. | Amendment
of section 48 of Act 94 of 1990... |
| 36. | Amendment
of section 54 of Act 94 of 1990... |
| 37. | Substitution
of section 58 of Act 94 of 1990... |
| 38. | Amendment
of section 59 of Act 94 of 1990... |
| 39. | Amendment
of section 60 of Act 94 of 1990... |
| 40. | Amendment
of section 63 of Act 94 of 1990... |
| 41. | Amendment
of section 64 of Act 94 of 1990... |
| 42. | Amendment
of section 68 of Act 94 of 1990... |
| 43. | Amendment
of section 69 of Act 94 of 1990... |
| 44. | Insertion
of section 69A in Act 94 of 1990 |
| 45. | Amendment of
section 70 of Act 94 of 1990... |
| 46. | Substitution
of section 73 of Act 94 of 1990... |
| 47. | Amendment of
section 75 of Act 94 of 1990... |
| 48. | Amendment of
section 76 of Act 94 of 1990... |
| 49. | Amendment of
section 77 of Act 94 of 1990... |
| 50. | Amendment of
section 78 of Act 94 of 1990... |
| 51. | Amendment of
section 79 of Act 94 of 1990... |
| 52. | Amendment of
section 80 of Act 94 of 1990... |
| 53. | Amendment of
section 81 of Act 94 of 1990... |
| 54. | Amendment of
section 82 of Act 94 of 1990... |
| 55. | Amendment of
section 83 of Act 94 of 1990... |
| 56. | Amendment of
section 91 of Act 94 of 1990... |
| 57. | Amendment of
section 92 of Act 94 of 1990 |
| 58. | Short title and commencement |
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