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NATIONAL LEGISLATION OVERVIEWS
NATIONAL LEGISLATION OVERVIEWS
Banks Amendment Act, No. 19 of
2003
Long title
To amend the Banks Act, 1990, so as to rectify gender insensitive provisions; to amend certain definitions and insert certain new definitions; to allow the Registrar to give information to banks by means of a circular; to clarify certain provisions in line with their practical application; to provide for the use of a name that includes the word "bank"; to update references to legislation and institutions; to substitute or delete obsolete provisions and references; to provide for the establishment of a compliance function and to require banks to establish and maintain an adequate process of corporate governance; to make further provision regarding the appointment of auditors by a bank; to make further provision regarding the fiduciary duty and a duty of care and skill resting on directors and to extend such duties to chief executive officers and executive officers of banks and bank controlling companies; to grant certain powers relating to the institution of action for breach of the fiduciary duties to the Registrar; to provide for the formation of certain committees and to determine their functions; to provide for new offences and the increase of penalties for existing offences; and to provide for matters connected therewith.
Table of contents
Legislation Text Access Point
Long title
To amend the Banks Act, 1990, so as to rectify gender insensitive provisions; to amend certain definitions and insert certain new definitions; to allow the Registrar to give information to banks by means of a circular; to clarify certain provisions in line with their practical application; to provide for the use of a name that includes the word "bank"; to update references to legislation and institutions; to substitute or delete obsolete provisions and references; to provide for the establishment of a compliance function and to require banks to establish and maintain an adequate process of corporate governance; to make further provision regarding the appointment of auditors by a bank; to make further provision regarding the fiduciary duty and a duty of care and skill resting on directors and to extend such duties to chief executive officers and executive officers of banks and bank controlling companies; to grant certain powers relating to the institution of action for breach of the fiduciary duties to the Registrar; to provide for the formation of certain committees and to determine their functions; to provide for new offences and the increase of penalties for existing offences; 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 5 of Act 94 of 1990 |
| 3. | Amendment of section 6 of Act 94 of 1990... |
| 4. | Amendment of section 7 of Act 94 of 1990... |
| 5. | Amendment of section 8 of Act 94 of 1990 |
| 6. | Amendment of section 9 of Act 94 of 1990... |
| 7. | Amendment of section 10 of Act 94 of 1990 |
| 8. | Amendment of section 12 of Act 94 of 1990... |
| 9. | Amendment of section 13 of Act 94 of 1990... |
| 10. | Amendment of section 14 of Act 94 of 1990... |
| 11. | Amendment of section 15 of Act 94 of 1990... |
| 12. | Amendment of section 16 of Act 94 of 1990... |
| 13. | Amendment of section 17 of Act 94 of 1990... |
| 14. | Amendment of section 18 of Act 94 of 1990... |
| 15. | Amendment of section 18A of Act 94 of 1990... |
| 16. | Amendment of section 18B of Act 94 of 1990... |
| 17. | Amendment of section 22 of Act 94 of 1990... |
| 18. | Amendment of section 24 of Act 94 of 1990... |
| 19. | Amendment of section 25 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 30 of Act 94 of 1990... |
| 23. | Amendment of section 32 of Act 94 of 1990... |
| 24. | Amendment of section 34 of Act 94 of 1990... |
| 25. | Amendment of section 37 of Act 94 of 1990... |
| 26. | Amendment of section 38 of Act 94 of 1990... |
| 27. | Amendment of section 39 of Act 94 of 1990... |
| 28. | Amendment of section 41 of Act 94 of 1990... |
| 29. | Amendment of section 42 of Act 94 of 1990... |
| 30. | Amendment of section 43 of Act 94 of 1990... |
| 31. | Amendment of section 44 of Act 94 of 1990... |
| 32. | Substitution of section 47 of Act 94 of 1990 |
| 33. | Amendment of section 50 of Act 94 of 1990 |
| 34. | Amendment of section 51 of Act 94 of 1990 |
| 35. | Amendment of section 52 of Act 94 of 1990... |
| 36. | Amendment of section 54 of Act 94 of 1990... |
| 37. | Amendment of section 56 of Act 94 of 1990... |
| 38. | Amendment of section 57 of Act 94 of 1990... |
| 39.. | Amendment of section 59 of Act 94 of 1990... |
| 40. | Amendment of section 60 of Act 94 of 1990... |
| 41. | Insertion of sections 60A and 60B in Act 94 of 1990 |
| 42. | Amendment of section 61 of Act 94 of 1990... |
| 43. | Amendment of section 63 of Act 94 of 1990... |
| 44. | Amendment of section 64 of Act 94 of 1990... |
| 45. | Insertion of sections 64A and 64B in Act 94 of 1990 |
| 46. | Amendment of section 68 of Act 94 of 1990... |
| 47. | Amendment of section 69 of Act 94 of 1990... |
| 48. | Amendment of section 69A of Act 94 of 1990... |
| 49. | Amendment of section 70 of Act 94 of 1990... |
| 50. | Amendment of section 72 of Act 94 of 1990... |
| 51. | Amendment of section 73 of Act 94 of 1990... |
| 52 | Amendment of section 74 of Act 94 of 1990... |
| 53. | Amendment of section 75 of Act 94 of 1990... |
| 54. | Substitution of section 76 of Act 94 of 1990... |
| 55. | Amendment of section 77 of Act 94 of 1990... |
| 56. | Amendment of section 78 of Act 94 of 1990... |
| 57. | Amendment of section 81 of Act 94 of 1990... |
| 58. | Amendment of section 82 of Act 94 of 1990... |
| 59. | Amendment of section 83 of Act 94 of 1990... |
| 60. | Amendment of section 84 of Act 94 of 1990 |
| 61. | Amendment of section 86 of Act 94 of 1990... |
| 62. | Substitution of section 88 of Act 94 of 1990 |
| 63. | Amendment of section 89 of Act 94 of 1990 |
| 64. | Amendment of section 90 of Act 94 of 1990... |
| 65. | Amendment of section 91 of Act 94 of 1990... |
| 66. | Amendment of section 92 of Act 94 of 1990... |
| 67. | Short title |
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