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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

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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