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South
Africa
NATIONAL LEGISLATION OVERVIEWS
NATIONAL LEGISLATION OVERVIEWS
Co-operative Banks Act, No. 40 of
2007
NOTE: Assented to and published in English, with alternative copy in Xhosa, except iro notice of assent date in English
Long title
To promote and advance the social and economic welfare of all South Africans by enhancing access to banking services under sustainable conditions; to promote the development of sustainable and responsible co-operative banks and co-operative financial institutions; to establish an appropriate regulatory framework and regulatory institutions for co-operative banks and co-operative financial institutions that protect members of co-operative banks and co-operative financial institutions; to provide for the registration of deposit-taking financial services co-operatives as co-operative banks and co-operative financial institutions; to provide for the regulation and supervision of co-operative banks and co-operative financial institutions; ; [sic - punctuation] and to provide for matters connected therewith.
[...amended by Act 2017_009_290_20170822 Sch4]
[... amended by Act 2024_021_009_20240723 Sch Item13]
Table of contents
Legislation Text Access Point
NOTE: Assented to and published in English, with alternative copy in Xhosa, except iro notice of assent date in English
Long title
To promote and advance the social and economic welfare of all South Africans by enhancing access to banking services under sustainable conditions; to promote the development of sustainable and responsible co-operative banks and co-operative financial institutions; to establish an appropriate regulatory framework and regulatory institutions for co-operative banks and co-operative financial institutions that protect members of co-operative banks and co-operative financial institutions; to provide for the registration of deposit-taking financial services co-operatives as co-operative banks and co-operative financial institutions; to provide for the regulation and supervision of co-operative banks and co-operative financial institutions; ; [sic - punctuation] and to provide for matters connected therewith.
[...amended by Act 2017_009_290_20170822 Sch4]
[... amended by Act 2024_021_009_20240723 Sch Item13]
Table of contents
| SECTION | TITLE |
| ARRANGEMENT OF SECTIONS | |
| CHAPTER
I. DEFINITIONS, PURPOSE AND APPLICATION OF ACT |
|
| 1. | Definitions |
| 1A. | Relationship between Act and Financial Sector Regulation Act [...inserted by Act 2017_009_290_20170822 Sch4] |
| 1B. | Regulatory
instruments [...inserted
by Act 2017_009_290_20170822 Sch4] |
| 2. | Purpose
of Act |
| 3. | Application
of Act |
| 4. | Application
of Co-operatives Act |
| 5. | Types of co-operative banks |
| CHAPTER II. REGISTRATION, CONSTITUTION, FUNCTIONS, MANAGEMENT AND AUDITOR OF CO- OPERATIVE BANK | |
| Part
1. Application to register, name, and fit and proper requirement |
|
| 6. | Application
for registration as co-operative bank |
| 7. | Requirements
for registration |
| 8. | Registration
of co-operative bank |
| 9. | Fit
and proper person |
| 10. | Name
of co-operative bank |
| 11. | Suspension
of registration or de-registration |
| 12. | Repayment
of deposits on de-registration or lapsing of registration |
| Part
2. Constitution and functions of co-operative bank |
|
| 13. | Constitution
of co-operative bank and amendment to constitution |
| 14. | Banking
services provided by co-operative bank |
| 15. | General
functions of co-operative bank |
| Part
3. Management of co-operative bank |
|
| 16. | Duties
of directors and officers of co-operative bank |
| 17. | Details of directors and officers of co-operative bank |
| Part 4. Auditor of co-operative bank | |
| 18. | Functions of auditor in relation to Authority [...Title amended by Act 2017_009_290_20170822 - was entitled "Functions of auditor in relation to supervisor"] |
| 19. | Submission of documents to Authority [...Title amended by Act 2017_009_290_20170822 - was entitled "Submission of documents to supervisor"] |
| CHAPTER III. PRUDENTIAL REQUIREMENTS AND LARGE EXPOSURES | |
| 20. | Prudential requirements of co-operative bank |
| 21. | Inability
to meet or maintain prudential requirements |
| 22. | Reporting
on prudential requirements |
| 23. | Large
exposures of co-operative bank |
| CHAPTER
IV. DEPOSIT INSURANCE FUND |
|
| 24. | ... [...repealed by Act 2021_023_023_20220128 - was entitled "Deposit
insurance obligations of co-operative bank"] |
| 25. | ... [...repealed by Act 2021_023_023_20220128 - was entitled "Establishment of Co-operative Banks Deposit Insurance Fund"] |
| 26. | ... [...repealed by Act 2021_023_023_20220128 - was entitled "Control of Co-operative Banks Deposit Insurance Fund"] |
| CHAPTER V. AMALGAMATION, DIVISION, CONVERSION, TRANSFER, JUDICIAL MANAGEMENT AND WINDING-UP OF CO-OPERATIVE BANKS | |
| 27. | Prohibited
transactions |
| 28. | Conversion
of primary savings co-operative bank |
| 29. | Amalgamation
or division of or transfer by co-operative bank |
| 30. | ... [...repealed by Act 2021_023_023_20220128 - was entitled "Winding-up or judicial management of co-operative bank"] |
| 30A. | Co-operative Banks as designated institutions in terms of Financial Sector Regulation Act, 2017 [...inserted by Act 2021_023_024_20220128] |
| CHAPTER
VI. REPRESENTATIVE BODIES [... repealed by Act 2024_021_009_20240723 Sch Item5] |
|
| 31. | ... [... repealed by Act 2024_021_009_20240723 Sch Item5 - was entitled "Application for registration as representative body"] |
| 32. | ... [... repealed by Act 2024_021_009_20240723 Sch Item5 - was entitled "Application for registration as representative body"] |
| 33. | ... [... repealed by Act 2024_021_009_20240723 Sch Item5 - was entitled "Registration of representative body"] |
| 34. | ... [... repealed by Act 2024_021_009_20240723 Sch Item5 - was entitled "Requirements for continued registration"] |
| 35. | ... [... repealed by Act 2024_021_009_20240723 Sch Item5 - was entitled "Cancellation or suspension of registration"] |
| CHAPTER VII. SUPPORT ORGANISATIONS [... repealed by Act 2024_021_009_20240723 Sch Item5] | |
| 36. | ... [... repealed by Act 2024_021_009_20240723 Sch Item5 - was entitled "Application for accreditation as support organisation"] |
| 37. | ... [... repealed by Act 2024_021_009_20240723 Sch Item5 - was entitled "Requirements for accreditation"] |
| 38. | ... [... repealed by Act 2024_021_009_20240723 Sch Item5 - was entitled "Accreditation of support organisation"] |
| 39. | ... [... repealed by Act 2024_021_009_20240723 Sch Item5 - was entitled "Requirements for continued accreditation"] |
| 40. | ... [... repealed by Act 2024_021_009_20240723 Sch Item5 - was entitled "Cancellation or suspension of accreditation"] |
| CHAPTER VIIA. CO-OPERATIVE FINANCIAL INSTITUTIONS | |
| 40A. | Application for registration as co-operative financial institution [...inserted by Act 2017_009_290_20170822] |
| 40B. | Requirements for registration [...inserted by Act 2017_009_290_20170822] |
| 40C. | Registration of co-operative financial institution [...inserted by Act 2017_009_290_20170822] |
| 40D. | Suspension of registration or de-registration [...inserted by Act 2017_009_290_20170822] |
| 40E. | Repayment of deposits on de-registration or lapsing of registration [...inserted by Act 2017_009_290_20170822] |
| 40F. | Winding-up or judicial management of co-operative financial institution [...inserted by Act 2017_009_290_20170822] |
| CHAPTER
VIII. ADMINISTRATION OF ACT |
|
| 41. | ... [...Title amended by Act 2013_045_246_20140116 - was entitled "Supervisors of co-operative banks"] [...repealed by Act 2017_009_290_20170822 - was entitled "Supervisor of co-operative banks"] |
| 42. | [...repealed by Act
2013_045_247_20140116 - was entitled "Co-operation
and co-ordination between supervisors"] |
| 43. | ... [...Title amended by Act 2013_045_248_20140116 - was entitled "Deputy co-operative bank supervisors and designated employees"] [...repealed by Act 2017_009_290_20170822 - was entitled "Deputy co-operative bank supervisors"] |
| 44. | Delegation
and assignment |
| 45. | General powers and functions of Authority [...Title amended by Act 2017_009_290_20170822 - was entitled "General powers and functions of supervisor"] |
| 46. | Power to make standards [...amended by Act 2017_009_290_20170822 - was entitled "Power to make rules"] |
| 47. | Inspections |
| 48. | Directives |
| 49. | Administrative
penalties |
| 50. | Information
and reports |
| 51. | Records and register of co-operative banks |
| 52. | Reporting |
| 53. | Relationship with other regulatory authorities |
| CHAPTER IX. CO-OPERATIVE BANKS DEVELOPMENT AGENCY [... repealed by Act 2024_021_009_20240723 Sch Item7] | |
| Part 1. Establishment, legal status, functions and powers of Agency [... repealed by Act 2024_021_009_20240723 Sch Item7] | |
| ... [... repealed by Act 2024_021_009_20240723 Sch Item7 - was entitled "Establishment and legal status"] | |
| 55. | ... [... repealed by Act 2024_021_009_20240723 Sch Item7 - was entitled "General functions"] |
| 56. | ... [... repealed by Act 2024_021_009_20240723 Sch Item7 - was entitled "General powers"] |
| 57. | ... [... repealed by Act 2024_021_009_20240723 Sch Item7 - was entitled "Power to make rules"] |
| Part 2. Governance of Agency [... repealed by Act 2024_021_009_20240723 Sch Item7] | |
| 58. | ... [... repealed by Act 2024_021_009_20240723 Sch Item7 - was entitled "Appointment of board members of Agency"] |
| 59. | ... [... repealed by Act 2024_021_009_20240723 Sch Item7 - was entitled "Term of office of members of Agency"] |
| 60. | ... [... repealed by Act 2024_021_009_20240723 Sch Item7 - was entitled "Disqualification from membership and vacation of office"] |
| 61. | ... [... repealed by Act 2024_021_009_20240723 Sch Item7 - was entitled "Chairperson and deputy chairperson"] |
| 62. | ... [... repealed by Act 2024_021_009_20240723 Sch Item7 - was entitled "Meetings"] |
| 63. | ... [... repealed by Act 2024_021_009_20240723 Sch Item7 - was entitled "Decisions"] |
| 64. | ... [... repealed by Act 2024_021_009_20240723 Sch Item7 - was entitled "Duties of members"] |
| 65. | ... [... repealed by Act 2024_021_009_20240723 Sch Item7 - was entitled "Managing director"] |
| 66. | ... [... repealed by Act 2024_021_009_20240723 Sch Item7 - was entitled "Delegations"] |
| 67. | ... [... repealed by Act 2024_021_009_20240723 Sch Item7 - was entitled "Establishment of committees"] |
| Part 3. Funding and financial management of Agency [... repealed by Act 2024_021_009_20240723 Sch Item7] | |
| 68. | ... [... repealed by Act 2024_021_009_20240723 Sch Item7 - was entitled "Funding"] |
| 69. | CHAPTER XI. OFFENCES AND PENALTIES |
| 70. | Financial management, financial statements and annual report |
| Part 4.
National government oversight
and
executive authority |
|
| 71. | Executive
authority |
| 72. | Ministerial
representatives |
| 73. | Investigations |
| 74. | Information |
| CHAPTER X. APPEALS AND APPEAL BOARD | |
| 75. | ... [...repealed by Act 2017_009_290_20170822 - was entitled "Appeal against decision of supervisor"] |
| 76. | ... [...repealed by Act 2017_009_290_20170822 - was entitled "Establishment and composition of appeal board" |
| CHAPTER XI. OFFENCES AND PENALTIES | |
| 77. | 77. Unlawful use of
word "co-operative bank" [
, Co-operative financial institution" ] or [
unlawful conduct ]
conduct of business of co-operative bank [
or cooperative financial institution ] [...Title amended by Act
2017_009_290_20170822 Sch4 - was entitled "Unlawful use
of word 'co-operative
bank' or
conduct of banking business of co-operative bank"]
|
| 78. | Untrue
information in connection with
applications |
| 79. | Criminal
liability of director,
managing director,
executive officer and other persons |
| 80. | General
offences |
| 81. | Penalties |
| CHAPTER XII. GENERAL PROVISIONS | |
| 82. | Fair administrative action |
| 83. | Certification
of documents |
| 84. | Access to
records, register and other
documentation |
| 85. | Indemnity |
| 86. | Regulations |
| 87. | Powers of
Minister |
| 88. | Civil
liability of director or
managing director |
| 89. | Exemptions |
| 90. | Amendment of
laws |
| 91. | Transitional
provisions |
| 92. | Short title and commencement |
| Sch. | SCHEDULE. LAWS AMENDED (SECTION 90) |
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| As amended by Act 2013_045_000_20140116 . | 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 |
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