Banks Amendment Act 19 of 2003

The Banks Amendment Act 19 of 2003 intends:

• 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.

Commencement

5 August 2003