Building Societies and Savings Bank Societies Borrowing Powers Act 6 of 1932

Building Societies and Savings Bank Societies Borrowing Powers Act, 1932 (No. 6 of 1932)

Act

to increase the borrowing powers of certain building societies and savings bank societies.

Be it enacted by tho King's Most Excellent Majesty, the Senate and the House of Assembly of the Union of South Africa, as follows ! -

Borrowing powers of building societies and savings bank societies increased.

1. (1) Every building society or savings bank society approved of by the Minister of Finance may, notwithstanding any restiiction placed by statute or otherwise on the purposes for which it may borrow money, borrow money for any of the purposes of its business.

(2) The provisions of this section shall be deemed to have been in operation aa from the first day of February, 1932.

Short title.

2. This Act may be cited as the Building Societies and Savings Bank Societies Borrowing Powers Act, 1932.

Commencement

24 March 1932