Banks Amendment Act 55 of 1996

The Banks Amendment Act 55 of 1996 intends:

• to amend the Banks Act, 1990, so as
• to define or further define certain expressions; 
• to make further provision for the furnishing of information to the Registrar of Banks by a foreign banking institution applying for consent to establish a representative office in the Republic and to provide for the periodical furnishing of prescribed information by representative offices generally;
• to regulate investments by banks or controlling companies in joint ventures within or outside the Republic; 
• to further regulate the :amalgamation of two or more banks and the transfer by a bank of all or any part of its assets and liabilities to another bank or person and provide for the waiver, with the consent of the Minister of Finance, of certain duties, fees or charges payable in connection with the transfer of assets and liabilities necessitated by an amalgamation of banks or the disposal by a bank of the whole or any part of its business;
• to abrogate the suspension of the operation of set-off in respect of any amount owing by a creditor to a bank under curatorship, and make the provisions of sections 3SA, 3SB and 46 of the Insolvency Act, 1936, applicable in relation to a bank under curatorship; and
• to provide for incidental matters.

Commencement

1 November 1996