Files
| Attachment | Size |
|---|---|
| act-64-1968.pdf | 3.99 MB |
64 of 1968
The repealed Building Societies Amendment Act 64 of 1968 intended:
- to amend the Building Societies Act, 1965 [repealed in 1994], so as:
- to permit the appointment of certain officers of societies as directors;
- to enable societies in certain circumstances to exercise their powers outside the Republic;
- to extend the powers of societies in relation to certain immovable property, the business of insurance companies, the provision of pensions or gratuities for employees of a subsidiary or associated company, the granting of loans to employees and the establishment of insurance companies;
- to increase the maximum limit for fixed deposits and subscription shares;
- to permit the repayment of shares to insolvent or deceased estates;
- to extend the forms of security in which societies may invest;
- to permit societies to maintain liquid assets in respect of subscription shares at an average percentage;
- to provide for the establishment of a general reserve by societies;
- to extend the power of societies in relation to the repayment of certain advances and the conversion of fixed term mortgages into reducible mortgages;
- to enable societies to grant higher advances on the security of mortgages of immovable property;
- further to regulate the appointment of an auditor should a change in the composition of a partnership occur;
- to empower the registrar to request societies to discontinue the publication or issue of certain documents;
- to abolish the prescribed application form for a licence; and
- to provide for matters incidental thereto.
Commencement
26 June 1968
Repeals
