Development Bank of Southern Africa Amendment Act 41 of 2014

The Development Bank of Southern Africa Amendment Act 41 of 2014 aims:

• to amend the Development Bank of Southern Africa Act, 1997, so as:
  • to define certain expressions and to amend a definition;
  • to delete an obsolete provision; to provide afresh for the regions in which the Bank may operate;
  • to increase the authorised share capital of the Bank;
  • to align a provision with the terminology in the Companies Act, 2008;
  • to amend the grounds for appointment as a director on the board of the Bank;
  • to amend the provisions regarding the issuing of certificates for issued shares;
  • to enable the Minister to adjust the authorised share capital; to require the shareholders’ approval for subscription by the shareholders to any portion of the balance of the authorised share capital on request of the board;
  • to amend the power of the Minister to make regulations by amending the introductory provision, empowering the Minister to regulate the use of callable capital of the Bank to calculate the leverage ratio of the Bank, omitting the provision empowering the Minister to determine the region in which the Bank may operate and limiting the general regulation-making power to ensure constitutionality; 
  • to adjust the provision enabling the application to the Bank of any provision of the Companies Act, 2008, the Banks Act, 1990, and any other appropriate legislation; and
  • to amend the Preamble; and
• to provide for matters connected therewith.

Commencement

20 January 2015