Files
| Attachment | Size |
|---|---|
| act-86-1984.pdf | 6.94 MB |
86 of 1984
The Financial Institutions Amendment Act 86 of 1984 intends:
- to amend the Insurance Act, 1943 [repealed in January 1999], so as
- to increase the maximum amount of home service policies;
- to provide that certain fees be prescribed by regulation;
- to delete the requirement that a specified portion of the assets of certain insurers is to consist of certain stocks of or loans to the Government;
- to increase a certain maximum penalty;
- to make different provision in relation to the determination of the penalty for a failure to comply with certain financial provisions, and in connection therewith to create a new offence; and
- to extend the power of the Minister of Finance to make regulations;
- to amend the Stock Exchanges Control Act, 1947 [repealed in March 1985], so as
- to grant legal personality to licensed stock exchanges; and
- to make different provision relating to the commencement of the application of new conditions to existing listed securities;
- to amend the Pension Funds Act, 1956, so as
- to provide that certain fees be prescribed by regulation;
- to regulate the payment of contributions to registered pension funds;
- to further regulate the investigation of the financial condition of registered pension funds;
- to delete the requirement that a specified portion of the assets of registered pension funds is to consist of certain stocks of or loans to the Government;
- to extend the power of the Minister of Finance to make regulations; and
- to increase the maximum fines for certain offences;
- to amend the Friendly Societies Act, 1956, so as
- to provide that certain fees be prescribed by regulation; and
- to extend the power of the Minister of Finance to make regulations;
- to amend the Banks Act, 1965 [repealed in January 1999], in relation to the definitions of "liquid assets" and "prescribed investments" so as
- to provide that certain fees be prescribed by regulation;
- to delete the requirement that a specified portion of the prescribed investments of banking institutions is to consist of certain stocks of the Government;
- to increase the limit on credit balances on savings accounts with banking institutions;
- to further regulate the shareholding in discount houses and the shareholding by foreign banks in banking institutions and bank controlling companies;
- to Increase certain maximum penalties; and
- to extend the power of the Minister of Finance to make regulations;
- to amend the Building Societies Act, 1965 [repealed in February 1991], in relation to the definitions of ''liquid assets" and "prescribed investments" so as
- to increase the limit on credit balances on savings accounts with building societies;
- to delete the requirement that a specified portion of the prescribed investments of permanent societies is to consist of certain stocks; and to increase a certain maximum penalty;
- to amend the Financial Institutions Amendment Act, 1982, so as to repeal a provision concerning the legal personality of certain stock exchanges; and
- to provide for matters connected therewith.
Commencement
- 1 May 1984: Sections 4, 5; 6, 7, 17, 26 and 36
- 18 July 1984
