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| act-51-1988.pdf | 791.1 KB |
51 of 1988
The Financial Institutions Amendment Act 51 of 1988 intends:
- to amend the Insurance Act, 1943 [repealed in 1999], so as
- to authorize the Registrar of Insurance to delegate or assign any power or duty assigned to him by the said Act to an officer or employee in the public service; and
- to further regulate the compulsory Investment by insurers in certain kinds of assets;
- to amend the Pension Funds Act, 1956, so as
- to substitute the definition of "dependant";
- to authorize the Registrar of Pension Funds to delegate or assign any power or duty assigned to him by the said Act to an officer or employee in the public service;
- to add certain Insurance policies to the classes of assets in which a registered fund shall hold a minimum percentage of the aggregate value of all the assets of the fund; and
- to further regulate the disposition of pension benefits upon the death of a member of a registered fund;
- to amend the Friendly Societies Act, 1956, so as to authorize the Registrar of Friendly Societies to delegate or assign any power or duty assigned to him by the said Act to an officer or employee in the public service;
- to amend the Unit Trusts Control Act, 1981 [repealed in 2003], so as
- to substitute the definitions of "licensed stock exchange", "recognized stock exchange" and "securities";
- to authorize the Registrar of Unit Trust Companies to delegate or assign any power or duty assigned to him under the said Act to an officer or employee in the public service;
- to further define the nature of and to increase the amount of share capital and non-distributable reserves to be held by management companies of unit trust schemes;
- to further regulate the powers of the said Registrar in regard to the registration of management companies of unit trust schemes;
- to increase the minimum amount of investment of a management company in a unit portfolio and to extend the powers of the said Registrar in regard to such amount; and
- to prevent a close corporation from acting as trustee of a unit trust scheme;
- to amend the Participation Bonds Act, 1981 [repealed in 2003], so as
- to empower the said Registrar to impose further conditions in regard to certain schemes;
- to grant certain powers in regard to advertisements, brochures and other similar documents to the said Registrar; and
- to create a certain offence relating to advertisements, brochures and other similar documents;
- to amend the Inspection of Financial Institutions Act, 1984 [repealed in 1998], and the Financial Institutions (Investment of Funds) Act, 1984 [repealed in 2001], so as to make the provisions of the said Acts applicable to close corporations;
- to amend the Stock Exchanges Control Act, 1985 [repealed in 2005], so as
- to substitute the definitions of "Registrar" and "securities";
- to provide for the designation of a Registrar and Deputy Registrar of Stock Exchanges;
- to authorize 'the said Registrar to delegate or assign any power or duty assigned to or imposed upon him by or under the said Act to an officer or employee in the public service;
- to substitute or delete certain expressions;
- to empower the said Registrar to allow the publication of particulars of securities outside the Republic;
- to provide for the determination of the date on which certain rules shall come into operation;
- to authorize a stock-broker to sell certain securities held by him or which are in his custody; and
- to authorize the president of a stock exchange to sign certain forms on behalf of a registered owner of securities; and
- to provide for matters connected therewith.
Commencement
20 May 1988
