Files
| Attachment | Size |
|---|---|
| act-106-1985.pdf | 4.01 MB |
106 of 1985
The Financial Institutions Amendment Act 106 of 1985 intends:
- to amend the Insurance Act, 1943 [repealed in January 1999], so as
- to further define "life policy";
- to further regulate the appointment and functions of auditors, local auditors and valuators of registered insurers and the appointment of advisory committees;
- to increase the amount to be deposited by underwriters at Lloyds in a certain trust account;
- to make other provision regarding the payment of dividends by insurers to their shareholders; and
- to extend the power of the Minister of Finance to make regulations;
- to amend the Banks Act, 1965 [repealed in February 1991], so as
- to define or further define certain expressions and to delete certain definitions;
- to alter the classification of banking institutions for the purposes of registration;
- to provide further for the obtaining of control over banking institutions, and for the returns which a banking institution has to render to the Registrar of Banks;
- to further regulate the requirements in respect of the share capital and reserves, the reserve balance ·with the South African Reserve Bank and the minimum liquid assets which a banking institution shall maintain;
- to confer certain powers on the Minister of Finance as to liquid assets that banks carrying on business outside the Republic shall maintain;
- to empower the said Registrar to issue certain directives in relation to business carried on by banks outside the Republic;
- to delete the requirement that a banking institution shall maintain prescribed investments;
- to provide therefor that a banking institution shall obtain the approval of the said Registrar to open a branch office outside the Republic;
- to prohibit bank controlling companies from carrying on the business of a banking institution outside the Republic;
- to further regulate the voting power of a shareholder nomine officii to make new provision for the limitation of certain activities of banks; and
- to curtail the right to inspect certain returns of banking institutions;
- to amend the Building Societies Act, 1965 [repealed in January 1994], so as
- to further define certain expressions and to delete a certain definition;
- to extend the forms of security in which building societies may invest;
- to further regulate the minimum liquid assets which a building society shall maintain;
- to delete the requirement that a building society shall maintain certain prescribed investments; and
- to further regulate the period of repayment of loans against reducible mortgage; and
- to provide for matters connected therewith.
Commencement
- Section 8 shall be deemed to have come into operation on 18 July 1984
- Section 39 (a) shall be deemed to have come into operation on 1 March 1984
- Sections 18 (c), 19 and 35
