Files
| Attachment | Size |
|---|---|
| act-103-1979.pdf | 6.92 MB |
103 of 1979
The Financial Institutions Amendment Act 103 of 1979 intends:
- to amend the Insurance Act, 1943 [repealed in 1991], so as
- to redefine "guarantee business";
- to further regulate the holding of assets;
- to prohibit certain practices and methods of conducting business;
- to further regulate the insurance of the lives of persons performing military service; and
- to effect certain textual alterations;
- to amend the Pension Funds Act, 1956, so as
- to further regulate the holding of assets, the granting of loans by pension funds to members and the exemption of pension funds from compliance with certain investment requirements;
- to provide further for the making of regulations; and
- to effect certain textual alterations;
- to amend the Friendly Societies Act, 1956, so as to provide further for the making of regulations and to effect certain textual alterations;
- to amend the Banks Act, 1965 [repealed in June 2006], so as
- to further define certain expressions;
- to further regulate the registration of bank controlling companies;
- to reduce the capital and reserve funds which banking institutions are required to maintain against liabilities under acceptances; and
- to further regulate the prescribed investments that banking institutlons have to maintain and the restrictions on the investment by banking institutions in certain assets; and
- to amend the Building Societies Act, 1965 [repealed in January 1994], so as to extend the powers of building societies and property companies in relation to certain immovable property, and to further regulate the acceptance of deposits by building societies; and
- to provide for incidental matters.
Commencement
13 July 1979
