Files
| Attachment | Size |
|---|---|
| act-67-1973.pdf | 5.1 MB |
67 of 1973
The Financial Institutions Amendment Act 67 of 1973 intends:
- to amend the provisions of the Stock Exchanges Control Act, 1947 [repealed in 1985], to provide for the appointment of auditors by stockbrokers and carriers against shares;
- to amend the provisions of the Banks Act, 1965 [repealed in June 2006], relating to the acceptance of savings deposits from companies with limited liability;
- to amend the provisions of the Building Societies Act, 1965 [repealed in 1994], relating to definitions, the acceptance of savings deposits from companies with limited liability, and the conditions and limitations governing the issue of subscription shares;
- in order to increase the capital amount which may be advanced in respect of housing loans which are repayable over a period of thirty years;
- to increase the maximum amount of any single advance which certain societies may make; to reduce the amount which a society may advance against the security of a reducible mortgage of certain immovable property;
- to empower the Minister to prescribe certain additions to the basic lending rate of a society in the case of certain adrances;
- to empower the Minister to prescribe certain limits on the total amounts which may be advanced in respect of certain types of advances;
- to prohibit advances against the security of a mortgage of immovable property used for industrial purposes; and
- to amend the said provisions relating to collateral security which may be accepted by a society;
- to amend the provisions of the Securities' Transfer Act, 1965 [repealed in 1991], relating to definitions, and the manner in which securities may be transferred; and
- to provide for incidental matters.
Commencement
- 29 June 1973
- 1 May 1974, S. 13 (Gazette 4248 of 11 April 1974)
- 1 October 1973, Ss. 10 and 11 (Gazette 4022 of 14 September 1973)
