Files
| Attachment | Size |
|---|---|
| act-101-1976.pdf | 27.03 MB |
101 of 1976
The Financial Institutions Amendment Act 101 of 1976 intends:
- to amend the Insurance Act, 1943 [repealed in 1962], so, as:
- to define or further define certain expressions;
- to provide for the conversion of foreign insurers into domestic insurers;
- to amend the provisions relating to statements and valuation of assets and stattements and valuation of liabilities;
- to further regulate the holding of assets;
- to provide for the regulation of remuneration for certain services;
- to amend the restriction on payments on death of children; and
- to supplement the provisions relating to penalties;
- to define or further define certain expressions;
- to amend the Stock Exchanges Control Act, 1947 [repealed in 1985], so as to prohibit the publication by a person, other than a licensed stock exchange, of particulars in respect of certain securities;
- to amend the Unit Trusts Control Act, 1947 [repealed in 1981], so as:
- to define the expression "liquid assets";
- to replace the provisions relating to the inclusion of approved securities in every unit portfolio and to provide instead for the inclusion of liquid assets in certain unit portfolios; and
- to allow also a domestic insurer to act as trustee to a unit trust scheme;
- to amend the Pension Funds Act, 1956, so as:
- to define or further define certain expressions;
- to further regulate the holding of assets for the purposes of section 19 (1) of the said Act and the granting of loans by pension funds to their members; and
- to provide for the protection of pension benefits;
- to amend the Friendly Societies Act, 1956, so as:
- to alter the definitionof the expression "registrar";
- to increase the amount for which the life ora child under the age of fourteen years may be insured;
- to further regulate the holding of assets for the purposes of section 20 (2) of the said Act; and
- to grant additional powers to the registrar;
- to amend the Inspection of Financial Institutions Act, 1962 [repealed in 1984], so as to apply the provisions thereof to administrators of the affairs of friendly societies;
- to amend the Participation Bonds Act, 1964 [repealed in 1981], so as to:
- alter the conditions on which moneys may be accepted for investment in participation bonds;
- to alter the rights of participants in participation bonds to enforce their rights against mortgagors and to transfer or cede such rights;
- to provide for the amalgamation of participation bond schemes; and
- to extend tbe conditions on which the rules of a participation bond scheme may be amended;
- to amend the Banks Act, 1965 [repealed in 1981], so as:
- to define or further define certain expressions;
- to extend the exemptions from the provisions of the Act;
- to extend the grounds for cancellation or suspension of registration of a banking institution;
- to provide for the registration of bank controlling companies and the cancellation of such registration and to require the submission by them of returns to the registrar;
- to extend the powers to prescribe supplementary liquid assets;
- to restrict certain transactions by banking institutions;
- to subject the establishment or acquisition of a subsidairy by a banking institution to the approval of the registrar;
- to require the submission by banking institutions of certain particulars to the registrar;
- to restrict the number of banking institutions which may be controlled by a controlling banking institution or a bank controlling company;
- to subject representation in the Republic of foreign banks to the approval or the registrar;
- to prohibit the issue of certain types of shares as well as the registration of shares in the name of a nominee;
- to provide for the submission or certain information by shareholders of a banking institution or a bank controlling compnay and for the classification or shareholders;
- to indemnify banking institutions, bank controlling companies and their officers against prosecution in the case of bona fide actions;
- to limit shareholding in banking institutions and in bank controlling companies;
- to provide for reduction in certain circumstances of the shareholdings of foreigners in banking institutions and bank controlling companies; and
- to require adjustment of the register of members; and
- to amend the Building Societies Act, 1965 [repealed in 1994], so as:
- to further define the expression "prescribed investments";
- to extend the circumstances under which certain shares may be repaid; and
- to alter the requirements in respect of branch auditors; and
- to provide for incidental matters.
Commencement
- 1 July 1975, S. 55:
- 1 November 1975, S. 34(b)
- 1 October 1975, Ss. 18 and 20
- 31 December 1974, Ss. 5(b), 5(c), 5(d)
- 1 August 1976, remaining Sections (Gazette 5236 of 30 July 1976)
