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| Attachment | Size |
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| act-36-1981.pdf | 6.17 MB |
36 of 1981
The Financial Institutions Amendment Act 36 of 1981 intends:
- to amend the provisions of the Insurance Act, 1943 [repealed in January 1999], so as to further define the expression "approved reinsurances";
- to change the basis on which the amount in respect of additional assets to be held by certain insurers in respect of short-term insurance business carried on by them shall be calculated, and to further regulate the payment of premiums on funeral policies;
- to amend the provisions of the Stock Exchanges Control Act, 1947 [repealed in March 1985], so as to further extend the application of certain provisions of the Inspection of Financial Institutions Act, 1962, relating to the inspection of financial institutions;
- to amend the provisions of the Unit Trusts Control Act, 1947 [repealed in September 1981], so as to delete certain provisions which have lapsed;
- to amend the provisions of the Participation Bonds Act, 1964 [repealed in September 1981], so as to delete certain provisions which have lapsed and to effect certain textual changes;
- to amend the Financial Institutions (Investment of Funds) Act, 1964 [repealed in April 1984], so as to render its provisions applicable also in respect of participation bond schemes;
- to amend the provisions of the Banks Act, 1965 [repealed in February 1991], relating to the minimum share capital and reserve funds and minimum liquid assets to be maintained by banking institutions, and to the inspection and making of copies of certain documents furnished by banking institutions to the Registrar of Banks;
- to amend the provisions of the Building Societies Act, 1965 [repealed in January 1994], relating to subscription shares;
- to amend the provisions of the last-mentioned Act so as to increase the maximum amounts of advances which may be made by building societies against the security of mortgages of immovable property and to increase the amount bywhich certain valuations required to be made in terms of the last-mentioned Act may exceed the true purchase price of the property concerned as declared for transfer duty. purposes;
- to amend the provisions of the last-mentioned Act relating to the inspection of and the making or obtaining of copies of or extracts from certain documents lodged by building societies with the registrar of building societies; and
- to provide for incidental matters.
Commencement
- 11 March 1981, unless otherwise stated
- 31 December 1981, Sections 2, 3, 23 and 24 (Gazette 7727 of 21 August 1981)
