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| Attachment | Size |
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| act-99-1980.pdf | 11.07 MB |
99 of 1980
The Financial Institutions Amendment Act 99 of 1980 intends:
- to amend the provisions of the Insurance Act, 1943 [repealed in 1991], relating to definitions;
- to provide for the appointment of an advisory committee on short-term insurance; and
- for the registration of insurers for home service business; relating to the requirements as to the registration of new insurers; and
- to money or approved securities deposited with the Treasury;
- to abolish sinking fund business;
- relating to the power of the Registrar of Insurance to permit insurers to depart in certain circumstances from certain provisions or the said Act; and
- to the prohibition of certain practices or methods of conducting business;
- to prohibit certain conditional transactions;
- relating to unregistered former insurance concerns;
- to facilitate the amalgamation or transfer of insurance business in certain respects;
- relating to the amounts which may be paid out by an insurer upon the death of insured children under 14 years of age; and
- to funeral policies and industrial business;
- to amend the provisions of the Stock Exchanges Control Act, 1947 [repealed in March 1985],
- to provide for restrictions on the administration and custody of investments in listed securities on behalf of other persons; and
- to create further offences;
- to amend the provisions of the Unit Trusts Control Act, 1947 [repealed in September 1981], relating
- to the nature of the securities which may be included in unit portfolios;
- to provide for the amalgamation of unit trust schemes and portfolios and for the cession, transfer and take-over of the rights of holders of unit certificates;
- relating to the application of the Companies Act, 1973, to management companies; and
- to the application of the said Unit Trusts Control Act to South West Africa;
- to amend the provisions of the Pension Funds Act, 1956, relating to definitions;
- to the investments which may be held by registered pension funds;
- to the reduction, transfer and attachment of pension benefits; and
- to the disposition of benefits upon the death of a member of a pension fund;
- to amend the provisions of the Friendly Societies Act, 1956, relating to the amounts of the benefits which may be paid by a friendly society upon the death of insured children under 14 years of age; and
- to the investments which may be held by friendly societies;
- to amend the provisions of the Participation Bonds Act, 1964 [repealed in September 1981], relating to definitions;
- to amend the provisions of the Banks Act, 1965 [repealed in June 2006], relating to definitions; and
- to the minimum capital and reserves, reserve balances and liquid assets to be held by a banking institution; and
- to provide that minors above 16 years of age and all married women may be depositors with banking institutions and that they shall have certain other powers;
- to amend the provisions of the Building Societies Act, 1965 [repealed in January 1994], relating to definitions;
- to provide that building societies may also do business in connection with rights of leasehold;
- relating to the power of building societies to issue shares; and
- to the monthly returns by building societies; and
- to make further provision in connection with the restrictions on the amounts which may be made as advances by building societies; and
- to provide for incidental matters.
Commencement
1 August 1980, unless otherwise indicated
