Files
| Attachment | Size |
|---|---|
| act-80-1978.pdf | 9.37 MB |
80 of 1978
The Financial Institutions Amendment Act 80 of 1978 intends:
- to amend the lnsurance Act, 1943 [repealed in 1991], in order to further regulate the holding of assets and the insurance of the lives of persons performing military service;
- to amend the Stock Exchanges Control Act, 1947 [repealed in 1985], in order to further regulate the buying and selling of listed securities by stock-brokers and the lending of money by stock-brokers and carriers against shares;
- to amend the Pension Funds Act, 1956, in order:
- to redefine "dependant"; and
- to further regulate the granting of loans by pension funds to members and the protection of pension benefits;
- to amend the Inspection of Financial Institutions Act, 1962 [repealed in 1984], in order to further regulate inspections;
- to amend the Participation Bonds Act, 1964 [repealed in 1981], in order to regulate the acceptance of collateral rsecurity in respect of participation bonds;
- to amend the Banks Act, 1965 [repealed in June 2006], with regard to definitions;
- in order to require banking institutions to furnish additional information to the Registrar of Banks;
- to increase the limit on savings deposits;
- to prohibit banking institutions from making certain representations to the public; and
- to further regulate the restrictions on investments by discount houses; and
- to amend the Building Societies Act, 1965 [repealed in 1994], with regard to definitions;
- in order to relax the restrictions on the use of certain names by building societies;
- to further regulate the acceptance of deposits by building societies and to prohibit building societies from making certain representations;
- to authorize building societies, in certain circumstances, to issue debentures and to invest in shares and debentures;
- to further regulate the maintenance of liquid assets by building societies;
- to relax, in certain cases, the requirements in respect of additional security; and
- to provide for the transfer of part of a building society's business; and
- to provide for Incidental matters.
Commencement
21 June 1978
