Financial Institutions Amendment Act 91 of 1972

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91 of 1972

The Financial Institutions Amendment Act 91 of 1972 intends:

  • to amend the Insurance Act, 1943 [repealed in 1991], in order to increase the proportions of the fonds of insurers to be invested respectively in assets of the kinds mentioned in Part I of the Third Schedule to the said Act and in bills, bonds or securities issued by the Government of the Republic;
  • to amend the National Finance Corporation Act, 1949 [repealed in 1984], in order to provide for the transfer of stock in the National Finance Corporation of South Africa and to extend the matters which may be prescribed by regulation;
  • to amend the Pension Funds Act, 1956, in order to increase the proportions of the aggregate value of assets of pension fonds to be invested respectively in assets of the classes mentioned in section 19 (1) of the said Act and in bills, bonds or securities issued by the Government of the Republic and to empower the Minister of Finance to delegate any of the powers conferred on him by section 19 of the said Act to the Registrar of Pension Fonds;
  • to amend the Friendly Societies Act, 1956, in order to exempt a friendly society whose accounts are being audited by a Provincial Auditor, from the requirement to appoint an auditor;
  • to amend the Participation Bonds Act, 1964 [repealed in 1981],
    • in order to extend the conditions on which managers of participation bond schemes may accept moneys for investment in participation bonds and may offer participations in such bonds;
    • in order to amend the rights of participants in participation bonds to enforce their rights against mortgagors and to transfer or cede such rights; and
    • in order to provide for an additional stipulation to be included in the rules of schemes;
  • to amend the provisions of the Banks Act, 1965 [repealed in June 2006], relating to definitions and to the minimum reserve balance, minimum liquid assets and minimum prescribed investments to be maintained by banking institutions;
    • in order to increase the aggregate amount which may be accepted from a person on savings account; and
    • to provide for an extension of time within which a banking institution may correct a failure to maintain a ratio or minimum amount prescribed by or under the said Banks Act; and
  • to amend the Building Societies Act, 1965 [repealed in 1994],
    • in order to increase the aggregate amount which may be accepted from a person on savings account;
    • in order to authorize the re-investment of a fixed deposit for less than twelve months; and
    • in order to authorize the Minister of Finance to exempt building societies temporarily from the requirement to maintain prescribed investments; and
  • to provide for incidental matters.

Commencement

  • 28 June 1972
  • 1 November 1972, Ss. 13, 14, 15 and 17 (Gazette 3662 of 29 September 1972)

Amendments

 

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