Financial Institutions Amendment Act 6 of 1987

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6 of 1987

The Financial Institutions Amendment Act 6 of 1987 intends:

  • to amend the South African Reserve Bank Act, 1944 [repealed in 1989], so as to empower the said Bank to appoint inspectors to inspect the affairs of a "banking institution" as defined in the Banks Act, 1965, a "mutual building society" as defined in the Mutual Building Societies Act, 1965, and a "building society" as defined in the Building Societies Act, 1986;
  • to amend the Banks Act, 1965 [repealed in 1991], so as
    • to provide for the designation by the Reserve Bank of a' Registrar and Deputy Registrar of Banks and for the granting to the Registrar of powers to delegate; and
    • to transfer to the Registrar certain administrative functions presently performed by the Minister;
  • to amend the Mutual Building Societies Act, 1965 [repealed in 1994], so as
    • to provide for the granting to the Registrar of powers to delegate; and
    • to provide that certain functions shall be performed by the Registrar of Building Societies· instead of the Minister;
  • to amend the Building Societies Act, 1986 [repealed in 1991], so as to provide for the designation by the Reserve Bank of a Registrar and Deputy Registrar of Building Societies and for the granting to the Registrar of powers to delegate;
  • to amend the Inspection of Financial Institutions Act, 1984 [repealed in 1998], so as to delete the expressions "banking institution"' "mutual building society" and "building society" from the definition of "financial institution" and to provide that the "registrar" as defined in the Act shall not have any powers in respect of the said bodies; 
  • to amend the Financial Institutions (Investment of Funds) Act, 1984 [repealed in 2001], so as
    • to provide that a "building society" in terms of the Building SoCieties Act, 1986, shall be a "financial institution";
    • to provide that the powers of the Registrar of Financial Institutions with regard to the appointment of a curator may also be exercised by the Registrar of Banks and the Registrar of Building Societies; and
    • to provide that certain provisions regarding the admissibility or an affidavit shall also apply with regard to an affidavit made by an inspector appointed by the South African Reserve Bank;
  • to amend the Finance Act, 1978 [repealed in 1992], so as to further empower the Minister of Finance to enter into agreements with insurers binding the Government to make payments to insurers in respect of certain losses; and
  • to provide for matters in connection therewith.

Commencement

24 Apr 1987 (Gazette 10703 of 16 April 1987)

Amendments

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