Financial Institutions Amendment Act 23 of 1970

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23 of 1970

The Financial Institutions Amendment Act 23 of 1970 intends:

  • to amend the
    • Third Schedule to the Insurance Act, 1943 [repealed in 1991], in order to extend the kinds of assets which may be approved by the registrar for the purposes of the said Schedule;
    • section 19 of the Pension Funds Act, 1956, in order to extend the kinds of assets which may be approved by the registrar for the purposes of that section;
    • sections 14 and 17 of the Banks Act, 1965 [repealed in June 2006], in order to allow certain other banking institutions to make certain deductions, in respect of remittances in transit, which at present may be made only by commercial banks;
    • section 21 of the last-mentioned Act in order to increase the aggregate amount which may be accepted from a person on savings account;
    • section 49 of the last-mentioned Act in order to confer upon the registrar the power at present vested in the Minister in respect of the use of the word "bank" by undertakings which are not registered under the Act;
    • section 26 of the Building Societies Act, 1965 [repealed in 1994], in order to increase the aggregate amount which may be accepted from a person on savings account;
    • sections 28 and 37 of the last-mentioned Act in order to authorize the issue of fixed period shares with a fixed rate of dividend; and
    • section 40 of the last-mentioned Act in order to increase the maximum mortgage advance which certain building societies may make; and
  • to provide for incidental matters.

Commencement

  • 9 Mar 1970: Sections 1 and 2
  • 1 Mar 1969: Sections 3 and 4
  • 5 Aug 1969: Sections 5, 7 to 10

Amendments

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