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Post Office Amendment Act, 1981 (No. 75 of 1981)
GENERAL EXPLANATORY NOTE:
[ ] Words in bold type in square brackets indicate omisslons from existing enactments.
__ Words underlined with solid line indicate insertions in existing enactments.
Act
- to amend the Post Office Act, 1958, so as
- to delete the provisions which require that National Savings Certificates shall be issued at a discount and that a single certificate shall not exceed a certain amount; and
- to extend the Minister's powers to make regulations as to National Savings Certificates; and
- to provide for incidental matters.
(Afrikaans text signed by the State President.)
(Assented to 9 September 1981.)
BE IT ENACTED by the State President and the House of Assembly of the Republic of South Africa, as follows:-
Amendment of section 77A of Act 44 of 1958, as inserted by section 13 of Act 13 of 1974.
1. Section 77A of the Post Office Act, 1958, is hereby amended-
(a) by the substitution for subsection (2) of the following subsection:
"(2) The conditions upon which National Savings Certificates are issued, shall in the case of each issue be determined by the Minister in consultation with the Minister of Finance and shall be, prescribed by regulation: Provided that the term of imy certificate shall not exceed ten years.";
(b) by the deletion of subsection (3); and
(c) by the substitution for subsection (4) of the following subsection:
(4) On the amount represented by any National Savings Certificate which is not repaid before or on the [date of maturity] expirv of the term thereof, interest may be paid from the [date of maturity] expiry of such term to the date of repayment, at such rate as the Minister in consultation with the Minister of Finance may determine and which shall be prescribed by regulation.".
Amendment of section 77B of Act 44 of 1958, as inserted by section 13 of Act 13 of 1974 and amended by section 29 of Act 113 of 1976.
2. Section 77B . of the Post Office Act, 1958, is hereby amended-
(a) by the substitution for paragraph (c) and (d) of subsection (1) of the following paragraphs, respectively:
''(c) prescribing in respect of each issue of National Savings Certificates the price of issue, term, units or multiples of units in which certificates may be issued, rate of interest and times and manner of payment of interest, and, subject to paragraph (d), minimum period which shall elapse from the date of issue of any certificate before the amount represented by it may be repaid;
(d) as to the circumstances under which and the conditions upon which any National Savings Certificate may be repaid before the expiry of the minimum period prescribed under paragraph (c);";
(b) by the insertion after paragraph (d) of subsection (1) of the following paragraph:
"(dA) as to the conditions and rocedure applying to the transfer of any National Savings Certificate by the holder thereof to another person, the forms to be used in connection with such transfer and the fees payable in respect thereof;"; and
(c) by the addition of the following subsection:
"(4) No regulation shall be made in terms of subsection (1) (c), (d) or (f) except in consultation with the Minister of Finance.".
Validation.
3. Anything purporting to have been· done before the commencement of this Act under the Post Office Act, 1958, and which could have been done underthe latter Act as amended by this Act, is hereby validated.
Short title.
4. This Act shall be called the Post Office Amendment Act, 1981.
Commencement
23 September 1981
