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| act-96-1988.pdf | 14.52 MB |
96 of 1988
The South African Reserve Bank, Banking Institutions, Mutual Building Societies and Building Societies Amendment Act 96 of 1988 intends:
- to amend the provisions of the South African Reserve Bank Act, 1944 [repealed in 1989], so as to provide for the inspection of the affairs of certain persons or institutions suspected of carrying on the business of a banking institution, a mutual building society or a building society while not registered as such;
- to amend the provisions of the Banks Act, 1965 [repealed in 1991], so as
- to further define certain expressions;
- to exclude mutual building societies from the application of the last-mentioned Act;
- to restrict the acquisition of banking institutions;
- to further regulate the minimum reserve balance and minimum liquid assets which a bank is required to maintain;
- to provide for the determination by regulation of the maximum amount which may be maintained with a banking institution on savings account;
- to further regulate the granting of loans by a banking institution to members of its affiliated group;
- to provide specifically that the consent of the Registrar of Banks is required for the establishment or acquisition, whether within or outside the Republic, by a banking institution of a subsidiary company;
- to further regulate the holding of shares in banking institutions and bank controlling companies and the rectification of such shareholdings which exceed the prescribed limits;
- to grant certain exemptions from stamp duty;
- to further regulate the submission of lists of shareholders to the Registrar of Banks by banking institutions;
- to further regulate the. approval by the Registrar of Banks of the appointment of auditors by banking institutions; and
- to declare a certain failure to be an offence;
- to amend the provisions of the Mutual Building Societies Act, 1965 [repealed in 1994], so as
- to further define certain expressions and, by means of the further definition of certain other expressions, to disqualify as liquid assets, for the purposes of the last-mentioned Act, deposits with a bank withdrawable on demand and to declare only those advances which have been granted Irrevocably, to be one of the medium-term liabilities of a mutual building society for the purposes of the maintenance of its financial position;
- to authorize mutual building societies to issue certain debentures which may rank as unimpaired reserves and which shall for the purposes of the maintenance of the financial position of such societies not. rank as liabilities;
- to further regulate the minimum reserve balance and minimum liquid assets which a mutual building society is required to maintain;
- to provide for the prescribing by regulation of the maximum amount which mutual building societies may quarterly accept by way of fixed deposits for periods shorter than 12 months;
- to further regulate the granting of advances by mutual building societies;
- to further regulate the amalgamation of mutual building societies and the transfer of their assets and liabilities; and to further regulate the submission by the Registrar of Building Societies of his annual report;
- to amend the Building Societies Act, 1986 [repealed in 1991], so as
- to further define certain expressions and, by means of the further definition of certain other expressions, to disqualify as liquid assets, for the purposes of the last-mentioned Act, deposits with a bank withdrawable on demand and to provide that certain debentures Issued by building societies shall not rank as a liability for the purposes of the maintenance by such societies of their financial position;
- to further determine the circumstances under which a person shall be deemed to control a building society;
- to fully exclude banks from the application of the last-mentioned Act;
- to further regulate the disclosure of the names of directors of building societies;
- to further regulate the holding of shares in building societies; to regulate the rectification of such shareholdings which exceed the prescribed limits;
- to further regulate the amalgamation of building societies and the transfer of their assets and liabilities;
- to provide for the prescribing by regulation of the maximum amount which building societies may quarterly accept by way of fixed deposits for periods shorter than 12 months;
- to further regulate the granting of advances by building societies; to provide that certain debentures issued by building societies may rank as share capital for particular purposes;
- to further regulate the minimum reserve balance and minimum liquid assets which a building society is required to maintain; to extend certain exemptions from stamp duty;
- to further regulate certain offences by directors or employees of building societies or control companies of building societies; and
- to further regulate the submission by the Registrar of Building Societies of his annual report; and
- to provide for matters connected therewith.
Commencement
22 July 1988
