Examples of Mutual Banks Act in a sentence
Recommendation of the annual financial statements for approval by the board Following the review by the committee of the annual financial statements of VBS Mutual Bank for the year ended 31 March 2017, the committee is of the view that, in all material respects, it complies with the relevant provisions of the Mutual Banks Act and IFRS and fairly presents the financial position at that date and the results of its operations and cash flows for the year then ended.
On page 21, in line 1, to omit ‘‘deposit-taking financial institution’’ and to substitute: bank as defined in section 1 (1) of the Banks Act, 1990 (Act No. 94 of 1990), or a mutual bank as defined in section 1 (1) of the Mutual Banks Act, 1993 (Act No. 124 of 1993),CLAUSE 301.
Definitions Bank Account An account held in the Republic of South Africa with a bank as defined in the Banks Act, No. 94 of 1990, or a mutual bank as defined in the Mutual Banks Act, No. 124 of 1993.
The South African Reserve Bank Act of 1989, together with the Banks Act of 1990 and the Mutual Banks Act of 1993, provide a comprehensive legal framework for banking supervision in South Africa.
The provisions of this section apply despite anything to the in the law relating to insolvency or in the Banks Act or the Mutual Banks Act.
In addition to impairment provisions, a statutory non- distributable credit risk reserve is maintained in terms of the regulations to the Mutual Banks Act on all advances that have not specifically been provided for.
Clause 14: Repeal of sections 73, 74, 75, 76 and 77 of Mutual Banks Act,1993This clause proposes to repeal sections 73, 74, 75, 76 and 77 of the Mutual Banks Act in view of the resolution provisions that will replace them.
This could inc lude stokvels, burial societies, savings and credit cooperatives, credit unions and mutual banks under the Mutual Banks Act (No. 124 of 1993.) 1.1 TERMS OF REFERENCE AN D APPROACHThe need and potential for an informal tier to the banking system have long been recognised by South African bank regulators.
Clause 12: Amendment of section 4 of Mutual Banks Act, 1993This amendment proposes to make provision for the issuing of guidance notes and directives to mutual banks by the Authority.
The Mutual Banks Act 124 of 1993 still makes provision for provisional and final registration.