- Government
Gazette 14943
-
STATE
PRESIDENT'S
OFFICE No.
1200.
-
1
July
1993
-
- It
is hereby
notified that
the
Acting
State
President
has
assented
to the
following
Act which
is hereby
published
for general
information:-
-
- No.
104 of
1993:
Financial
Institutions Second
Amendment
Act, 1993.
GENERAL
EXPLANATORY
NOTE:
-
Words
in bold
type
indicate omissions
from
existing
enactments.
Words in
italics
indicate
insertions
in existing
enactments.
-
- ACT
-
- To
amend
the
Insurance Act,
1943, so
as to
amend
or delete
certain
definitions; to
further regulate
the
provisions
relating
to the
statement
of assets,
and
relating
to
assets
to be
held
by insurers;
to regulate
anew the
duties
of intermediaries
in respect
of the
payment
to insurers
of
-
moneys
received
in respect
of premiums;
to prohibit
certain
inducement
to take
out policies;
to further
regulate insurance
by members
of Lloyds;
to delete
the
requirements
in respect
of licences;
to amend
the provisions
in respect
of penalties;
and to
further regulate
the
listed
securities which
-
may
be taken
into account
as insurance
assets;
to amend
the Pension
Funds
-
Act,
1956, so
as to
amend
a certain
definition;
to further
regulate
the
rules of
pension
funds; to
exclude
arrear
contributions
from
deductions
which
are prohibited;
and
to further
regulate
certain
death
benefits;
to amend
the
Friendly
Societies
Act,
1956, so
as to
amend
or delete
certain
definitions; to
amend
the Unit
Trusts
Control Act,
1981, so
as to
amend
certain
definitions;
to provide
that
certain
existing
management
companies
may be
exempted
from
compliance
with
increases
in minimum
capital
requirements;
to provide
for the
inclusion
of derivative
instruments
in a
unit portfolio;
to further
regulate the
appointment
of auditors
of a
management
company;
and to
regulate anew
the
listing of
units by
a stock
exchange;
to amend
the
Participation
Bonds Act,
1981, so
as to
delete
the
requirement
that the
registrar
approves
the
cession
of rights
in a
-
participation
mortgage
bond
where
the purpose
of such
cession
is to
secure
-
a
debt;
to amend
the
Stock
Exchanges
Control
Act, 1985,
so as
to delete
certain
definitions;
and to
provide for
the admission
of members
of a
financial
market
referred
to in
the Financial
Markets
Control Act,
1989, to
restricted
membership
of a
stock
exchange;
to amend
the
Financial
Markets
-
- Control
Act, 1989,
so as
to define
a certain
expression;
and to
further regulate
the matters
included
in the
rules of
a financial
exchange;
to amend
the
Financial
Services
Board
Act,
1990,
so as
to amend
a certain
definition; to
make
further
provision in
relation
to the
disqualification
-
of
persons as
members
of the
board;
and to
further
regulate the
annual report
of the
board; to
amend
the
Safe
Deposit
of
Securities Act,
1992,
so as
to amend
a certain
definition;
and to
provide for
the payment
of certain
fees;
to provide
in
certain
of the
above-mentioned
Acts, for
reporting
to the Minister;
to provide
in all
of the
above-mentioned
Acts, for
the rectification
of outdated
references;
and to
provide
for matters
connected
therewith.
-
- (Afrikaans
text
signed
by the
Acting
State President.)
(Assented
to 28
June 1993.
)
-
- BE
IT ENACTED
by the
State
President
and the
Parliament
of the
Republic
of South
Africa, as
follows:-
-
- Amendment
of section
1 of
Act 27
of 1943,
as amended
by section
2 of
Act 73
of 1951,
section
39 of
Act 24
of 1956,
section 50
of Act
25 of
1956,
-
section
1 of
Act 79
of 1959,
section
1 of
Act 10
of 1965,
section
1 of
Act
-
41
of 1966,
section
1 of
Act 65
of 1968,
section 1
of Act
39 of
1969, section
1 of
Act 91
of 1972,
section
1 of
Act 101
of 1976,
section 1
of Act
-
94
of 1977,
section
1 of
Act 80
of 1978,
section 1
of Act
103
of 1979,
-
section
1 of
Act 99
of 1980,
section
1 of
Act 36
of 1981,
section
1 of
Act
-
86
of 1984,
section
1 of
Act 106
of 1985,
section
1 of
Act
54 of
1989 and
section
1 of
Act 83
of 1992
-
1.
Section
1 of
the Insurance
Act, 1943,
is hereby
amended- -
- (a)
by the
substitution
in subsection
(1) for
the definition
in the
-
Afrikaans
text
of "aktuaris"
of the
following definition:
-
- "'aktuaris'
beteken
'n 'Fellow'
Genoot
van
die
-
'Institute
of
Actuaries'
Instituut van
Aktuarisse
van
Engeland of
van die
`Faculty
of Actuaries'
Fakulteit
van
Aktuarisse van
in Skotland
of van
die 'Society
-
of
Actuaries'
Vereniging
van Aktuarisse
van
Amerika
of
-
van
'n ander
deur die
Minister
goedgekeurde
instituut,
fakulteit,
vereniging
of kapittel
van
aktuarisse;";
-
- (b)
by the
substitution
in subsection
(1) for
the definition
of
-
"domestic
policy"
of the
following
definition:
-
- "
'domestic
policy'
means
any policy
issued anywhere
upon an
application made
or presented
to a
representative
of the
insurer
concerned
(or to
any
person on
behalf
of such
a representative)
at any
place in
the Republic,
not being
a life
policy
which
has
-
- subsequent
to the
date
of issue
thereof
been made
payable
at a
place outside
the
Republic
at the
request
of the
owner and
in respect
of which
the
owner has
also agreed
in writing
that
it shall
not be
regarded
as a
domestic
policy
for the
purposes of
this
Act, but
includes
any life
policy issued
outside
the
Republic
which has
-
subsequently
been
made
payable
in the
Republic
at the
request
of the
owner,
provided the
owner has
also agreed
in writing
that
it shall
-
be
regarded
as a
domestic
policy
for
the purposes
of this
Act;";
-
(c)
by the
insertion
in
subsection
(1) after
the definition
of
-
"domestic
policy"
of the
following
definition:
-
"'Financial
Services
Board' means
the
Financial
Services
Board established
by
section
2 of the
Financial
Services
Board Act,
1990 (Act
No.
97 of
1990);"; -
- (d)
by the
substitution
in subsection
(1) for
paragraph
(a) of
the definition
of
"insurance
business" of
the following
paragraph:
-
- "(a)
the activities
of a
friendly
society,
unless
such society-
-
- (i)
employs
a person
whose main
remunerated
occupation,
in respect
of any
business
which
after
the date
of
commencement
of
section 1(d)
of
the Financial
-
Institutions
Second
Amendment
Act, 1993,
is, in
the opinion
-
of
the registrar,
insurance
business
as
ordinarily
understood,
consists
of inducing
persons
to become
members
of the
society,
or of
calling
on members
of the
society at
their
residences
or
places
of work
for the
purpose
of collecting
from
them
contributions
or
subscriptions
towards
the society's
funds;
-
- (ii)
or unless
such
friendly
society
grants any
annuity
exceeding
R144
per annum;
or
-
- (iii)
provides
in respect
of any
member
or other
-
person
for payments
either
on
the
death
of
such
member
or other
person or
in
the
any
form
of an
-
endowment
or endowment
insurance
on the
life
of such
member
or other
person, or
in
the
event
of
sickness
or
-
other
infirmity,
accident,
death
or other
contingency
which
is,
in the
opinion
of the
registrar,
insurance
business
as ordinarily
understood,
exceeding
in all
the
sum
of
-
one
thousand
rand
R5 000
or such
greater
amount
as determined
by
the Minister
from time
to time
for a
friendly society
or certain
categories
of friendly
societies (exclusive
inclusive
of bonuses)
at any
time
-
after
the
date of
commencement
of the
Friendly
Societies
-
- Act,
1956 section
1(d) of
the
Financial
Institutions
-
Second
Amendment
Act,
1993,
and
not in
fulfilment
of any
obligations
in existence
before
the
said
date;";
-
- (e)
by the
substitution
in subsection
(1) for
paragraph (d)
of the
definition
of
"insurance
business" of
the following
paragraph:
-
- "(d)
any transaction
under the
Industrial
Conciliation
-
Labour
Relations
Act, 1956
(Act
No. 28
of 1956);";
-
- (f)
by the
deletion
in subsection
(1) of
the definitions
of "Republic"
and "Territory";
and
-
- (g)
by the
substitution
for paragraph
(b)bis of
subsection
(2) of
the following
paragraph:
-
- "(b)bis
approved reinsurances
referred
to in
subparagraph
-
(iii)
(iv) of
paragraph
(a) of
the definition
of
-
'approved
reinsurances'
in subsection
(1), shall
not be
deemed
to cover
the contingent
liabilities
under unmatured
policies
of the
insurer by
whom
such
reinsurances
have
been
effected, to
an amount
-
exceeding
the amount
of the
moneys
maintained
in the
Republic
by the
-
reinsurer
with
the
insurer
and on
which
the
insurer has
a prior
charge
and lien
as security
against
losses
which
may be
occasioned
by the
failure of
the
reinsurer to
discharge
his
obligations
under
-
the
relevant
policy
or
contract
or by
the termination
for any
reason of
such policy
or contract;".
-
- Amendment
of section
4 Of
Act 27
of 1943,
as amended
by section
1 of
Act
19 of
1945,
section
3 of
Act 73
of 1951,
section
4 Of
Act
79 of
1959, section
-
10
of Act
64 of
1960, section
3 of
Act
10 of
1965, section
2 Of
Act
39 of
-
1969,
section
3 Of
Act 101
of 1976,
section 2
of Act
103
of 1979,
section
4 of Act
99 of
1980, section
2 of
Act 86
of 1984
and
section
1 of
Act
64 of
-
1990
-
- 2.
Section
4 of
the Insurance
Act, 1943,
is hereby
amended
by the
substitution
in subsection
(3)bis for
subparagraph
(i) of
paragraph
(b) of
the following
subparagraph:
-
- "(i)
is a
company
incorporated
and
registered
or deemed
to have
been incorporated
and registered
under
the Companies
Act,
1973 (Act
No. 61
of
-
1973),
or a
co-operative
society
or
co-operative
company
registered
-
under
the
Co-operative
Societies
Act, 1939
(Act No.
29 of
1939),
or the
-
Co-operative
Societies
Ordinance,
1946
(Ordinance
No. 15
of 1946),
of the
-
Territory
Co-operatives
Act,
1981 (Act
No. 91
of
1981),
or a
corporate body
established
under
the provisions
of any
other law;
or".
-
- Amendment
of section
15 of
Act 27
of 1943,
as substituted
by
section
13 of
-
- Act
73 of
1951 and
amended
by section
10 of
Act
79 of
1959, section
11 of
Act
10 of
1965,
section
3 Of
Act
41 of
1966,
section 5
of Act
101 of
1976, section
2 Of
Act
50 of
1986, section
9 of
Act 54
of 1989
and
section
3 of Act
64 of
1990
-
- 3.
Section
15 of
the Insurance
Act, 1943,
is hereby
amended
by the
substitution
for paragraph
(d) of
the following
paragraph:
-
- "(d)
(i)
In respect
of any
short
term
insurance
business,
-
or
compulsory
third party
insurance business
no outstanding
premium
(irrespective of
whether
or not
it has
been debited
to an
insurance
broker
or an
agent
of the
insurer)
shall be
included
in the
statement
if at
the
-
end
of the
financial
year
to which
the
statement
relates
and
which
ends
on or
after 1
January 1990
1994,
more
than seventy
-
60
days
have
elapsed since
the
due
date
of the
premium
as contemplated
in subsection
(6) of
section
20bis
and the
value
of any
other outstanding
premiums
or
premiums
debited
to insurance
brokers or
agents
of the
insurer
shall be
shown at
an amount
which in
the
aggregate
does not
exceed
the
full amount
of such
premiums
reduced
by-
-
- (i)(aa)
the
amount
or estimated
amount
of any
-
commission
which the
insurer
owes or
for
which he
is
likely to
become
liable
in
connection
with
the
said
premiums;
-
- (ii)(bb)
the
amount
or estimated
amount
of the
-
corresponding
outstanding premiums
under
any reinsurances
of the
policies in
question
(less the
corresponding
commission
payable
under those
reinsurances)
unless such
amount
has
been or
will be
included
as a
liability
in the
statement
of
-
liabilities
prepared
under
section
13;
-
(iii)(cc)
a reserve,
in an
amount
deemed
by the
registrar
to be
adequate,
but not
less
than
five seven
and a
half per
cent
of the
full amount -
aforesaid,
to cover
the
risk
of loss
arising
from
non-receipt
-
by
the insurer
of any
such premiums
as aforesaid.
-
- (ii)
For the
purposes
of
this
paragraph
'due date',
in relation
to a
premium,
means-
-
- (aa)
in the
case of
a new
policy,
the
commencement
date
of
the
policy;
-
- (bb)
in the
case of
an
existing
policy
which
has
been renewed,
the
renewal date
of
the policy;
and
-
- (cc)
in the
case of
an
endorsement
to a
policy
and a
declaration
in accordance
with an
open marine
cargo policy,
the
first day
of
-
- the
month
which follows
on the
date
the
documentation
is issued
by either
the insurer
or the
agent,
broker
or other
person
on behalf
of
the
insurer,
whichever
is issued
first
to the
-
policy-holder
concerned.
".
-
- Amendment
of section
17 of
Act 27
of 1943,
as substituted
by
section
12 of
-
Act
10 of
1965 and
amended
by section
4 of
Act
41 of
1966, section
2 of
Act
-
91
of 1972,
section
6 of
Act 101
of 1976,
section
3 of
Act
94 of
1977, section
2 of
Act 80
of 1978,
section
4 of
Act 103
of 1979,
section 2
of Act
-
36
of 1981,
section
1 of
Act 82
of 1982,
section 4
of Act
86 of
1984, section
2 of
Act 51
of 1988,
section
1 of
Act 53
of 1989,
section
11 of
Act
-
54
of 1989
and section
4 of
Act 64
of 1990
-
4.
Section
17 of
the Insurance
Act, 1943,
is hereby
amended-
(a) by
the substitution
for paragraph
(b) of
subsection
(1) of
the
-
following
paragraph:
-
- "(b)
hold in
the Republic
assets
of one
or more
of the
-
kinds
mentioned
in the
Third
Schedule
to this
Act, having
an aggregate
value
not
less
than the
amount
of his
net
liabilities
in respect
of such
business carried
on by
him in
the
Republic.";
and
-
- (b)
by the
substitution
in paragraph
(b) of
subsection
(4) for
the
words
preceding
subparagraph
(i) of
the following
words:
-
- "hold
in the
Republic
assets
of one
or more
of the
kinds
mentioned
in the
Third
Schedule to
this Act
having an
aggregate
value
not less
than
the
amount
of his
net liabilities
in respect
of such business
carried
on by
him in
the
Republic,
plus an
additional amount
equal
to the
greater of
the following
amounts,
namely-".
-
- Amendment
of section
20bis
of Act
27 of
1943,
as
inserted
by
section
17 of
-
Act
10 of
1965 and
substituted
by section
13 of
Act 54
of 1989
-
- 5.
Section
20bis of
the
Insurance
Act,
1943,
is
hereby
amended-
-
- (a)
by the
substitution
for paragraphs
(b) and
(c) of
subsection (2)
of the
following paragraphs:
-
- "(b)
Such guarantee
shall
be in
favour of
the South
African
-
Insurance
Association
or, if
that
Association
ceases to
exist
or
if the
Financial
Services
Board
determines
otherwise,
in favour
of the
registrar
or such
other person
as determined
by the
Financial
Services
Board,
for the
benefit
of all
such
insurers and
shall -
be
in a
form
prescribed by
regulation
and shall
be for
an amount
certified
by the
auditor of
the agent,
broker
or person
concerned
to be,
with
due regard
to the
return
submitted
in terms
of
-
- paragraph
(c),
equal
to 20
per
cent of
the
premiums
which
became
due
to registered
insurers
received
by
such
-
the
agent,
broker or
person concerned
in his
last
-
financial
year,
but not
less than
R10 000
or more
than
R50 000
000: Provided
that
the
guarantee
to be
furnished
by an
agent,
broker
or person
who becomes
indebted to
any insurer
for the
first time,
shall be
based
on 20
per cent
of a
reasonable
estimate
of premiums
which
would
become due
to
registered
insurers
be
received
in
-
his
first
financial
year.
-
- (c)
Every
such agent,
broker
or
person shall
within
three months
after
the
expiration
of his
financial
year submit
to
the
South
African
Insurance
Association
or,
if that
Association
ceases
to exist
or if
the Financial
Services
Board
determines
otherwise,
to the
registrar
or such
other person
as determined
by
the
Financial
Services
Board,
a return-
-
- (i)
in
the
form
prescribed by
regulation
showing the
-
aggregate
amount
of premiums
received
on behalf
of registered
insurers
by such
agent, broker
or person
in his
last
-
financial
year
after setting
off any
commission
due to
such agent,
broker
or person
by such
registered
insurers
in respect
of
such premiums;
and
-
- (ii)
accompanied
by a
report, in
the
case of
an agent,
broker or
other
person
registered
as a
company
under
the
Companies
Act, 1973
(Act
No. 61
of 1973),
by an
auditor
registered
under
the Public
Accountants'
and Auditors'
Act,
-
1991
(Act
No. 80
of 1991),
and in
the
case of
any
other
-
agent,
broker
or person,
by a
person
who qualifies
as an
accounting
officer of
a close
corporation
as
contemplated
in section
60 of
the
Close
Corporations
Act,
1984 (Act
No. 69
of
-
1984),
and who
may not
be
in the
service
of
the
undertaking,
-
but
who shall
act
by
special
instruction
in an
independent
capacity.
-
- (c)(d)
If
the
businesses
of two
or more
agents,
-
brokers
or other
persons
are amalgamated,
the provisions
of subparagraph
(b) shall
apply
mutatis
mutandis
to the
amalgamated
businesses
with
respect
to the
annual premium
income
of the
last financial
year and
the
amount
of the
guarantee.";
-
(b)
by the
substitution
for subsection
(3)
of the
following
subsection:
-
- "(3)
Every such
agent,
broker
or person
who
receives
such
premiums
on
behalf
of an
insurer shall-
-
- (a)
close
off his
records
of premium
receipts
not later
than
the
-
- last
day of
the month
following
the
month
during
which
-
the
due
date
of such
premiums
occurred
were received;
-
- (b)
pay
the
amount
of such
premiums
to the
insurer
within
ten
-
15
days
after
closing
the records
referred to
in paragraph
(a); and
-
- (c)
simultaneously
furnish such
insurer
with a
detailed payment
bordereau
statement
containing
such
particulars
as the
insurer
may
require
in respect
of a
payment
in terms
of paragraph
(b).";
-
(c)
by the
substitution
for subsection
(5) of
the following
subsection:
"(5) Payment
of a
premium
by a
policyholder
in terms
of his
-
insurance
policy
to
an
agent,
broker
or
other
person
referred
to in
-
subsection
(1) shall
be
deemed
to be
specific
performance
-
payment
in terms
of the
such
policy.";
and
-
- (d)
by the
deletion
of subsection
(6).
-
- Amendment
of section
23A of
Act
27 of
1943, as
inserted by
section
10 of
-
Act
101 of
1976
-
- 6.
Section
23A of
the Insurance
Act,
1943, is
hereby
amended
by the
addition
of the
following subsections:
-
- "(3)
The Minister
may make
regulations-
-
- (a)
prohibiting
any
remuneration
from passing
or
being offered;
or
-
- (b)
prescribing
the manner
in
which
and conditions
subject to
which
remuneration
may
pass
or be
offered,
-
- from,
by or
on behalf
of any
person
other
than
a registered
insurer
or an
underwriter at
Lloyds to
any
person
for services
rendered
or
to be
rendered
by the
last-mentioned
person
towards
effecting,
maintaining
or servicing
a policy,
or to
any person
associated
in
business
with or
related
within
the
second
degree of
consanguinity
or affinity
to
any
person who
has
rendered
or
is to
render such
services.
-
- (4)
Any
regulation
referred to
in subsection
(3)
may- (a)
apply
to-
-
(i)
specified
kinds
of
remuneration
only;
-
- (ii)
specified
classes
of insurance
business
only
-
- (iii)
specified
types
of policies
only;
-
- (iv)
only
specified
classes of
persons
rendering or
to render
services
contemplated
in subsection
(3);
-
- (v)
specified
kinds
of such
services
only;
-
- (b)
differentiate
between
the
persons
from, by
or on
behalf of
whom remuneration
may
pass
or be
offered,
different
kinds of
remuneration
and
different
classes
of insurance
business,
types
of policies,
-
classes
of persons
rendering
or to
render
services and
kinds of
such services.".
-
Insertion
of section
23D in
Act
27 of
1943
-
- 7.
The following
section
is
hereby
inserted
in the
Insurance Act,
1943, after
section
23C:
-
"Prohibition
on certain
inducement
to take
out
or alter
policy
-
- 23D.
No person
shall
promise, pay,
allow or
give,
or offer
to pay,
allow
or give,
directly
or
indirectly,
to any
other
person,
as an
inducement
to
such other
person to
take out
a policy
or to
agree
to
any
alteration
of any term
of an
existing
policy,
any valuable
consideration
or benefit
and no
person
shall
knowingly
receive
as such
an inducement
any
such
valuable
consideration
or benefit.".
-
Amendment
of section
25 of
Act 27
of 1943,
as amended
by section
22 of
Act
-
73
of 1951,
section
8 of
Act 39
of 1969,
section 10
of Act
103 of
1979, section
11 of
Act 99
of 1980,
section
1 of
Act 54
of 1991
and section
4 of Act
83 of
1992
-
- 8.
Section
25 of
the insurance
Act, 1943,
is hereby
amended
by the
deletion in
subsection (6)
of the
words
following upon
paragraph
(d).
-
Amendment
of section
29bis
of Act 27
of 1943,
as
inserted
by
section
23 of Act
10 of
1965 and
amended
by section
11 of
Act
103 of
1979 and
section
5 of Act
53 of
1989
-
- 9.
Section
29bis of
the
Insurance
Act,
1943,
is
hereby
amended
by the
substitution
for subsection
(1) of
the
following subsection:
-
- "(1)
If any
registered
insurer
fails to
comply
within
a period
of 30
days
after having
been called
upon in
writing
by the
registrar
to do
so, with
any
requirement
Or the
registrar
in terms
of subsection
(7) of
section
six
or any
provision
of section
11, 12,
14, 17
or 18,
the
-
- registrar
may,
with
the
consent of
the
Minister,
by notice
in writing
prohibit such
insurer, with
effect from
a date
specified
in the
notice,
from
issuing
any
further
policies
other
than paid-up
policies
in terms
of section
62(2)
and such
other
policies
as the
registrar may
permit,
or extending
any
existing policy
by endorsement,
until such
time
as such
insurer has
satisfied
the
registrar
that
he is
complying
with
the said
requirement
or provisions,
whereupon the
registrar
shall forthwith
-
in
writing withdraw
the
prohibition.".
-
- Amendment
of section
30 of
Act 27
of 1943,
as amended
by section
16 of
Act
-
79
of 1959
-
- 10.
Section
30 of
the Insurance
Act,
1943, is
hereby
amended
by the
substitution
for subsection
(1) of
the
following subsection:
-
- "(1)
The registrar
may,
with the
consent
of the
Minister, in
regard
to any
registered
insurer,
and a
registered
insurer
may,
in
regard
to himself,
apply to
the
court for
an order
in terms
of paragraph
(c) or
(d) of
subsection
(3) if
the registrar
or the
insurer,
as the
case
may
be,
is of
-
the
opinion
that it
is desirable
for any
reason that
such an
order
be made
in regard
to the
registered
insurer
concerned:
Provided
that
a registered
insurer shall
not make
such an
application
except
by leave
of the
court, and
the
court
shall
not
grant such
leave unless
the
insurer
has
given
security
to an
amount
which
shall
be
sufficient in
the opinion
of the
court to
satisfy
such
order
in respect
of costs
as the
court
may
make,
and has
established
prima
facie
the
desirability
of the
order for
which he
desires
-
to
apply:
Provided further
that
no application
shall be
made
for an
order,
-
and
an order
shall not
be made,
for the
judicial
management
of the
business
of a
registered
insurer
who is
a co-operative
society
or
co-operative
company
registered
or deemed
to be
registered
under
the
Co-operative
Societies
Act, 1939
or
the
Co-operation
Proclamation,
1922 of
the Territory
Co-operatives
Act,
1981 (Act
No. 91
of
1981).".
-
- Amendment
of section
32 of
Act 27
of 1943,
as amended
by section
27 of
Act
-
73
of 1951,
section
17 of
Act 79
of 1959,
section
25 of
Act 10
of 1965
and section
12 of
Act 39
of 1969
-
- 11.
Section
32 of
the Insurance
Act,
1943, is
hereby
amended
by the
substitution
for subsection
(5) of
the
following subsection:
-
- "(5)
The law
relating to
the winding-up
of companies
or, in
the
case of
a registered
insurer
who is
a co-operative
society
or
co-operative
company
registered
or deemed
to be
registered
under
the
Co-operative
Societies
Act, 1939
or
the
Co-operation
Proclamation,
1922 of
the Territory
Co-operatives
Act,
1981 (Act
No. 91
of
1981),
the law
-
relating
to the
winding-up
or dissolution
of any
such society
or company,
shall
apply
mutatis
mutandis
in connection
with
the winding-up
of the
business
of a
registered
insurer under
this
Act, except
in so
far as
those
-
- provisions
are inconsistent
with any
provision of
this Act
or of
an order
of the
court under
section
30(3) (d)
or with
any direction
issued by
the court
under
this
section.".
-
- Amendment
of section
51 of
Act 27
of 1943,
as substituted
by
section
7 of
-
Act
50 of
1986
-
- 12.
Section
51 of
the Insurance
Act,
1943, is
hereby
amended
by the
deletion of
subsection
(2).
-
- Amendment
of section
60 of
Act 27
of 1943,
as substituted
by
section
8 of
-
Act
41 of
1966 and
amended
by section
2 of
Act
65 of
1968, section
7 of
Act
-
86
of l984,
section
7 of
Act
106
of 1985,
section
6 of
Act
53 of
1989 and
section
16 of
Act 54
of 1989
-
13.
Section
60 of
the Insurance
Act,
1943, is
hereby
amended-
(a) by
the substitution
for paragraph
(a) of
subsection
(1) of
the
-
following
paragraph:
-
- "
(a)
No person
shall carry
on such
insurance
business
as aforesaid
in the
Republic
unless
he is
licensed
as provided
by paragraph
(e) and
has made
a deposit
in
accordance
with the
provisions of
-
paragraph
(b) and
unless
the Committee
of Lloyds
has complied
with
-
the
provisions
of paragraphs
(g) and
(i) and
underwriters
at Lloyds
have
complied
with the
provisions
of
paragraph
(j).";
-
- (b)
by the
deletion
of paragraph
(e)
of subsection
(1); and
-
- (c)
by the
substitution
for paragraph
(f) of
subsection
(1) of
the
following
paragraph:
-
- "(f)
Any
person who
carries on
such insurance
business
in the
Republic
shall,
within a
period
of two
months
as from
the
expiration
of each
calendar
year or
within such
further period
as the
registrar
may
allow,
pay
to the
a receiver
of revenue
-
referred
to in
paragraph (e)
a sum
equal
to two
and a
half
per
cent
of the aggregate
of all premiums
paid
during
the
preceding
calendar
year on
policies which
were effected
through
his agency
in terms
of this
section.
". -
- Repeal
of section
61 of
Act
27 of
1943, as
amended
by section
30 of
Act 46
of 1944,
section
19 of
Act 99
of 1980
and section
8 of
Act
83 of
1992
-
14.
Section
61 of
the Insurance
Act,
1943, is
hereby
repealed.
Substitution
of section
73 of
Act 27
of 1943,
as substituted
by
section
12
-
of
Act
101 of
1976
-
15.
The following
section
is
hereby
substituted
for
section 73
of the -
Insurance
Act,
1943:
"General
penalty
-
73.
Any
person
who contravenes
any
provision of
this Act
or any
regulation made
thereunder
or fails
to fulfil
any obligation
imposed
on him
by this
Act
or any
such regulation
shall
be
guilty of
an offence
and, if
no penalty
is specially
prescribed
in this
Act or
any such
regulation
for such
contravention
or default,
shall be
liable
if the
offender
is an
-
individual
-
- (a)
in
the
case of
a
contravention
of section
5,
to a
fine
not
exceeding
two
thousand
rand R100
000,
or to
imprisonment
for a
period
not exceeding
one year
five
-
years
without
the
option
of
a fine,
or if
the
offender
is not
an
individual,
or to
both such
fine and
such
imprisonment;
and
-
- (b)
in
the
case of
any
other
contravention,
to a
fine not
exceeding
two
thousand
rand R20
000, or
to
imprisonment
-
for
a period
not exceeding
one
year, or
to both
such fine
and such
imprisonment.".
-
- Amendment
of section
76 of
Act 27
of 1943,
as substituted
by
section
9 of
Act
41 of
1966 and
amended
by section
13 of
Act
101 of
1976, section
11 of
Act
86 of
1984,
section
9 of
Act 106
of 1985,
section
7 of
Act
53 of
1989, section
18 of
Act 54
of 1989
and section
11 of
Act 83
of 1992
-
- 16.
Section
76 of
the Insurance
Act,
1943, is
hereby
amended
by the
substitution
for paragraph
(aC) of
subsection
(1) of
the
following
paragraph:
-
- "
(aC) prescribing
interim
and additional
calculations
of
liabilities
under unmatured
policies, as
well
as assets,
in connection
with
long term
insurance
business,
the manner
in which
it is
to be
done,
and
the
-
manner
and
form
in which
and
the
periods
in respect
of which
and within
-
which
statements
in respect
thereof
shall be
furnished
to the
registrar
by insurers;".
-
- Substitution
of section
77bis of
Act
27 of
1943, as
inserted by
section
44 of
Act
73 of
1951
-
- 17.
The following
section
is
hereby
substituted
for
section 77bis
of the
Insurance
Act, 1943:
-
- "Exemption
from
Act 57
of 1988
-
- 77bis.
The
Trust Moneys
Protection
Act,
1934
Property
Control Act,
1988 (Act
No. 57
of 1988),
shall not
apply
in connection
with
any scheme
or arrangement
(whether
executed
under
a trust
deed or
otherwise)
under which
benefits
are provided
or are
to be
provided
to any
person, if
the benefits
which,
in the
opinion
of the
Master
referred
to in
the said
Act,
are the
principal
benefits
afforded by
such scheme
or arrangement,
are
guaranteed
by policies
under
which a
registered
insurer is
liable.".
-
Repeal
of section
77quat
of Act
27 of
1943,
as inserted
by section
24 of
Act
39 of
1969
-
18.
Section
77quat of
the Insurance
Act, 1943,
is hereby
repealed.
Amendment
of First
Schedule
to Act
27 of
1943, as
substituted
by section
34
of
Act
10 of
1965 and
amended
by section
8 of
Act
64 of
1990
-
- 19.
The First
Schedule
to the
Insurance Act,
1943, is
hereby
amended
by the
substitution
for section
1 of
the
following
section:
-
"1.
Any
money
held by
the Corporation
for Public
Deposits established
by the
Corporation for
Public
Deposits Act,
1984 (Act
No. 46
of 1984), or
approved securities
issued
registered
in
the
name
of the
Minister
of Finance
registrar
and held
in trust
on behalf
of
a person
who
is obliged
to make
a deposit
under
section 60
of this
Act, shall
be deemed
to be
money
or securities
deposited
by the
said
person
under this
Act.".
-
- Amendment
of Third
Schedule to
Act
27 of
1943,
as substituted
by section
46 of
Act
73 of
1951 and
amended
by section
24 of
Act
79 of
1959, section
36
of
Act
10 of
1965, section
10 of
Act 41
of 1966,
section
27 of
Act 39
of
1969,
section
1 of
Act
23 of
1970, section
15 of
Act
101 of
1976, section
36
of Act
9 of
1989 and
section
13 of
Act 83
of 1992
-
20.
The Third
Schedule to
the
Insurance
Act,
1943, is
hereby
amended-
(a) by
the substitution
for subparagraph
(c) of
paragraph
3 of
the
-
following
subparagraph:
-
- "(c)
Bills,
bonds
or securities
issued
or guaranteed
by or
loans
to or
guaranteed
by a
provincial administration
or
the administration
of the
Territory.";
and
-
- (b)
by the
substitution
for subparagraph
(2) of
paragraph 11
of the
following
subparagraph:
-
- "(2)
stocks,
shares,
debentures
or
depository receipts-
-
- (a)
of a
company
or other
institution
which is
incorporated
outside
the
Republic;
and
-
- (b)
which
are listed
on a
licensed
stock
exchange
in the
Republic;".
-
- Amendment
of section
1 of
Act 24
of 1956,
as amended
by section
21 of
Act
101
of 1976,
section
9 of Act
94 of
1977,
section
10 of
Act 80
of 1978,
section
38 of
Act 99
of 1980,
section
3 of
Act 51
of 1988,
section 20
of Act
54 of
1989,
section
29 of
Act 97
of 1990
and
section 14
of Act
83 of
-
1992
-
21.
Section
1 of
the Pension
Funds Act,
1956, is
hereby amended-
(a) by
the substitution
in subsection
(1) for
the definition
of
-
"actuary"
of the
following
definition:
-
- "
'actuary'
means
any
Fellow
of the
Institute
of Actuaries
of
-
England
or of
the
Faculty
of Actuaries
in
Scotland or
of the
Society
of
Actuaries
of
America or
of
an any
other
-
institute,
faculty,
society
or chapter
of actuaries
approved by
the
-
Minister;";
and
-
- (b)
by the
insertion in
subsection
(1)
after
the
definition of
"rules"
of the
following
definition:
-
- "
'this Act'
includes
any
regulation;".
-
- Amendment
of section
2 of
Act 24
of 1956,
as amended
by section
10 of
Act
-
94
of 1977,
section
13 of
Act 103
of 1979,
section
36 of
Act 9
of 1989
and section
15 of
Act 83
of 1992
-
- 22.
Section
2 of
the Pension
Funds Act,
1956, is
hereby amended
by the
substitution
for subsection
(1) of
the
following subsection:
-
"(1)
The provisions
of this
Act
shall
not apply
in
relation
to any -
pension
fund
which has
been established
in terms
of an
agreement
published
or deemed
to have
been published
under
section
48 of
the Industrial
Conciliation
Labour
Relations
Act, 1956
(Act
No. 28
of 1956),
-
except
that
such fund
shall from
time
to time
furnish the
registrar
with
-
such
statistical
information
as may
be prescribed
requested
-
by
the Minister.".
-
- Amendment
of section
9 of
Act 24
of 1956,
as substituted
by
section
12 of
-
Act
65 of
1968 and
amended
by section
10 of
Act
64 of
1990
-
- 23.
Section
9 of
the Pension
Funds Act,
1956, is
hereby amended
by the
substitution
for subsection
(1) of
the
following subsection:
-
- "(1)
Every registered
fund shall
in the
manner
prescribed
by its
rules
appoint
an
auditor registered
under
the Public
Accountants' and
Auditors'
Act,
1951 1991
(Act
No. 80
of 1991),
who
shall
not be
an
-
officer
of the
fund,
except
where the
accounts
of such
a fund
in terms
of the
provisions
of any
law are
to be
audited
by the
Controller
and Auditor-General
or a
Provincial
Auditor
-
- Substitution
of section
11 of
Act 24
of 1956,
as substituted
by
section
17 of
Act
83 of
1992
-
- 24.
The following
section
is
hereby
substituted
for
section 11
of the
-
Pension
Funds Act,
1956:
"Rules
-
11.
(1) The
rules of
a fund
which applies
for
registration
after
the date
of
the
coming into
operation
of section
24
of the
Financial
-
Institutions
Second
Amendment Act,
1993,
shall be
in
the
prescribed
format
-
and
form and
shall comply
with the
prescribed
requirements.
-
- (2)
A fund
which,
immediately
prior
to the
date referred
to in
subsection
(1), was
a registered
fund,
shall
within
the
prescribed
period
ensure that
its rules
are
amended so
as to
comply with
the
format,
form
and
requirements
contemplated
in subsection
(1).
-
- (3)
(a) If
all
the amendments
referred
to in
subsection
(2)
are
-
effected
on one
occasion
within the
prescribed
period and
the
registrar
is satisfied,
on submission
to him
of
a certificate
signed
by
the
principal
officer
of
the
fund,
that
the
sole reason
for the
amendments
is
to
comply
-
with
the
said format,
form and
requirements,
he
may register
the amendments
in accordance
with
section
12(4) against
payment
of the
prescribed
fee,
-
which
shall be
calculated
as
if only
a single
amendment
is
being
effected.
-
- (b)
Any
amendment
of
the
rules of
a fund
effected after
the date
-
referred
to in
subsection
(1) shall
comply
with the
prescribed
format,
form
and
requirements
contemplated
in subsection
(1).
-
- (4)
Subject
to the
provisions
of subsections
(2)
and
(3), the
provisions
of this
section as
they
existed
before
the
substitution
thereof
-
by
section
24
of the
Financial
Institutions
Second
Amendment Act,
1993,
shall
continue
to apply
in respect
of the
rules
of
a fund
referred
to in
subsection
(2) until
the
rules
of
such fund
comply with
the
format,
form
and
requirements
contemplated
in subsection
(1).".
-
- Amendment
of section
30 of
Act 24
of 1956,
as amended
by section
17 of
Act
-
103
of 1979
-
- 25.
Section
30 of
the Pension
Funds Act,
1956, is
hereby
amended
by the
deletion of
paragraph
(b) of
subsection
(1).
-
- Substitution
of section
34 of
Act 24
of 1956
-
- 26.
The following
section
is
hereby
substituted
for
section 34
of the
-
Pension
Funds Act,
1956:
"Annual
report
by
registrar,
-
34.
The registrar
shall
annually
submit
to the
Minister
a report
on his
activities
under
this Act
and
such
report shall
be
laid
by the
Minister
-
on
the Tables
of
both Houses
of Parliament
within
fourteen
days
after
receipt
thereof
if Parliament
is then
in ordinary
session,
or, if
-
Parliament
is
not then
in ordinary
session,
within
fourteen
days after
the commencement
of its
next
ensuing
ordinary
session.".
-
- Amendment
of section
37A of
Act
24 of
1956, as
inserted by
section
24 of
Act
101 of
1976, substituted
by section
12 of
Act 94
of 1977
and
amended
by section
40 of
Act 99
of l980
-
27.
Section
37A of
the Pension
Funds
Act,
1956,
is
hereby
amended-
(a) by
the deletion
of the
word "or"
at the
end of
paragraph (b)
of
-
subsection
(3);
and
-
- (b)
by the
addition
of the
word
"or" at
the end
of paragraph
(c)
of subsection
(3) and
the
addition
to the
said subsection
of the
following
paragraph:
-
- "(d)
which
is owed
to
a fund
in
respect
of
arrear
contributions.".
-
- Amendment
of section
37C of
Act 24
of 1956,
as
inserted
by
section 24
of
-
Act
101 of
1976, substituted
by section
41 of
Act 99
of 1980
and
amended
by section
6 of
Act 51
of 1988,
section
21 of
Act 54
of 1989
and section
29 of
Act
83 of
1992
-
28.
Section
37C of
the
Pension
Funds Act,
1956,
is hereby
amended
by the
substitution
in subsection
(1) for
the words
preceding
paragraph
(a) of
the following
words:
-
- "Notwithstanding
anything
to the
contrary
contained
in any
law or
in the
rules
of a
registered
fund, any
benefit payable
by such
a fund
in respect
of a
deceased
member upon
the death
of
a member,
shall, subject
to a
pledge
in
accordance
with
section
l9(5)(b)(i)
and subject
to the
provisions
of sections
37A(3)
and 37D,
not form
part
of the
assets
in the
estate
of such
a member,
but
shall be
dealt
with
in the
following
-
- manner:".
-
- Substitution
of section
38 of
Act 24
of 1956
-
- 29.
The following
section
is
hereby
substituted
for
section 38
of the
-
Pension
Funds Act,
1956:
"Exemption
from
Act 57
of 1988
-
38.
The Trust
Moneys
Protection
Act,
1934 (Act
No.
34 of
1934)
-
Property
Control
Act,
1988
(Act
No. 57
of 1988),
shall
not apply
to a
fund registered
under
this
Act.".
-
- Substitution
of certain
expression
in Act
24 of
1956
-
- 30.
The Pension
Funds Act,
1956, is
hereby
amended
by the
substitution
for the
word "Union",
wherever
it
occurs
in sections
2(2), 7(1)
and
8(2),
-
of
the word
"Republic".
-
- Amendment
of section
1 of
Act 25
of 1956,
as amended
by section
25 of
Act
-
101
of 1976
and section
29 of
Act 97
of 1990
-
31.
Section
1 of
the Friendly
Societies
Act,
1956,
is
hereby
amended-
(a) by
the substitution
in subsection
(1) for
the definition
of
-
"actuary"
of the
following
definition:
-
- "'actuary'
means
any
Fellow
of the
Institute of
Actuaries
of
-
England
or of
the
Faculty
of Actuaries
in
Scotland
or of
the
Society
of
Actuaries
of
America or
of an
any other
-
institute,
faculty,
society
or chapter
of actuaries
approved
by the
-
Minister;";
-
- (b)
by the
substitution
in subsection
(1) for
the
definition of
"court"
of the
following
definition:
-
- "
'court'
means
a provincial
or local
division
of the
Supreme
Court of
South
Africa
and includes
the High
Court
of South-West
Africa;";
-
- (c)
by the
deletion in
subsection (1)
of the
definitions
of "Gazette",
"Territory"
and "Union";
and
-
- (d)
by the
substitution
in subsection
(1) for
the definition
of "market
value"
of the
following
definition:
-
- "
'market
value',
in relation
to any
asset
of a
society,
means
the
market
value
in the
Union
Republic or,
if such
value
-
- cannot
be ascertained,
the
price which
would be
obtained
on a
sale in
the
Union
Republic
between
a willing
seller
and a
willing
purchaser as
estimated
by the
society and
approved by
the registrar,
or, where
the registrar
does not
approve
of any estimate
made
by a
society,
the value
estimated
by the
registrar;". -
- Amendment
of section
2 of
Act 25
of 1956,
as amended
by section
31 of
Act
-
43
of 1975
and section
19 of
Act 103
of 1979
-
32.
Section
2 of
the Friendly
Societies
Act,
1956,
is
hereby
amended-
(a) by
the substitution
for paragraph
(g) of
subsection
(1) of
the
-
following
paragraph:
-
- "(g)
the relief
or maintenance
of members,
or any
group of
members,
when
unemployed
or in
distressed
circumstances,
otherwise
than in
consequence
of the
existence
of a
strike
or lockout
as defined
in section
1 of
the Industrial
Conciliation
Labour
-
Relations
Act, 1956
(Act
No. 28
of 1956);
"; and
-
- (b)
by the
substitution
for paragraph
(i) of
subsection
(1) of
the following
paragraph:
-
- "
(i)
such
other
business as
the
Governor-General
Minister
may
by
proclamation
in the
Gazette
declare
to be
business
in respect
of which
a friendly
society may
be established.".
-
- Amendment
of section
3 of
Act 25
of 1956,
as amended
by section
20 of
Act
-
103
of 1979,
section
36 of
Act 9
of 1989
and
section 22
of Act
54 of
1989
-
33.
Section
3 of
the Friendly
Societies
Act,
1956,
is
hereby
amended-
(a) by
the substitution
for paragraph
(a) of
subsection
(1) of
the
-
following
paragraph:
-
- "
(a)
which has
been
established
in terms
of an
agreement
published
or
deemed
to have
been
published under
section 48
of the
Labour
Relations
Act, 1956
(Act
No. 28
of 1956),
except
that such
society shall
from
time
to time
furnish the
registrar
with such
statistical
information
as may
be
prescribed
requested
by
the
-
Minister;";
and
-
- (b)
by the
substitution
for paragraph
(c) of
subsection
(2) of
the following
paragraph:
-
- "(c)
that the
affairs of
any
friendly society
which
has
so applied
for
registration,
are subject
to such
a measure
of control
issuing
-
- from
any
department
of the
State or
any provincial
administration
and
the
Administration
of the
Territory,
as to
ensure
that the
society
will as
regards
its financial
strength
and
-
the
conduct
of its
business
conform
to
standards
at least
as high
as those
imposed
under
this Act
in respect
of registered
societies
(other
than provisionally
registered
societies),
he shall
in writing
exempt
the society
on such
conditions
as he
may
specify from
the
operation
of the
provisions
of this
Act.".
-
- Amendment
of section
11 of
Act 25
of 1956,
as amended
by section
8 of
Act
-
91
of 1972
-
34.
Section
11 of the
Friendly Societies
Act,
1956,
is hereby
amended
by the
substitution
in subsection
(1) for
the words
preceding the
proviso of
the following
words:
-
- "Except
where the
accounts of
a society
are to
be audited
by the
-
Controller
and
Auditor-General
or
a Provincial
Auditor under
-
the
provisions
of one
or other
law, every
registered
society
shall
in the
manner
prescribed
by its
rules
appoint
an auditor
registered
under
the
Public
Accountants'
and
Auditors' Act,
1951 1991
(Act
No.
80 of
-
1991),
who shall
not be
an officer
of the
society:".
-
- Amendment
of section
38 of
Act 25
of 1956,
as amended
by section
25 of
Act
-
103
of 1979
-
35.
Section
38 of
the Friendly
Societies Act,
1956, is
hereby
amended
by the
deletion
of paragraph
(b) of
subsection
(1).
-
- Substitution
of section
45 of
Act 25
of 1956
-
- 36.
The following
section
is
hereby
substituted
for
section 45
of the
-
Friendly
Societies
Act,
1956:
"Annual
report
by
registrar
45.
The registrar
shall
annually
submit
to the
Minister
a report
on his
activities
under
this Act
and
such
report shall
be
laid
by the
Minister
-
on
the Tables
of
both Houses
of Parliament
within
fourteen
days
after
receipt
thereof
if Parliament
is then
in ordinary
session,
or, if
-
Parliament
is
not then
in ordinary
session,
within
fourteen
days after
the commencement
of its
next
ensuing
ordinary
session.".
-
- Substitution
of section
49 of
Act 25
of 1956
-
- 37.
The following
section
is
hereby
substituted
for
section 49
of the
-
Friendly
Societies
Act,
1956:
-
- "Exemption
from
Act 57
of 1988
-
- 49.
The Trust
Moneys
Protection
Act,
1934 (Act
No.
34 of
1934)
-
Property
Control
Act,
1988
(Act
No. 57
of 1988),
shall
not apply
to a
society
registered
under
this Act.".
-
- Substitution
of certain
expression
in Act
25 of
1956
-
- 38.
The Friendly
Societies
Act,
1956,
is hereby
amended
by the
substitution
for the
word "Union",
wherever
it occurs
in sections
-
9(1),10(2),13
and 21(3),
(4) and
(6), of
the word
"Republic".
-
- Amendment
of section
1 of
Act 54
of 1981,
as amended
by section
8 of
Act 51
of 1988,
section
29 of
Act 97
of 1990
and section
5 of
Act
54 of
1991
-
39.
Section
1 of
the Unit
Trusts Control
Act,
1981, is
hereby
amended-
(a) by
the substitution
for the
definition
of "compulsory
charge"
of
-
the
following
definition:
-
- "
'compulsory
charge'
means
any
fiscal charge
or such
other
charge as
the registrar
may determine
by notice
in the
Gazette
-
in
connection
with
the creation
and issue
of units
and any
necessary
-
charge
payable
for the
benefit
of a
person
other than
the
management
company
concerned
or its
agents
(not
being members
of a
recognized
stock
exchange)
in connection
with the
acquisition
of the
underlying
securities
included
or to
be included
in a
unit
portfolio;";
-
- (b)
by the
substitution
for the
definition
of "fixed
property company"
of the
following
definition:
-
- "
'fixed
property company'
means
a company
all the
issued shares
of which
are
included
in a
unit
portfolio,
and the
principal
business
-
of
which consists
in the
acquisition
and holding
of-
-
- (a)
urban immovable
property,
or any
undivided
share therein;
or
-
- (b)
such
other
immovable
property,
undivided
share therein,
or leasehold
in respect
thereof,
as the
registrar
may
have
approved;";
and
-
- (c)
by the
substitution
for the
definition
of "property
shares" of
the
following
definition:
-
- "
'property
shares'
means securities
in and
of-
-
- (a)
a fixed
property
company;
or
-
- (b)
a holding
company which
has
no
subsidiaries
other
than
fixed property
companies
which are
wholly
owned
subsidiaries
as referred
to in
section
1(5)
of
the Companies
Act,
1973
(Act
No. 61
of
-
1973);".
-
- Amendment
of section
3 of
Act 54
of 1981,
as amended
by section
10 of
Act
-
51
of 1988
-
- 40.
Section
3 of
the Unit
Trusts Control
Act,
1981, is
hereby
amended
by the
substitution
for the
proviso to
subsection
(2) of
the following
proviso:
-
- "Provided
that
the
registrar
may,
in his
discretion,
and on
such
conditions
as he
may
deem
fit, exempt-
-
- (i)
any
registered
management
company
-
registered
as such
before
the
commencement
of section
15
-
of
the Financial
Institutions
Amendment
Act, 1988
(Act
No. 51
of 1988)-
-
(aa)
from
compliance
with the
requirements
-
of
paragraph
(b)
for such
2 a
period,
not exceeding
six
months,
as he
may
determine;
-
- (bb)
from
compliance
with the
requirements
of paragraph
(b) to
the
extent to
which
the
said
requirements
exceed the
requirements
which
applied
in terms
of that
paragraph
immediately
prior
to the
commencement
of the
said
section;
and
:
-
(ii)
in the
case of
any
other
registered
management -
company,
such
other
management
company,
from
compliance
with
the
requirements
of paragraph
(b), for
such period,
not
-
exceeding
six months,
as he
may
determine.".
-
- Amendment
of section
5 of
Act 54
of 1981
-
- 41.
Section
5 of
the Unit
Trusts Control
Act,
1981, is
hereby
amended
by the
deletion
of subsection
(3).
-
- Amendment
of section
6 of
Act 54
of 1981,
as amended
by section
7 of
Act 54
of 1991
-
- 42.
Section
6 of
the Unit
Trusts Control
Act,
1981, is
hereby
amended
by the
substitution
for paragraph
(b) of
subsection
(1) of
the
following paragraph:
-
"(b)
shall sell
or offer
for sale
any unit
if the
securities
included
in the
unit portfolio
to which
the
unit
relates
do not
consist,
to the
extent
of at
least 95
per
cent of
market
value,
of-
-
- (i)
stock exchange
securities;
-
- (ii)
subject to
the
provisions
of paragraph
(c), instruments
contemplated
in that
paragraph;
or of
-
- (iii)
securities
(other
than
stock
exchange
-
securities)
acquired
by the
management
company
pursuant to
the
exercise
of rights
attaching
to any
stock
exchange
securities
included
in the
unit
portfolio,
or
any
combination
thereof;
and". -
- Amendment
of section
11 of
Act 54
of 1981
-
- 43.
Section
11 of
the Unit
Trusts Control
Act,
1981,
is hereby
amended
by the
substitution
for subsection
(1) of
the following
subsection:
-
- "(1)(a)
Every
management
company shall
within
30 days
from the
date of
appointment
of
a person
as auditor
of the
management
company,
in accordance
with
the
provisions
of Chapter
X of
the Companies
Act,
1973
(Act
No. 61
of 1973),
apply to
the
registrar
for approval
of such
appointment
-
or,
in
the
case
of an
existing
management
company,
within
30
days from
the
-
date
of
commencement
of section
43 of
the
Financial
Institutions
Second
-
Amendment
Act, 1993,
for
confirmation
of such
appointment.
-
(b)
The registrar
may, without
assigning any
reasons
therefor- -
- (i)
refuse an
application
under
paragraph (a)
for approval
of the
appointment
of
an auditor;
-
- (ii)
refuse
an
application
under
paragraph
(a) for
confirmation
of the
appointment
of an
auditor;
or
-
- (iii)
withdraw any
prior
approval
of
the
appointment
of an
auditor
granted
by the
registrar
under this
section,
and thereupon
the
auditor
concerned
shall vacate
his
office as
auditor
of
the
management
company.
-
- (c)
If the
registrar
under
subparagraph
(i) of
paragraph
(b) refuses
an application
for approval
of the
appointment
of
an auditor
or under
subparagraph
(ii) of
that
paragraph
refuses an
application
for
confirmation
of the
approval
of
the
appointment
of an
auditor or
under
subparagraph
-
(iii)
of
that
paragraph
withdraws an
approval
previously
granted
by
him,
the board
of
directors of
the management
company
concerned
shall appoint
another person
as auditor
and the
provisions
of
paragraph
(a) shall
apply
-
- mutatis
mutandis
in respect
of
the
last-mentioned
appointment.
-
- (d)
A person
appointed
under
paragraph
(c) as
an auditor
of a
management
company
shall
for the
purposes
of Chapter
X of
the Companies
Act,
1973,
be
deemed
to
have
been so
appointed
as auditor
at the
-
immediately
preceding
annual
general
meeting
of
the
management
company.
-
- (e)
If an
auditor
who has
been removed
from his
office as
auditor
of
a management
company
by
such
management
company,
is of
the
opinion
that
he was
removed for
improper
reasons,
he shall
forthwith
inform
the
registrar
-
by
registered
post
thereof.".
-
- Amendment
of section
29 of
Act 54
of 1981,
as amended
by section
15 of
Act
-
51
of 1988
-
- 44.
Section
29 of
the Unit
Trusts Control
Act,
1981,
is hereby
amended
by the
substitution
for the
proviso to
subsection
(2) of
the following
proviso:
-
- "Provided
that
the
registrar
may,
in his
discretion,
and on
such
conditions
as he
may
deem
fit, exempt-
-
- (i)
any
registered
management
company
-
registered
as such
before
the
commencement
of section
15
-
of
the Financial
Institutions
Amendment
Act, 1988
(Act
No.
51 of
1988)-
-
- (aa)
from
compliance
with the
requirements
-
of
paragraph
(b)
for such
a period,
not exceeding
six
months, as
he may
determine;
-
- (bb)
from
compliance
with the
requirements
of paragraph
(b) to
the
extent to
which
the
said
requirements
exceed the
requirements
which
applied
in terms
of that
paragraph
immediately
prior
to the
commencement
of the
said
section;
and
-
- (ii)
in the
case of
any other
registered
management
-
company,
such
other
management
company,
from
compliance
with
the
requirements
of paragraph
(b), for
such period,
not
-
exceeding
six months,
as he
may
determine.".
Amendment
of section
34 of
Act 54
of 1981
-
45.
Section
34 of
the Unit
Trusts Control
Act,
1981,
is hereby
amended
by the
substitution
for paragraph
(a) of
subsection
(4) of
the following
paragraph:
-
- "(a)
introduce into
or have
in a
unit
portfolio shares
in a
fixed
-
property
company
an asset
of which
is pledged,
hypothecated
or otherwise
encumbered
(other than
by a
praedial
servitude
or
leasehold
approved by
the registrar
as
contemplated
in paragraph
(b)
of
the
definition
of 'fixed
property
company'
in section
1) or
which is
liable
under
a guarantee
to discharge
the
liabilities
of any
other
person
in the
event
of the
failure
-
of
that person
to do
so; and".
-
- Substitution
of section
35 of
Act 54
of 1981
-
- 46.
The following
section
is
hereby
substituted
for
section 35
of the
-
Unit
Trusts Control
Act,
1981:
"Listing of
units by
stock
exchange
-
35.
Every registered
management
company
in property
shares which
does
not undertake
to repurchase
units issued
by
it from
any holder
thereof
shall apply
for permission
for such
units to
be dealt
in
-
on
a licensed
stock
exchange
and shall
ensure
that
the
requirements
of such
-
stock
exchange
for inclusion
of the
units in
its list
of the
stocks
and shares
which
may
be dealt
in on
such
exchange
are complied
with.".
-
- Substitution
of section
40 of
Act 54
of 1981
-
- 47.
The following
section
is
hereby
substituted
for
section 40
of the
-
Unit
Trusts Control
Act,
1981:
"Exemption
from
Act 57
of 1988
-
40.
The Trust
Moneys
Protection
Act,
1934 (Act
No.
34 of
1934)
Property
Control
Act,
1988
(Act
No. 57
of 1988),
shall
not apply
in respect
of a
unit
trust scheme
operated
in terms
of this
Act.".
-
- Substitution
of section
41 of
Act 54
of 1981
-
- 48.
The following
section
is
hereby
substituted
for
section 41
of the
-
Unit
Trusts Control
Act,
1981:
"Annual
report
by
registrar
-
41.
The registrar
shall
once in
every
calendar
year
submit
to the
Minister
a report
concerning
the
activities
of all
registered
management
companies
and, in
general,
concerning
all matters
relating
to the
promotion
or management
of unit
trust
or analogous
schemes
and the
Minister shall
lay such
report
upon
the
Table of
the
House of
Assembly
within
14 days
after the
receipt
thereof
if Parliament
is
then
in
session,
or
if
-
Parliament
is
not then
in session,
within 14
days
after
the
commencement
of
-
its
next
ensuing
ordinary
session.".
-
- Substitution
of section
45 of
Act 54
of 1981,
as inserted
by section
8 of
-
Act
45 of
1991
-
49.
The following
section
is
hereby
substituted
for
section 45
of the -
Unit
Trusts Control
Act,
1981:
"Application
of Act
45.
Whenever
the registrar
deems
it
desirable
in the
public
interest, -
he
may,
after
consultation
with
the
advisory
committee,
by notice
in the
Gazette
exempt
on such
conditions
and to
such extent
as he
may
deem
fit
any person
or category
of persons
from
any
provision
of
section
6, 8,
10, 12,
-
17,
22(1)(h),
or 33
or 34(4),
in so
far
as such
provision
-
does
not
already
make
provision for
exemption,
and
may
at any
time
in like
manner
revoke
or amend
such
exemption.".
-
- Amendment
of section
6 of
Act 55
of 1981
-
- 50.
Section
6 of
the Participation
Bonds Act,
1981,
is hereby
amended
by the
substitution
in
subsection
(6) for
subparagraph
(iii)
of paragraph
(b) of
the following
subparagraph:
-
- "(iii)
the
registrar
approves
such
transfer
or cession:
Provided
-
that
if
the
purpose
of the
cession is
to secure
the repayment
of
a debt,
the approval
of the
registrar
shall not
be required.".
-
- Amendment
of section
12 of
Act 55
of 1981
-
- 51.
Section
12 of
the Participation
Bonds Act,
1981,
is hereby
amended
by the
substitution
for subsection
(1) of
the following
subsection:
-
- "(1)
Every manager
shall annually
cause
the
registers
and books
of account
of every
scheme
managed
by it
or him,
including
such
registers
and
books of
account
as may
be kept
by the
nominee
company,
to be
audited
by an
auditor
registered
under the
Public Accountants'
and Auditors'
Act, 1951
-
(Act
No.
51 of
1951)
1991
(Act
No. 80
of 1991).".
Repeal
of section
16 of
Act
55 of
1981
-
52.
Section
16 of
the Participation
Bonds Act,
1981,
is hereby
repealed.
-
- Amendment
of section
8 of
Act 38
of 1984,
as amended
by section
26 of
Act
-
57
of 1988,
section
4 of
Act 92
of 1988
and section
9 of
Act
54 of
l991
-
- 53.
Section
8 of
the Inspection
of Financial
Institutions
Act, 1984,
is hereby
amended
by the
substitution
for paragraph
(c) of
subsection
(1) of
-
- the
following
paragraph:
-
"
(c) if
the registrar
has
reason
to believe
that
any
person who
acted in
the
capacity
of auditor
to a
financial
institution
did not
comply
with
the provisions
of subsection
(3) of
section
26 section
20(5)
-
of
the Public
Accountants'
and Auditors'
Act, 1951
(Act
No. 51
of
-
1951)
1991 (Act.
No.
80 of
1991),
the registrar
may
send a
copy
-
of
the report
by an
inspector
who
inspected
the
affairs
of such
institution
as well
as any
other information
with
regard to
the
affairs of
such financial
institution
obtained
by him
as a
result
of the
application
of
-
this
Act,
to the
Public
Accountants'
and Auditors'
Board
-
established
by
referred
to
in section
2 of
the
Public
-
Accountants'
and Auditors'
Act,
1951
1991;".
Repeal
of section
10 of
Act
38 of
1984
-
54.
Section
10 of
the Inspection
of Financial
Institutions
Act, 1984,
is hereby
repealed.
-
- Repeal
of section
10 of
Act
39 of
1984
-
- 55.
Section
10 of
the Financial
Institutions
(Investment
of
Funds)
Act,
-
1984,
is
hereby
repealed.
-
- Amendment
of section
1 of
Act 1
of 1985,
as amended
by section
14 of
Act 50
of 1986,
section
24 of
Act 51
of 1988,
section 25
of Act
54 of
1989,
-
section
38 of
Act 55
of 1989,
section
13 of
Act 64
of 1990,
section 29
of
-
Act
97 of
1990 and
section
10 of
Act 54
of 1991
-
- 56.
Section
1 of
the Stock
Exchanges
Control
Act, 1985,
is hereby
amended
by the
deletion
or the
definitions
of "Gazette",
"Republic"
and "Territory".
-
- Amendment
of section
4 of
Act 1
of 1985
-
57.
Section
4 of the
Stock Exchanges
Control
Act, 1985,
is hereby
amended
by the
substitution
for paragraph
(e) of
subsection
(1) of
the following
paragraph:
-
- "
(e) an
accountant
or auditor
registered
in terms
of the
Public Accountants'
and Auditors'
Act,
1951
(Act No.
51 of
1951) 1991
(Act
No. 80
of 1991),
as an
accountant
and auditor
and
engaged
in public
practice as
such;
or".
-
- Amendment
of section
7 of
Act 1
of 1985,
as amended
by section
38 of
Act 55
of 1989
-
- 58.
Section
7 of
the Stock
Exchanges
Control
Act, 1985,
is hereby
-
- amended
by the
substitution
for subsections
(3) and
(4) of
the following
subsections,
respectively:
-
- "(3)
Upon receipt
of an
application
relating to
the
issue of
such a
licence the
Registrar
shall
cause
to be
published at
the
expense
of the
association,
in the
Gazette
and in
every
province
and the
Territory
once
in each
of three
consecutive
weeks
in an
English
and an
Afrikaans newspaper
approved
by the
Registrar, a
notice, in
accordance
with subsection
(4),
that the
application
has
been
received.
-
- (4)
The said
notice shall
state the
name,
address and
occupation
of every
member
of the
association
and the
place
in each
province
and the
Territory
where
the rules
of the
association
shall
lie open
for
-
inspection
by any
member
of the
public,
and shall
call
upon all
interested
-
persons
who have
any objections
to the
grant
of the
certificate,
to lodge
their
objections
with the
Registrar
within
a period
specified
in the
notice, not being
less
than
14 days
from
the
date
of the
last publication
thereof.".
-
- Amendment
of section
12 of
Act 1
of 1985,
as amended
by section
29 of
Act
-
51
of 1989
and section
38 of
Act 55
of 1989
-
- 59.
Section
12 of
the Stock
Exchanges
Control
Act, 1985,
is hereby
amended
by the
insertion
after paragraph
(e) of
subsection
(1) of
the following
paragraph:
-
- "(eA)
that,
notwithstanding
anything else
contained
in this
Act,
provision may
be made
for
the admission
of a
natural
person or
a corporate
body to
restricted
membership
of such
a stock
-
exchange,
provided that
such natural
person
or corporate
body-
-
- (i)
is
a member
of a
financial
exchange
duly licensed
in
-
terms
of
the Financial
Markets
Control
Act, 1989
(Act No.
55 of
1989), and
meets
such
admission
and capital
adequacy
requirements
as the
committee
may, with
the
Registrar's
consent,
specify
from time
to time;
-
- (ii)
is restricted
to buying
or
selling those
securities specified
from
time to
time
by the
committee
in order
to manage
the
risks arising
from the
creation
of derivative
financial
instruments
listed on
a stock
exchange
or a
financial
market;
-
- (iii)
may-
-
- (aa)
act only
as a
principal
with other
members
of a
stock exchange
in buying
or selling
the
securities
so
specified;
and
-
- (bb)
with the
consent
of
the
committee,
trade
only
as a
principal
with
other members
of a
stock
exchange
in options
which
are listed
by such
a stock
exchange;
-
- (iv)
is a
fit
and proper
person
and, in
the
case of
a
-
corporate
body,
is managed
and
controlled
by
persons
who are
all fit
and
proper
persons, and
for the
purposes of
this paragraph
'derivative
financial
instruments'
means any
-
futures
or option
contracts
as defined
in section
1 of
the
-
said
Financial
Markets
Control
Act, 1989,
which
derive their
intrinsic
value
from
the
securities
which
underlie
such
contracts,
as well
as any
other
instruments
declared
by the
Registrar by
notice
in the
Gazette
to be
derivative
financial
instruments;".
-
- Amendment
of section
31 of
Act 1
of 1985
-
- 60.
Section
31 of
the Stock
Exchanges
Control
Act, 1985,
is hereby
amended
by the
substitution
for subsection
(9)
of the
following
subsection:
-
- "(9)
Before authorizing
the
return
of such
deposit
the Registrar
shall cause
to be
published
at the
expense
of the
depositor,
in the
Gazette
and in
every
province
and
in the
Territory
once
in each
of three
-
consecutive
weeks
in an
English and
an Afrikaans
newspaper
approved by
the
-
Registrar,
a notice
calling
upon all
persons
who
have
claims
against
the
depositor arising
out of
transactions entered
into
by him
in respect
of securities
and
who
object against
the
return of
the deposit
in question
to the
depositor,
to lodge
their
objections
with
the
Registrar
within
a period
specified
in the
notice,
not
being less
than 30
days
as from
the
date
of
-
the
last
publication
thereof.".
-
- Amendment
of section
42 of
Act 1
of 1985,
as amended
by section
20 of
Act
-
54
of 1991
-
- 61.
Section
42 of
the Stock
Exchanges
Control
Act, 1985,
is hereby
amended
by the
substitution
for subsection
(1)
of the
following
subsection:
-
- "(1)
Every stock-broker
and carrier
against
shares
shall appoint
an auditor
registered
as an
accountant
and
auditor under
the
Public
Accountants'
and Auditors'
Act,
1951
(Act No.
51 of
1951) 1991
-
(Act
No. 80
of 1991),
who
engages
in public
practice
as contemplated
in
-
that
Act and
who has
no direct
or indirect
financial
interest
in the
business
carried
on by
such
broker or
carrier.".
-
- Amendment
of section
1 of
Act 44
of 1988
-
62.
Section
1 of
the Friendly
Societies
Amendment
Act, 1988,
is hereby -
- amended
by the
deletion
of paragraph
(a). Repeal
of section
7 of
Act
44 of
1988
-
63.
Section
7 of
the Friendly
Societies
Amendment
Act, 1988,
is hereby
repealed.
-
- Amendment
of section
5 of
Act 55
of 1989
-
64.
Section
5 of the
Financial
Markets
Control Act,
1989, is
hereby
amended
by the
substitution
for paragraph
(g) of
subsection
(1) of
the following
paragraph:
-
- "(g)
an
accountant
or auditor
registered
under the
Public
Accountants' and
Auditors'
Act,
1951 (Act
No.
51 of
1951)
1991
(Act
No. 80
of
-
1991),
as an
accountant
and auditor
and engaged
in public
practice as
such;
or".
-
- Amendment
of section
17 of
Act 55
of 1989,
as amended
by section
25 of
Act
-
54
of 1991
-
- 65.
Section
17 of
the Financial
Markets
Control
Act,
1989,
is hereby
amended-
-
- (a)
by the
substitution
for paragraph
(e) of
subsection
(1) of
the following
paragraph:
-
- "
(e)
for the
exclusion
of a
body corporate
as a
member
where
a director
of the
body
corporate, a
person concerned
in the
management
of the
body
corporate
or a
person
who has
substantial
control
-
of
the body
corporate,
would
be
excluded
as a
member
by
virtue of
the provisions
of this
Act;"; and
-
- (b)
by the
substitution
for paragraph
(t) of
subsection
(1) of
the following
paragraph:
-
- "(t)
for
the
audit
by an
auditor registered
under
the
Public
-
Accountants'
and Auditors'
Act, 1951
(Act No.
51 of
1951)
-
1991
(Act
No. 80
of
1991),
as an
accountant
and auditor
and engaged
in public
practice
as such,
of the
accounting
records to
be kept
and
furnished
to the
Registrar
by a
financial
exchange
and a
member
thereof
under
and in
accordance
with the
regulations;".
-
- Amendment
of section
18 of
Act 55
of 1989
-
- 66.
Section
18 of
the Financial
Markets
Control
Act,
1989,
is hereby
amended
by the
substitution
for subsection
(2)
of the
following
subsection:
-
"(2)
The board
shall
consist of
an advocate
of one
of the
divisions of -
the
Supreme
Court of
the Republic
of not
less
than
10 years
standing,
who shall
be the
chairman
of the
board,
an accountant
in public
practice
registered
as an
accountant
and auditor
under the
Public Accountants'
and Auditors'
Act, 1951
(Act No.
51 of
1951) 1991
(Act No.
80 of
-
1991),
of not
less than
10
years'
standing,
and a
person
appointed
by
-
virtue
of his
knowledge
of financial
markets
in the
Republic.".
-
- Amendment
of section
1 of
Act 97
of 1990,
as amended
by section
1 of
Act 41
of 1992
-
- 67.
Section
1 of
the Financial
Services
Board
Act, 1990,
is
hereby
amended
by the
addition
of the
following
paragraph
to the
definition
of "financial
institution":
-
- "(h)
any
central
securities
depository
and a
depositary
institution
as defined
in the
Safe
Deposit
of
Securities
Act,
1992
(Act
No. 85
of
-
1992);".
-
- Amendment
of section
5 of
Act 97
of 1990
-
- 68.
Section
5 of
the Financial
Services
Board
Act, 1990,
is hereby
amended
by the
substitution
for paragraph
(b) of
the following
paragraph:
-
- "
(b)
if, in
the opinion
of the
State President,
he is
actually
engaged
in the
business
of a
financial
institution
or actually
engaged
in the
rendering of
a financial
service:
Provided
that the
State
President
may,
in
consultation
with the
recognized
association
or
organization
of the
-
relevant
financial
institution
or financial
service in
which such
person is
-
actually
engaged,
appoint a
person who
would
otherwise
be
disqualified
in terms
of this
paragraph from
being
a member
of the
board;".
-
- Amendment
of section
21 of
Act 97
of 1990
-
- 69.
Section
21 of
the Financial
Services
Board
Act,
1990, is
hereby
amended-
-
(a)
by the
substitution
for subsection
(1) of
the following
subsection:
"(1)
(a) The
Board
shall
each
year
submit
to the
Minister
a
-
report
on its
affairs
and
functions
during
the
year
ended
on 31
-
December
last
preceding which
shall, inter
alia,
include
the
-
Following.
-
- (b)
The report
referred to
in
paragraph
(a) shall
inter
alia include
the
following
in
respect
of the
financial
year referred
to
-
in
section 17
ending
during the
year
following the
year
on which
a
-
report
is being
submitted:
-
- (a)
(i)
An audited
balance
sheet,
including
-
any
notes
thereon
or document
annexed
thereto
providing
information
required
by this
Act;
-
- (b)
(ii)
an audited
income
statement,
-
including
any similar
financial
statement,
where such
form
is appropriate,
and
including any
notes thereon
or document
annexed
thereto
providing
information
required
by this
Act;
and
-
- (c)(iii)
an audited
statement
of the
source and
application
of funds.",
and
-
- (b)
by the
substitution
for the
words
preceding
paragraph
(a)
of subsection
(2) of
the following
words:
-
- "The
financial statements
referred
to in
subsection
(1)(a)(b)
-
and
(c)
shall-".
-
- Amendment
of section
1 of
Act 85
of 1992
-
- 70.
Section
1 of
the Safe
Deposit of
Securities
Act, 1992,
is hereby
amended
by the
substitution
for the
definition
of "regulation"
of the
following definition:
-
- "
'regulation'
means a
regulation
made
under
section
15
-
14;".
-
- Amendment
of section
9 of
Act 85
of 1992
-
- 71.
Section
9 of
the Safe
Deposit of
Securities
Act, 1992,
is hereby
amended-
-
- (a)
by the
substitution
for paragraph
(a) of
subsection
(3) of
the following
paragraph:
-
- "(a)
shall be
made
in the
prescribed
manner
and on
the
prescribed
form,
and
shall be
accompanied
by the
prescribed
fee;";
and
-
- (b)
by the
substitution
in subsection
(5) for
the
words preceding
paragraph
(a) of
the following
words:
-
- "The
Registrar shall
not grant
an application
under this
section
for the
registration
of a
central securities
depository
unless
the prescribed
fee
has been
paid
and
he is
satisfied-".
-
- Amendment
of section
12 of
Act 85
of 1992
-
- 72.
Section
12 of
the Safe
Deposit
of Securities
Act, 1992,
is hereby
amended
by the
substitution
for subsection
(3)
of the
following
subsection:
-
- "(3)
No addition
to,
amendment
of or
deletion
from
the
rules of
a central
securities
depository
or the
said
list of
members
shall be
valid
until it
has
been approved
by the
Registrar
against
payment
of
the prescribed
fee.".
-
- Amendment
of section
14 of
Act 85
of 1992
-
- 73.
Section
14 of
the Safe
Deposit
of Securities
Act, 1992,
is hereby
amended-
-
- (a)
by the
deletion of
the word
"and"
at the
end of
paragraph
(b) and
the insertion
after the
said paragraph
of the
following paragraph:
-
- "(bA)
matters
in addition
to
those
contemplated
in any
other
provision
of this
Act in
respect
of which
fees shall
be
payable,
the fee
payable
in respect
of
each
such matter,
and, in
relation to
such
fees as
well as
fees payable
under
any such
other
provision
of this
Act, the
persons by
whom the
fees shall
be payable,
the manner
of payment
thereof
and,
where
it
is deemed
necessary,
the payment
of interest
in respect
of
overdue
fees; and";
and
-
- (b)
by the
addition
of the
following
subsection,
the existing
section
becoming
subsection
(1):
-
- "(2)
Fees
which
are
in
terms
of or
by
virtue
of a
provision
of this
Act
payable, and
interest
so payable
in respect
of overdue
fees, shall
be
a debt
due to
the
Financial
Services
Board
-
established
by
section
2 of
the
Financial
Services
Board Act,
1990
-
(Act
No.
97 of
1990),
and may
be recovered
by
the
Registrar
by action
in any
competent
court.".
-
- Short
title
and commencement
-
- 74.
(1) This
Act shall
be
called the
Financial Institutions
Second
Amendment
Act, 1993,
and the
provisions
thereof
shall come
into operation
on a
date
fixed
by the
State President
by proclamation
in the
Gazette.
-
- (2)
Different
dates
may
be fixed
under
subsection (1)
in
respect
of different
provisions
of this
Act.
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