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Banks Act, 1990 (Act No. 94 of 1990)

Chapter IX : General Provisions

93. Interpretation of certain references in existing laws and in other documents

 

A reference in any law in force immediately prior to the commencement of the Deposit-taking Institutions Amendment Act, 1993, or in any other document, to—

(a) a deposit-taking institution, discount house, banking institution, banking institution registered under or in terms of the Banks Act, 1965 (Act No. 23 of 1965), or building society registered in terms of the Building Societies Act, 1986 (Act No. 82 of 1986), shall, unless inconsistent with the context or otherwise clearly inappropriate, be construed as a reference to a bank;
(b) the Registrar of Deposit-taking Institutions or the Registrar of Building Societies shall be construed as a reference to the Authority:

Provided that—

(i) any such reference in section 10(1)(i)(xii)(bb), (xiiA) or (xiii)(bb) or 19(5A) of the Income Tax Act, 1962 (Act No. 58 of 1962), to a building society, shall be so construed as a reference to a bank which, prior to its registration as such, had been a building society (within the meaning of the Building Societies Act, 1986) that after the commencement of this Act was registered as a deposit-taking institution by virtue of the provisions of section 33 as those provisions existed prior to the amendment thereof by the Deposit-taking Institutions Amendment Act, 1993; and
(ii) any such reference in section 10(1)(w) of the Income Tax Act, 1962, to a deposit-taking institution shall be so construed as a reference to a bank which, prior to its registration as such, had been a banking institution (within the meaning of the Banks Act, 1965) that after the commencement of this Act was registered as a deposit-taking institution by virtue of the provisions of section 33 as those provisions existed prior to the amendment thereof by the Deposit-taking Institutions Amendment Act, 1993.