Medicines and Related Substances Act, 1965
R 385
Banks Act, 1990 (Act No. 94 of 1990)Chapter III : Authorisation to Establish, and Registration and Cancellation of Registration of, Banks18A. Branches of foreign institutions |
| (1) | An institution which has been established in a country other than the Republic and which lawfully conducts in such other country a business similar to the business of a bank (hereinafter in this section referred to as the foreign institution) may, notwithstanding the provisions of section 11(1), with the prior written authorization of the Authority and subject to the prescribed conditions and to such further conditions, if any, as the Authority may determine, conduct the business of a bank by means of a branch in the Republic. |
| (2) | To obtain the authorization of the Authority as contemplated in subsection (1), the foreign institution concerned shall in the manner and on the form prescribed in the Regulations relating to branches lodge with the Authority a written application which shall be accompanied by— |
[Words preceding section 18A(2)(a) substituted by section 15(a) of Act No. 19 of 2003]
| (a) | a written statement containing the prescribed information; and |
| (b) | the prescribed fee. |
| (3) | The Authority may require the foreign institution applying in terms of subsection (2) to furnish him or her with— |
[Words preceding section 18A(3)(a) substituted by section 15(b) of Act No. 19 of 2003]
| (a) | such information or documents, in addition to information and documents furnished by the foreign institution in terms of subsection (2); or |
| (b) | such further information with regard to the nature and extent of supervision exercised or to be exercised by the responsible supervisory authority of the foreign institution's country of domicile in respect of— |
| (i) | the proposed branch in the Republic; |
| (ii) | the foreign institution itself; or |
| (iii) | any group of institutions of which the foreign institution may form a part, |
as the Authority may deem necessary.
| (4) | When the Authority grants or refuses an application in terms of subsection (2) for authorization to conduct the business of a bank by means of a branch in the Republic, he or she shall give written notice of that fact to the applicant concerned |
[Section 18A(4) substituted by section 15(c) of Act No. 19 of 2003]
| (5) | The Authority shall not grant an application in terms of subsection (2) unless he or she is satisfied that proper supervision as contemplated in subsection (3)(b) is or will be exercised by the responsible supervisory authority of the foreign institution’s country of domicile. |
[Section 18A(5) substituted by section 15(d) of Act No. 19 of 2003]
| (6) | If the Authority grants an application referred to in subsection (4) he or she shall on the prescribed form issue to the foreign institution concerned a certificate of authorization to conduct the business of a bank by means of a branch in the Republic. |
[Section 18A(6) substituted by section 15(e) of Act No. 19 of 2003]
| (7) | Any foreign institution that conducts the business of a bank by means of a branch in the Republic without having obtained the Authority's written authorization referred to in subsection (1) shall be guilty of an offence. |
| (8) | Any reference to a bank in this Act or in any other Act of Parliament shall, in so far as it may be relevant, include a reference to a branch, unless expressly stated otherwise. |
[Section 18(8) inserted by section 7 of Act No. 20 of 2007]
[Section 18A inserted by section 11 of Act No. 26 of 1994]
