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

Chapter III : Authorisation to Establish, and Registration and Cancellation of Registration of, Banks

33. Reregistration in terms of this Act

 

(1) Every institution which on the date immediately preceding the date of commencement of the Deposit-taking Institutions Amendment Act, 1993 (hereinafter in this section referred to as the Amendment Act), is a deposit-taking institution that has been provisionally registered or finally registered as such under the provisions of this Act as those provisions existed prior to the amendment thereof by the Amendment Act shall, in accordance with and subject to the provisions of subsections (2) and (3)—
(a) in the case of an institution that has so been provisionally registered as a deposit-taking institution, be provisionally registered as a bank; and
(b) in the case of an institution that has so been finally registered as a deposit-taking institution, be finally registered as a bank, by the Registrar in terms of the provisions of this Act as so amended, as soon as is practicable after the said date of commencement.

 

(2) The Authority shall when complying with the provisions of subsection (1) issue to the institution in question a certificate of provisional or final registration as a bank, as the case may be.

 

(3) The reregistration of an institution in terms of this section shall in the case of a provisional registration be for the unexpired portion of the period of the institution's former provisional registration as a deposit-taking institution.

 

(4) Upon the reregistration of an institution in terms of this section its previous registration as a deposit-taking institution shall be deemed to have lapsed and any certificate of registration issued in respect thereof shall be deemed to have been cancelled.

 

(5) No fees shall be payable in respect of a reregistration in terms of this section.

 

[Section 33 substituted by section 9 of Act No. 9 of 1993]