Medicines and Related Substances Act, 1965
R 385
Banks Act, 1990 (Act No. 94 of 1990)Chapter II : Administration of Act7. Furnishing of information by banks and controlling companies |
| (1) | The Authority may by notice in writing— |
| (a) | direct a bank or a controlling company or a subsidiary of a bank or controlling company to furnish the Authority, at such time or times or at such intervals or in respect of such period or periods as may be specified in the notice, with such information as may be specified in the notice and as the Authority may reasonably require for the performance of his or her functions under this Act; or |
[Section 7(1)(a) substituted by section 4(a) of Act No. 19 of 2003]
| (b) | direct such bank, controlling company or subsidiary to furnish the Authority with a report by a public accountant as defined in section 1 of the Auditing Profession Act, 2005 (Act No. 26 of 2005), or by any other person with appropriate professional skill, on any matter, or any aspect of any matter, about which the Authority has directed or may direct under paragraph (a) the bank, controlling company or subsidiary to furnish information. |
[Section 7(1)(b) substituted by section 4(b) of Act No. 19 of 2003]
| (1A) | The report required by the Authority under paragraph (b) shall be drawn up at the expense of the bank, controlling company or subsidiary in question. |
[Section 7(1A) inserted by section 4(b) of Act No. 19 of 2003]
| (2) | The public accountant or other person appointed by a bank, controlling company or subsidiary to make a report required under subsection (1)(b), shall be a person designated or approved by the Authority, and the Authority may require the relevant report to be in such form as may be specified in the notice referred to in subsection (1). |
| (3) | No due diligence audit of the financial condition of any bank shall be conducted without the Authority first having been notified in writing of the intention to do so. |
[Section 7(3) inserted by section 3 of Act No. 36 of 2000]
| (4) | The person at whose request a due diligence audit of the financial condition of a bank has been conducted shall furnish the Authority with a copy of the audit report. |
[Section 7(4) inserted by section 3 of Act No. 36 of 2000]
| (5) | No person shall without the written consent of the Authority disclose to any other person, except to the bank whose financial condition was the subject of the due diligence audit, any information contained in a report referred to in subsection (4). |
[Section 7(5) inserted by section 3 of Act No. 36 of 2000]
