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

Notices

Designation of an Activity not Falling within the meaning of "The Business of a Bank"

Commercial Paper

1. Definitions

Purchase

In this Schedule, "the Act" means the Banks Act, 1990 (Act No. 94 of 1990), and any word or expression to which a meaning has been assigned in the Act shall bear such meaning and, unless the context otherwise indicates-

"Central Government"

means the Central Government as defined in regulation 1 of the Regulations;

"commercial paper"

means—

(a)	any written acknowledgement of debt irrespective of whether the maturity thereof is fixed or based on a notice period, and irrespective of whether the rate at which interest is payable in respect of the debt in question is a fixed or floating rate; and

(b)	debentures or any interest-bearing written acknowledgement of debt issued for a fixed term in accordance with the provisions of the Companies Act, 1973 (Act No. 61 of 1973),

but does not include bankers' acceptances;

"Companies Act"

means the Companies Act, 1973 (Act No. 61 of 1973);

"company"

means a company as defined in section 1 of the Companies Act;

"holding company"

means a holding company as defined in section 1(4) of the Companies Act;

"issuer"

means a person issuing commercial paper under the provisions of this Notice;

"listed company"

means a public company, the securities of which are included in the list of securities kept by the committee of the Johannesburg Stock Exchange in terms of section 16(a) of the Stock Exchanges Control Act, 1985 (Act No.1 of 1985), but does not include a public company, the securities of which are included exclusively under the sectors "Development Capital" or "Venture Capital" in the list of securities kept by the committee of the Johannesburg Stock Exchange in accordance with the provisions of the aforesaid Act;

"the Regulations"

means the Regulations relating to Banks, made under section 90 of the Act;

"ultimate borrower"

means an ultimate borrower as contemplated in paragraph 3(2);

"wholly owned subsidiary"

means a wholly owned subsidiary as defined in section 1 of the Companies Act.