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Co-operative Banks Act, 2007 (Act No. 40 of 2007)

Chapter VIII : Administration of Act

45. General powers and functions of Authority

[Section 45 heading substituted by section 290, item 26 in Schedule 4, of Act No. 9 of 2017 - effective 1 April 2018 (paragraph (h) of Notice 169 of 2018)]

 

The Authority, in addition to other functions conferred on the Authority by or in terms of any other provision of this Act—

(a) must take steps that the Authority considers necessary to protect the public in their dealings with co-operative banks and co-operative financial institutions;
(b) may, on the written request of a co-operative bank, co-operative financial institution, a representative body, support organisation or auditor, extend any period within which any documentation, information or report must be submitted to the Authority;
(c) must determine the form, manner and period, if a period is not specified in this Act, within which any documentation, information or report that a co-operative bank, co-operative financial institution, representative body, support organisation or auditor is required to submit to the Authority under this Act must be submitted;
(d) may, despite the provisions of any law, furnish information acquired by the Authority under this Act to any person charged with the performance of a function under any law;
(e) may issue guidelines to co-operative banks, co-operative financial institutions, members, supporting institutions and auditors on the application and interpretation of this Act and provide them with information on market practices or market or industry developments within or outside the Republic;
(f) may publish a journal or any other publication, and issue newsletters and circulars containing information relating to co-operative banks and co-operative financial institutions; and
(g) may take any measures that the Authority considers necessary for the proper performance and exercise of the Authority's functions or duties or for the implementation of this Act.

 

[Section 45 substituted by section 290, item 10 in Schedule 4, of Act No. 9 of 2017 - effective 1 April 2018 (paragraph (h) of Notice 169 of 2018)]