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

Notices

Exemption of Co-operative Banks Act in terms of Section 89 of Co-operative Banks Act, 2007

Notice No. 4899 of 2024

 

Notice No. 4899

31 May 2024

GG 50740

 

National Treasury

 

I, Enoch Godongwana, Minister of Finance, in terms of section 89(1)(a) of the Co-operative Banks Act, 2007 (Act No. 40 of 2007), hereby exempt co-operative banks from complying with regulations 4(1)(b)(i) and 5 of Regulations made under that Act as set out in the Schedule.

 

 

Enoch Godongwana, MP

Minister of Finance

 

Schedule

 

1. Definitions

 

In this Schedule, “the Act” means the Co-operative Banks Act, 2007 (Act No. 40 of 2007), and any word or expression to which a meaning has been assigned in that Act has the meaning so assigned―

 

“Corporation” means the Corporation for Deposit Insurance established by section 166AE of the Financial Sector Regulation Act, 2017 (Act No. 9 of 2017); and defined in the Act.

 

“Regulations” means the Regulations made under section 86 of the Act and published under Government Notice R.712 of 1 July 2009.

 

2. Exemption

 

2.1. In respect of fund liquidity contributions made to the Corporation for Deposit Insurance and in terms of section 89(1)(a) of the Co-operative Banks Act, 2007 (Act No. 40 of 2007), co-operative banks are exempted from complying with regulations 4(1)(b)(i) and 5 of the Regulations, with effect from the date of publication of this Notice in the Gazette for a period of two years.