| (1) |
The board may impose by notice in the Gazette levies on financial institutions and may, subject to the provisions of this section, at any time in similar manner amend, substitute or withdraw any such notice. |
| (a) |
Before imposing levies referred to in subsection (1), the board must publish the proposed levies in such manner as it considers appropriate in order to bring the proposed levies to the attention of the financial institutions in question and the users of financial services rendered by these institutions, together with a statement that representations about the proposed levies may be made to the board within a specified time. |
| (b) |
Before imposing levies the board must have regard to any representations made in pursuance of the statement referred to in paragraph (a). |
| (c) |
Paragraphs (a) and (b) do not apply where the board, with the approval of the Minister, is of the opinion that the delay involved in complying with those paragraphs would be prejudicial to the functions of the board in terms of section 3(a) and (c). |
[Section 15A(1A) inserted by section 12 of Act No. 12 of 2000]
| (a) |
The board shall in any such notice determine— |
| (i) |
the amounts of the levies or the bases or manners of calculation or determination of the amounts; |
| (ii) |
the periods in respect of which levies are imposed, the dates on which levies or the periods within which they are payable, and the manners of payment; |
| (iii) |
the rates of interest and manner of calculation of interest contemplated in subsection (3); |
| (iv) |
the manner in which applications for exemptions contemplated in subsection (4) shall be made; and |
| (v) |
the manner in which a notice contemplated in subsection (4)(b)(ii) shall be served. |
| (b) |
The board may in any such notice— |
| (i) |
impose different levies referred to in subsection (1); and |
| (ii) |
determine different amounts, bases or manners of calculation or determination, periods, dates, manners of payment, rates of interest and manners of calculation of interest, manners of making application or of service referred to in paragraph (a), |
in respect of different financial institutions, different categories of financial institutions and different sub-categories of a specific type of financial institution.
| (a) |
A financial institution which is under such notice liable for payment of a levy, and which fails to pay the levy in full within the period for payment as determined in the notice or on the date so determined, shall, at the rate and calculated in the manner determined in the notice, pay interest on the balance of the levy outstanding and on the interest so payable but unpaid. |
| (b) |
A levy imposed by any such notice, and interest owed in respect thereof, shall be deemed to be a debt due to the board and may be recovered by the board by way of judicial process in a competent court. |
| (a) |
The board may upon the application of a financial institution, and if the board is of the opinion that there are sound reasons therefor, grant exemption to the financial institution from a provision of the notice to the extent and subject to the conditions determined by the board. |
| (b) |
An exemption contemplated in paragraph (a) shall lapse when— |
| (i) |
the board on the ground of facts and information at its disposal finds that the financial institution concerned has contravened a provision of a condition imposed as contemplated in paragraph (a), or has failed to comply therewith, or has otherwise acted contrary to the exemption; and |
| (ii) |
the board has served a written notice to that effect in accordance with the provisions of a notice referred to in subsection (1) on the institution. |
| (c) |
The board shall before taking a decision contemplated in paragraph (b)(i), grant the financial institution concerned the opportunity deemed fit by the board to be heard. |
[Section 15A(4)(c) substituted by section 2 of Act No. 84 of 1992]
[Section 15A inserted by section 4 of Act No. 41 of 1992]
Older Persons Act, 2006
