Statistics Act, 1999
R 385
Mutual Banks Act, 1993 (Act No. 124 of 1993)Chapter IV : Administration of Mutual Banks35. Change of name of mutual bank |
| (1) | A mutual bank may, with the approval of the Registrar, by special resolution change its name. |
| (2) | Any application for the Registrar's approval in terms of subsection (1) shall be lodged with the Registrar before the proposed special resolution authorising such change is laid before a general meeting of members of the mutual bank, and any such application shall be accompanied by— |
| (a) | two copies of such proposed special resolution; and |
| (b) | an explanation of the reasons for the resolution. |
| (3) | The Registrar shall not grant any application referred to in subsection (2) if he is of the opinion that the proposed new name is unacceptable on any of the grounds mentioned in section 14(2)(e). |
| (4) | When the name of a mutual bank is changed in terms of subsection (1) the Registrar shall enter the new name in his records in place of the former name and shall issue a new certificate of registration of the mutual bank under its new name, provided the certificate previously issued by him is delivered to him for cancellation. |
| (5) | The change of name shall not affect any right or obligation of the mutual bank or any member thereof or any other person concerned or render defective any legal proceedings by or against the mutual bank, and any legal proceedings that may or could have been continued or commenced by or against it under its former name may be continued or commenced under its new name. |
| (6) | The officer in charge of a deeds registry or other office in which is registered any mortgage bond or any immovable property belonging to the mutual bank shall, upon production to him by the mutual bank of such bond or of the title deed of such immovable property and a certificate by the Registrar of the registration of the mutual bank under its new name, and upon payment of the fee that may be payable in terms of any law relating to deeds registries, make such endorsements upon such bond or title deed and such entries in his registers as may be necessary by reason of the change of name. |
| (7) | If the Registrar has certified in writing that in his opinion the new name of the mutual bank is so similar to its former name that both names obviously refer to the same mutual bank, any mortgage bond or title deed registered in the former name of the mutual bank shall, unless and until it is sought to endorse such bond or title deed regarding any transaction other than a cancellation, be deemed to have been registered in the name of the mutual bank as changed. |
