Mutual Banks Act, 1993 (Act No. 124 of 1993)

Chapter VI : Provisions relating to Aspects of the Conduct of the Business of a Mutual Bank

Purchase

(1)	A mutual bank may, subject to the provisions of this Act and such directives as may from time to time be issued by the Registrar—

(a)	accept deposits and grant loans, advances or other credit in the Republic; and

(b)	with the written approval of the Registrar accept deposits and grant loans, advances or other credit in any state the territory of which formerly formed part of the Republic.

(2)	A mutual bank shall not issue negotiable certificates of deposit otherwise than in accordance with such conditions as may be prescribed.