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

Chapter IX : General Provisions

91. Regulations

 

(1) The Minister may make regulations—
(a) as to any matter which is required or permitted to be prescribed by regulation under this Act;
(b) providing guidelines relating to the conduct of, and prescribing requirements to be complied with by, a member of the board of directors of a mutual bank in the performance of his functions as such a director;
(c) [Section 91(1)(c) deleted by the Schedule: Amendment of Laws: Section 4 of the Financial Sector and Deposit Insurance Levies (Administration) and Deposit Insurance Premiums Act, 2022 (Act No. 12 of 2022), Notice No. 1512, GG47696, dated 9 December 2022 - effective 1 April 2023 per section (c) of Commencement Notice No. 3188, GG48291, dated 24 March 2023]
(d) prescribing the manner in which any payment in terms of this Act shall be made to the Registrar;
(e) prescribing such further returns as the Minister may deem expedient, in addition to those contemplated in any other provision of this Act, to be furnished by mutual banks to the Registrar;
(f) prescribing that the financial statements of a mutual bank shall be prepared in conformity with generally accepted accounting practice;
(g) [Section 91(g) deleted by section 290, item 8 in Schedule 4, of Act No. 9 of 2017 - effective 1 April 2018 (paragraph (h) of Notice 169 of 2018, as amended by Notice 142 of 2019, GG 42314, dated 18 March 2019)]
(h) prescribing the basis on which any movable or immovable assets shall for the purposes of this Act be valued; or
(i) prescribing, generally, any matter, whether or not connected with any matter specified in paragraphs (a) to (h), inclusive, which he may deem it necessary or expedient to prescribe in order that the objects and purposes of this Act may be better achieved.

 

(2) A person who is obliged in terms of any provision of this Act to render return or statement in a prescribed form, shall be deemed not to have rendered that return or statement unless he has set forth therein all the particulars for which provision is made in the prescribed form.

 

(3) A regulation made under subsection (1) may in respect of any contravention thereof or failure to comply therewith prescribe a penalty of a fine, of imprisonment for a period not exceeding six months.