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Table of Contents
Mutual Banks Act, 1993 (Act No. 124 of 1993)
Notice No. 1291 of 1993
Act
Chapter I : Interpretation of Act
1. Definitions
1A. Relationship between Act and Financial Sector Regulation Act
Chapter II : Administration of Act
2. [Repealed] Functions of Registrar
3. Delegation of powers and assignment of duties by Registrar
4. Powers of inspection of, guidance notes, directives and guidelines by, Authority
5. Furnishing of information by mutual banks
6. [Repealed] Power of Registrar to extend certain periods
7. [Repealed] Appeal against decisions of Registrar
8. [Repealed] Annual report by Registrar
Chapter III : Authorization to Establish, and Registration and Cancellation of Registration of, Mutual Banks
9. Registration a prerequisite
10. Authorization to establish mutual bank
11. Granting or refusal of application for authorization
12. Revocation of authorization
13. Application for registration as mutual bank
14. Granting or refusal of application for registration
15. Conditions of registration
16. [Repealed] Application for final registration as mutual bank
17. Granting or refusal of application for final registration
18. Untrue information in connection with applications
19. Juristic personality of mutual bank
20. Use of name of mutual bank
21. Cancellation or suspension of registration by Registrar
22. Notice by Registrar of intention to cancel or suspend registration
23. Cancellation or suspension of registration by court
24. Restriction by Registrar of activities of mutual bank
25. Cancellation of registration at request of mutual bank
26. Withdrawal of suspension or restriction
27. Publication of information relating to mutual banks
28. Date on which registration lapses
29. Repayment of deposits upon lapse of registration
30. Reregistration in terms of this Act
30A. Reregistration after commencement of Mutual Banks Amendment Act, 1999
31. Annual licence
Chapter IV : Administration of Mutual Banks
32. Matters to be set forth in articles
33. Alteration of articles
34. Alteration of articles in accordance with direction of Registrar
35. Change of name of mutual bank
36. Binding force of articles
37. Directors of mutual bank
38. Disqualifications of directors
39. Disclosure by directors of interest in contracts with mutual bank
40. Head office of mutual bank
41. Branch offices and agencies
42. Accounting records
43. Annual financial statements
44. General meetings
45. Appointment of auditor
46. Functions of auditor in relation to Registrar
47. Audit committee
Chapter V : Prudential requirements
48. Minimum share capital and unimpaired reserve funds
49. Minimum reserve balance
50. Minimum liquid assets
51. Large exposures
52. Failure or inability to comply with prudential requirements
53. Returns
Chapter VI : Provisions relating to Aspects of the Conduct of the Business of a Mutual Bank
54. Acceptance of deposits and granting of loans, advances or other credit
55. Restriction on investments in immovable property and shares
56. Restriction on investments with, and loans and advances to, certain associates
57. Shares
58. Dividends
59. Undesirable practices
60. Shareholding in insurer
Chapter VII : Conversion of Mutual Banks
61. Definitions
62. Conversion of mutual banks into banks
63. Application for Registrar's approval
64. Consideration of application
65. Special general meeting to authorize conversion
66. Registration of controlling company in respect of bank established by conversion
67. Registration of memorandum and articles of association by Registrar of Companies
68. Notice in Gazette of conversion
69. Effects of conversion
70. Issue of shares to persons who were members of former mutual bank
Chapter VIII : Amalgamation, Winding-up and Dissolution
71. Amalgamation and transfer of assets and liabilities
72. Transfer of part of a mutual bank's business
73. [Repealed] Judicial management
74. [Repealed] Voluntary winding-up of mutual bank
75. [Repealed] Winding-up by court
76. [Repealed] Appointment of judicial manager and liquidator
77. [Repealed] Dissolution of mutual bank
78. Limitation of liability of members
78A. Sections 71, 72 and 78 do not apply to mutual banks in resolution
79. Liability of borrowers in winding-up
80. [Repealed] Distribution of surplus in winding-up
81. [Repealed] Appointment of curator to mutual bank
Chapter IX : General Provisions
82. Appointment of inspector by Registrar on application of members
83. Investigation by inspector appointed by mutual bank
84. Information to be furnished to inspectors
85. Application for shares or for leave to make deposits
86. Certification of returns and other documents
87. Inspection, copies and keeping of documents
88. Minors and married women
89. Limitation of liability
90. Furnishing of information by Registrar
91. Regulations
92. Offences and penalties
93. Review of Act
94. Interpretation of certain references in existing laws
95. Repeal of laws, and savings
96. Short title and commencement
Schedules
Laws Repealed
"member"
means a shareholder in a mutual bank;
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