Special Investigating Units and Special Tribunals Act, 1996
R 385
National Credit Act, 2005 (Act No. 34 of 2005)Chapter 3 : Consumer Credit Industry RegulationPart A : Registration requirements, criteria and procedures47. Disqualification of juristic persons and associations |
| (1) | A registered credit provider, a juristic person or an association of persons may not be registered as a debt counsellor. |
| (2) | Subject to subsection (4), a juristic person or an association of persons may not be registered as a credit provider or credit bureau if any natural person who would be disqualified from individual registration in terms of section 46(3) exercises general management or control of that person or association, alone or in conjunction with others. |
| (3) | Subject to subsection (4), if a natural person contemplated in subsection (2) becomes disqualified from individual registration in terms of section 46(3) after the business concerned was registered in terms of this Act— |
| (a) | that natural person must advise the registrant, and the National Credit Regulator, in the prescribed manner and form; and |
| (b) | if that natural person— |
| (i) | holds an interest in that business, it must be disposed of within a reasonable period of not more than three years, determined by the National Credit Regulator after considering the circumstances and the nature of the disqualification; or |
| (ii) | is a manager or controller of the business, the National Credit Regulator may impose reasonable conditions on the continuation of the registration with the object of ensuring continuing compliance with the principles of this Act. |
| (4) | Subsections (2) and (3) do not apply to a regulated financial institution. |
| (5) | The provisions of subsection (3), read with the changes required by the context, apply to a natural person who— |
| (a) | acquires a financial interest in a registrant; or |
| (b) | assumes a management or control function with a registrant. |
| (6) | The National Credit Regulator must deregister a juristic person if the registrant becomes disqualified in terms of this section at any time after being registered. |
