South African Institute for Drug Free Sport Act, 1997
R 385
Financial Sector Regulation Act, 2017 (Act No. 9 of 2017)Chapter 12A : Resolution of Designated InstitutionsPart 5 : Banks in resolution - covered deposits166AC. Payments made in error or as result of fraud |
If—
| (a) | the Corporation makes one or more payments out of the Fund as contemplated by section 166AA in respect of a depositor with a bank in resolution; |
| (b) | the total amount paid was more than was permitted by section 166AB; and |
| (c) | the excess amount paid was paid because of— |
| (i) | an error by the Corporation or the bank in resolution, whether before or after the bank was placed in resolution, including a failure of the bank to comply with an obligation to provide information; or |
| (ii) | fraud, except fraud by an official or employee of the Corporation, |
the Corporation is entitled to recover the excess amount from the bank in resolution.
[Section 166AC inserted by section 51 of the Financial Sector Laws Amendment Act, 2021 (Act No. 23 of 2021), Notice No. 789, GG45825, dated 28 January 2022 - effective 1 April 2024 per Notice No. 4468, GG50372, dated 25 March 2024]
