National Credit Act, 2005 (Act No. 34 of 2005)

Chapter 1 : Interpretation, Purpose and Application of Act

Part A : Interpretation

2. Interpretation

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1)This Act must be interpreted in a manner that gives effect to the purposes set out in section 3.

 

2)Any person, court or tribunal interpreting or applying this Act may consider appropriate foreign and international law.

 

3)If a provision of this Act requires a document to be signed or initialed by a party to a credit agreement, that signing or initialing may be effected by use of-

a)an advanced electronic signature, as defined in the Electronic Communications Act, 2002 (Act No. 25 of 2002); or

b)an electronic signature as defined in the Electronic Communications Act, 2002 (Act No. 25 of 2002), provided that-

i)the electronic signature is applied by each party in the physical presence of the other party or an agent of the party; and

ii)the credit provider must take reasonable measures to prevent the use of the consumer’s electronic signature for any purpose other than the signing or initialing of the particular document that the consumer intended to sign or initial.

 

4)Despite the periods of time set out in section 7(1) and 42(1), each successive threshold determined by the Minister in terms of either section continues in effect until a subsequent threshold in terms of that section takes effect.

 

5)When a particular number of business days is provided for between the happening of one event and another, the number of days must be calculated by-

a)excluding the day on which the first such event occurs;

b)including the day on or by which the second event is to occur; and

c)excluding any public holiday, Saturday or Sunday that falls on or between the days contemplated in paragraphs (a) and (b) respectively.

 

6)For all purposes of this Act, a person is a historically disadvantaged person if that person-

a)is one of a category of natural persons who, before the Constitution of the Republic of South Africa, 1993 (Act No. 200 of 1993), came into operation, were disadvantaged by unfair discrimination on the basis of race;

b)is an association, a majority of whose members are natural persons referred to in paragraph (a);

c)is a juristic person other than an association, and natural persons referred to in paragraph (a) own and control a majority of its issued share capital or members’ interest and are able to control a majority of its votes; or

d)is a juristic person or association, and persons referred to in paragraph (a), (b) or (c) own and control a majority of its issued share capital or members’ interest and are able to control a majority of its votes.

 

7)Except as specifically set out in, or necessarily implied by, this Act, the provisions of this Act are not to be construed as-

a)limiting, amending, repealing or otherwise altering any provision of any other Act;

b)exempting any person from any duty or obligation imposed by any other Act;

or

c)prohibiting any person from complying with any provision of another Act.