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South African Postbank Limited Act, 2010 (Act No. 9 of 2010)

Chapter II : Incorporation and Transfer of Enterprise

4. Registration as Bank


(1) Notwithstanding section 15 of the Banks Act. the Company must be regarded as having been authorised to form a company in terms of the Companies Act.


(2) The Company must be registered as a bank after it has satisfied the requirements of the Banks Act.


(3) Notwithstanding section 43 of the Banks Act, the Post Office is not required to register as a controlling company of the Company, and the appointment of the Board of the Post Office is not subject to the approval of the Registrar of Banks.


(4) The Company shall not expand the scope of its banking and investment activities which exist when this Act takes effect until it is registered as a bank in terms of the Banks Act, and any such additional business activity is approved by the Registrar of Banks.


(5) In approving any additional business activity as contemplated in subsection (4), the Registrar of Banks shall take into account the objects of this Act and any policy made by the Minister in terms of section 26(2).