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South African Reserve Bank Act, 1989 (Act No. 90 of 1989)

Regulations Relating to the South African Reserve Bank

Chapter II : Registration and Transfer of Shares

6. Limitation on liability in respect of the transfer of shares



6.1) The person who lodges an instrument of transfer or other document related to the transfer, warrants that it is genuine and indemnifies the Bank against any loss or damage suffered by the Bank as a consequence of relying or acting on the instrument or document.


6.2) The Bank need not establish, and shall not be liable for the transfer of shares, resulting from -
a) a lack of ostensible or delegated authority or contractual power on the part of the officer transacting for the transferee or transferor; or
b) a failure by the transferee or transferor to comply with any legal Requirement pertaining to the transfer.


6.3) The provisions of Regulations 6.1 and 6.2 shall not apply in the case of a fraudulent act to which the Bank is knowingly a party.