Banks Act, 1990 (Act No. 94 of 1990)

Chapter III : Authorisation to Establish, and Registration and Cancellation of Registration of, Banks

Purchase

[Section 30 heading substituted by section 290, item 15 in Schedule 4, of Act No. 9 of 2017]

(1)	The Authority shall publish a notice in the Gazette and shall keep a record of—

(a)

(i)	registration of an institution as a bank or a controlling company;

(ii)	authorisation granted to conduct the business of a bank by means of a branch; or

(iii)

consent granted for the establishment of a representative office by a foreign institution;

(b)

(i)	cancellation or suspension of the registration of a bank or controlling company;

(ii)	withdrawal of the authorisation to conduct the business of a bank by means of a branch; or

(iii)

withdrawal of consent to conduct the business of a representative office by a foreign institution or the closure of such representative office;

(c)	restriction on the activities of a bank, controlling company or branch;

(d)	change of name of a bank, controlling company, branch or representative office of a foreign institution;

(e)	permission granted in respect of the amalgamation, merger or arrangement referred to in Chapter 5 of the Companies Act, where a bank is the principal party to such amalgamation, merger or arrangement;

[Section (1)(e) substituted by section 16 of Act No. 22 of 2013]

(f)	permission granted to an arrangement for the transfer of more than 25 per cent of the assets, liabilities or assets and liabilities of a bank to another person; or

(g)	approval granted in respect of an eligible institution,

which is effected or which takes place under this Act.

(2)	The Authority shall keep a record of every—

(a)	approval granted to a bank or a controlling company to establish or acquire a subsidiary within or outside the Republic;

(b)	approval granted to a bank to establish or acquire a branch of a bank;

(c)	approval granted to a bank or a controlling company to acquire an interest in any undertaking having its registered office or principal place of business outside the Republic;

(d)	approval granted to a bank or a controlling company to create or acquire a trust outside the Republic of which the bank is a major beneficiary;

(e)	approval granted to a bank or a controlling company to establish or acquire any financial or other business undertaking under its direct or indirect control; or

(f)	approval granted to a bank to establish or acquire a representative office outside the Republic,

which is effected or which takes place under this Act.