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

Chapter IX : General Provisions

90. Regulations

 

(1) The Minister may make regulations—
(a) as to any matter which is required or permitted to be prescribed by regulation under this Act;
(b) subject to the provisions of the Companies Act, providing guidelines relating to the conduct of, and prescribing requirements to be complied with by, a member of the board of directors of a bank in the performance of functions of such a director;

[Section 90(1)(b) substituted by section 64(a) of Act No. 19 of 2003]

(c) [Section 90(1)(c) deleted by the Schedule: Amendment of Laws: Section 4 of the Financial Sector and Deposit Insurance Levies (Administration) and Deposit Insurance Premiums Act, 2022 (Act No. 12 of 2022), Notice No. 1512, GG47696, dated 9 December 2022 - effective 1 April 2023 per section (c) of Commencement Notice No. 3188, GG48291, dated 24 March 2023]
(d) prescribing the manner in which any payment in terms of this Act shall be made to the Authority;
(e) [Section 90(1)(e) deleted by section 290, item 12 in Schedule 4, of Act No. 9 of 2017];
(f) prescribing that the financial statements of a bank shall be prepared in conformity with financial reporting standards issued in terms of the Companies Act;

[Section 90(1)(f) substituted by section 31 of Act No. 20 of 2007]

(g) prescribing the amount of the fee payable in respect of a licence referred to in section 35 or the basis on which such amount shall be calculated, the period within which such fee shall be paid and a fine in respect of late payment of such a fee;
(h) prescribing the basis on which any movable or immovable assets shall for the purposes of this Act be valued; or
(i) prescribing, generally, any matter, whether or not connected with any matter specified in paragraphs (a) to (h), inclusive, which the Minister may deem it necessary or expedient to prescribe in order that the objects and purposes of this Act may be better achieved.

[Section 90(1)(i) substituted by section 64(b) of Act No. 19 of 2003]

 

(2) A person who is obliged in terms of any provision of this Act to render a return or statement in a prescribed form, shall be deemed not to have rendered that return or statement unless such person has set forth therein all the particulars for which provision is made in the prescribed form.

[Section 90(2) substituted by section 64(c) of Act No. 19 of 2003]

 

(3) A regulation made under subsection (1) may in respect of any contravention thereof or failure to comply therewith prescribe a penalty not exceeding a fine of R2 000 or imprisonment for a period of six months.

 

 


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