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Co-operative Banks Act, 2007 (Act No. 40 of 2007)

Chapter VIII : Administration of Act

48. Directives

 

(1) The Authority may, in order to ensure the implementation and administration of this Act or to protect members and the public in general, issue a directive to a co-operative bank or a co-operative financial institution—

[Words preceding section 48(1)(a) substituted by section 290, item 13(a) in Schedule 4, of Act No. 9 of 2017 - effective 1 April 2018 (paragraph (h) of Notice 169 of 2018)]

(a) to implement specific practices, procedures or processes;
(b) to take specific actions or measures;
(c) to desist from undertaking specific practices, procedures, processes, actions or measures; or
(d) prohibiting certain practices, procedures, processes, actions or measures.

 

(2) A directive referred to in subsection (1) may—
(a) apply to co-operative banks or co-operative financial institutions generally; or
(b) be limited in its application to a particular co-operative bank or co-operative financial institution, or kind of co-operative bank or co-operative financial institution, which may be defined either in relation to a type or budgetary size of co-operative bank or co-operative financial institutions or to any other matter.

[Section 48(2)(a) substituted by section 290, item 13(b) in Schedule 4, of Act No. 9 of 2017 - effective 1 April 2018 (paragraph (h) of Notice 169 of 2018)]

 

(3) A directive issued in terms of subsection (1) takes effect on the date determined by the Authority in the directive, and may take effect immediately.

[Section 48(3) amended by section 250 of Act No. 45 of 2013]

 

(4)
(a) The Authority must issue a directive in terms of subsection (1), in accordance with the provisions of the Promotion of Administrative Justice Act, 2000 (Act No. 3 of 2000).
(b) In the event of a departure from the provisions of the Promotion of Administrative Justice Act, 2000, in accordance with sections 3(4) and 4(4) of that Act, the directive must include a statement to that effect and a motivation for the departure.

 

(5) The Authority may cancel or revoke any previously issued directives.

 

(6) The Authority must, where a directive is issued to ensure the protection of the members and the public in general, publish the directive in the Gazette and any other media that the Authority deems appropriate.