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

Chapter IX : Co-Operative Banks Development Agency

Part 1 : Establishment, legal status, functions and powers of Agency

55. General functions

 

(1) The Agency must, in addition to its other functions provided for in this Act—
(a) support, promote and develop co-operative banking, including, despite section 3(1), deposit-taking co-operatives;
(b) [Section 55(1)(b) deleted by section 251(a) of Act No. 45 of 2013];
(c) promote the establishment of representative bodies and support organisations;
(d) register and regulate representative bodies;
(e) accredit and regulate support organisations;
(f) provide, in consultation with the Authority, financial support to co-operative banks through loans or grants;

[Section 55(1)(f) amended by section 251(b) of Act No. 45 of 2013]

(g) [Section 55(1)(g) deleted by section 25 of the Financial Sector Laws Amendment Act, 2021 (Act No. 23 of 2021), Notice No. 789, GG45825, dated 28 January 2022- effective 1 June 2023 per (b)(i) of Commencement Notice No. 3202, GG48294, dated 24 March 2023]
(h) assist, in consultation with the Authority, co-operative banks with liquidity management;

[Section 55(1)(h) amended by section 251(c) of Act No. 45 of 2013]

(i) facilitate, promote and fund education, training and awareness in connection with, and research into, any matter affecting the effective, efficient and sustainable functioning of co-operative banks;
(j) consult with the South African Qualifications Authority established by the South African Qualifications Authority Act, 1995 (Act No. 58 of 1995), or any body established by it and liaise with the relevant National Standards Body established in terms of Chapter 3 of the regulations under the South African Qualifications Authority Act, 1995, in respect of co-operative banks and support organisations;
(k) interact with any regulatory authority to ensure appropriate regulation of co-operative banking and co-operative banks;

[Section 55(1)(k) amended by section 251(d) of Act No. 45 of 2013]

(l) monitor trends and patterns in the development of co-operative banking and co-operative banks;
(lA) exercise powers and perform functions in relation to co-operative financial institutions, including regulatory and supervisory functions, as specified in terms of this Act, or which the Authority may, with the concurrence of the Minister, delegate or assign to the Agency; and

[Section 55(1)(lA) inserted by section 290, item 16 in Schedule 4, of Act No. 9 of 2017 - effective 1 April 2018 (paragraph (h) of Notice 169 of 2018)]

(m) perform any other function consistent with this Act, which the Minister may determine by notice in the Gazette.

[Section 55(1)(m) amended by section 251(d) of Act No. 45 of 2013]

 

(2) The Agency may—
(a) participate in the activities of international bodies whose main purpose is to develop, promote and support co-operative banks;
(b) assist co-operative banks in auditing their financial statements; and
(c) take any measures it considers necessary for the proper performance and exercise of its functions or duties or to achieve the objects of this Act.