| (1) |
A fund called the Deposit Insurance Fund is established. |
| (3) |
The Corporation must establish an account at the Reserve Bank for the purposes of the Fund. |
| (4) |
The Fund consists of— |
| (a) |
the amount standing to the credit of the account established in terms of subsection (3); |
| (b) |
the investments made with money of the Fund; and |
| (c) |
the other assets of the Corporation attributable to the Fund. |
| (5) |
There must be credited to the Fund— |
| (a) |
surplus funds of the Corporation referred to in section 166AT; |
| (c) |
interest and other amounts earned from investments of the Fund; |
| (d) |
amounts recovered by the Corporation attributable to amounts paid out of the Fund; and |
| (e) |
other amounts received by the Corporation for the purposes of, or in connection with, the Fund. |
| (6) |
The Fund may only be applied as follows: |
| (a) |
To make payments in terms of section 166AA, including in terms of agreements contemplated by that section; |
| (c) |
to repay amounts paid into the Fund in error. |
[Section 166BD inserted by section 51 of the Financial Sector Laws Amendment Act, 2021 (Act No. 23 of 2021), Notice No. 789, GG45825, dated 28 January 2022 - effective 1 April 2024 per Notice No. 4468, GG50372, dated 25 March 2024]
Gold Membership
