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Mutual Banks Act, 1993 (Act No. 124 of 1993)

Chapter III : Authorization to Establish, and Registration and Cancellation of Registration of, Mutual Banks

20. Use of name of mutual bank

 

(1) Subject to the provisions of subsection (2), an institution that is registered as a mutual bank shall not use, or refer to itself by, a name other than the name under which it is so registered, or any literal translation or abbreviation thereof that has been approved by the Registrar.

 

(2) An institution referred to in subsection (1) may, with the consent of the Registrar, in conjunction with its registered name use, or refer to itself by, the name of another mutual bank with which it has amalgamated or all the assets and liabilities of which have, as contemplated in section 71, been transferred to it or in the case of a change of name, the name by which it was previously known.

 

(3) An institution that contravenes the provisions of subsection (1) shall be guilty of an offence.

 

(4) Any person who, in connection with any business conducted by that person uses, or refers to himself or herself by, any name, description or symbol indicating, or calculated to lead persons to infer, that that person is a mutual bank registered as such under this Act, while the person is not so registered as a mutual bank, shall be guilty of an offence.

 

(5) No person shall use in respect of any business a name or description that includes the words "building society", or any derivative thereof, unless the business concerned is a mutual bank or a bank.

 

(6) Any person who contravenes the provisions of subsection (5) shall be guilty of an offence.

 

(7) Every mutual bank shall display in easily legible letters on every statement, notice, advertisement or letter published or issued to any member of the public by or on behalf of the mutual bank, the name of the mutual bank and a statement of the fact that it is registered as a mutual bank under this Act.