Mandating Procedures of Provinces Act, 2008
R 385
Mutual Banks Act, 1993 (Act No. 124 of 1993)Chapter VI : Provisions relating to Aspects of the Conduct of the Business of a Mutual Bank60. Shareholding in insurer |
Except with the prior written approval of the Registrar, no mutual bank and no associate of a mutual bank shall, either jointly or individually, hold shares in any registered insurer as defined in section 1 of the Insurance Act, 1943 (Act No. 27 of 1943), to the extent to which the nominal value of those shares exceeds 49 per cent of the nominal value of all the issued shares of such insurer.
