Housing Development Agency Act, 2008
R 385
Postal Services Act, 1998 (Act No. 124 of 1998)Chapter VI : Postbank and National Savings Certificates56. Issue of National Savings Certificates |
| 1) | Notwithstanding anything to the contrary contained in any other law, the postal company may from time to time, with the approval of the Minister in the case of each issue, raise money by way of issues of National Savings Certificates. |
| 2) | The conditions upon which National Savings Certificates are issued, shall in the case of each issue be determined by the Minister in consultation with the Minister of Finance and shall be prescribed by regulation. |
| 3) | The terms of any certificate shall not exceed ten years. |
| 4) | On the amount represented by any National Savings Certificate which is not repaid before or on the expiry of the term thereof, interest may be paid from the expiry of such term to the date of repayment, at the rate determined by the Minister in consultation with the Minister of Finance and prescribed by regulation. |
| 5) | The maximum amount which may be held by– |
| a) | any natural person; |
| b) | any natural person and, in a case where he or she is liable for the payment of income tax in respect of interest earned by any other natural person on National Savings Certificates, also such other person jointly; and |
| c) | any body or institution from which investments in National Savings Certificates may be accepted, |
in any particular issue, or more than one issue of National Savings Certificates, must be prescribed with the concurrence of the Minister of Finance.
| 6) | This section must not be so construed as to derogate from the power of the postal company to borrow or raise money under the provisions of any other law. |
