South African Postbank SOC Limited Act, 2010 (Act No. 9 of 2010)

Chapter 1 : Interpretation and Object of Act

1. Definitions

Purchase

In this Act, unless the context indicates otherwise, any word or expression to which a meaning has been ascribed in section 1 of the Public Finance Management Act, bears the meaning so ascribed, and—

"banking services"

means the services rendered in the course of the business of a bank as contemplated in the Banks Act;

[Definition inserted by section 1(a) of the South African Post Bank Limited Amendment Act, 2023, Notice No. 3746, GG49374, dated 27 September 2023: effective 19 February 2024, Commencement Proclamation 152, GG50126, dated 15 February 2024]

"bank controlling company"

means the controlling company of The Postbank SOC Limited and has the meaning ascribed to it in section 1(1) of the Banks Act;

Definition inserted by section 1(b) of the South African Post Bank Limited Amendment Act, 2023, Notice No. 3746, GG49374, dated 27 September 2023: effective 19 February 2024, Commencement Proclamation 152, GG50126, dated 15 February 2024]

"Banks Act"

means the Banks Act, 1990 (Act No. 94 of 1990);

"Board"

means the board of directors of the Company;

"chief executive officer"

means the chief executive officer appointed in terms of section 18;

[Definition inserted by section 1(c) of the South African Post Bank Limited Amendment Act, 2023, Notice No. 3746, GG49374, dated 27 September 2023: effective 19 February 2024, Commencement Proclamation 152, GG50126, dated 15 February 2024]

"chief financial officer"

means the chief financial officer appointed in terms of section 18;

"Commissioner"

means the Commissioner as defined in section 1 of the Companies Act;

"Companies Act"

means the Companies Act, 2008 (Act No. 71 of 2008);

[Definition substituted by section 1(d) of the South African Post Bank Limited Amendment Act, 2023, Notice No. 3746, GG49374, dated 27 September 2023: effective 19 February 2024, Commencement Proclamation 152, GG50126, dated 15 February 2024]

"Company"

means The Postbank SOC Limited;

[Definition substituted by section 1(e) of the South African Post Bank Limited Amendment Act, 2023, Notice No. 3746, GG49374, dated 27 September 2023: effective 19 February 2024, Commencement Proclamation 152, GG50126, dated 15 February 2024]

"family member"

in relation to any person, means his or her parent, sibling, child, including an adopted child or a step-child, or spouse (whether by statutory, customary or religious law), and including a life partner who is a person living with that person as if they were married to each other;

"financial services"

has the meaning ascribed to it in section 3 of the Financial Sector Regulation Act, 2017 (Act No. 9 of 2017);

[Definition inserted by section 1(f) of the South African Post Bank Limited Amendment Act, 2023, Notice No. 3746, GG49374, dated 27 September 2023: effective 19 February 2024, Commencement Proclamation 152, GG50126, dated 15 February 2024]

"former Postbank"

means the Postbank referred to in section 51 of the Postal Services Act, 1998 (Act No. 124 of 1998), as it existed as a division of the Post Office immediately prior to the repeal of that section;

"member"

means a member of the Board;

"Minister"

means the Minister responsible for communications;

[Definition substituted by section 1 of the South African Postbank Limited Amendment Act, 2013, Notice No. 54, GG37270, dated 27 January 2014]

"person"

means a juristic or natural person;

[Definition inserted by section 1(g) of the South African Post Bank Limited Amendment Act, 2023, Notice No. 3746, GG49374, dated 27 September 2023: effective 19 February 2024, Commencement Proclamation 152, GG50126, dated 15 February 2024]

"Post Office"

means South African Post Office Limited established in terms of the Post Office Act;

"Post Office Act"

means the Post Office Act, 1958 (Act No. 44 of 1958);

"Postal Services Act"

means the Postal Services Act, 1998 (Act No.124 of 1998);

"PubIic Finance Management Act"

means the Public Finance Management Act, 1999 (Act No.1 of 1999);

"Registrar of Banks"

[Definition deleted by section 1 of the South African Postbank Limited Amendment Act, 2023, Notice No. 54, GG37270, dated 27 January 2014]

"Republic"

means the Republic of South Africa;

"the business of a bank"

has the meaning ascribed to it in the Banks Act;

"the business of the former Postbank"

means the rights, obligations, assets and liabilities of the former Postbank contemplated in section 5(1);

"this Act"

includes any regulation made under section 26;

"transfer date"

means the date determined by the Minister in terms of section 6.