South Africa: The Banks Act, 1990 (Including all Amendments up to 2000)

This is the 'Banking Act' as legislated by the Government of South Africa, and as amended in the year 2000. It contains statutory provisions for regulation and supervision of banking services in the country. The directive is divided into six sections. The paper lists the significant provisions of the Act as under:

• Interpretation of the application of this Act and definitions of the common terms;
• Registrar being the administrator of this Act and his powers for undertaking the same;
• Registration and incorporation of banking companies;
• Guidelines relating to the shareholding norms in the banking institutions;
• Disclosure and audit compliance guidelines, which the management of the banks need to adhere to;
• Prudential (minimum share capital and liquid assets) norms applicable to the banking companies.

The other sections of this paper highlight the following issues:

• Regulations against unsafe practices;
• Restrictions on certain activities;
• Offences and penalties.

The paper concludes with a schedule containing the amendments made up to 2000.