[Section 12(1) substituted by section 25(c)(i) of Act No. 9 of 1993]
| (2) | An application under subsection (1)— |
| (a) | shall be made in the manner and on the form prescribed in the Regulations relating to Banks; and |
| (b) | shall be accompanied by a statement containing the information prescribed in the Regulations relating to Banks. |
[Section 12(2) substituted by section 8(a) of Act No. 19 of 2003]
| (3) | The Authority may require an applicant contemplated in subsection (1) to furnish him or her with— |
[Words preceding section 12(3)(a) substituted by section 8(b) of Act No. 19 of 2003]
| (a) | such information or documents, in addition to information and documents furnished by the applicant in terms of subsection (2); or |
| (b) | a report by a public accountant as defined in section 1 of the Auditing Profession Act, 2005 (Act No. 26 of 2005), or by any other knowledgeable person approved by the Authority, on such aspects relating to the application in question, |
[Section 12(3)(b) substituted by section 6 of Act No. 20 of 2007]
as the Authority may deem necessary.
| (a) | This subsection only applies to a national state-owned company as defined in paragraph (a) of the definition of ‘state-owned company’ in section 1 of the Companies Act. |
| (b) | A state-owned company may only with the approval of the Minister, granted with the concurrence of the Minister who is accountable to Parliament for that state-owned company, apply for authorisation to establish a bank in terms of subsection (1). |
| (c) | An application in terms of paragraph (b) shall include a declaration by the auditor of the state-owned company, contemplated in section 61, that certifies that for the period of 24 months immediately preceding the date of the application, the assets of— |
| (i) | the state-owned company exceeded its liabilities; |
| (ii) | the holding company of the state-owned company exceeded the holding company’s liabilities; and |
| (iii) | the holding company of the state-owned company’s holding company exceeded the liabilities of the first-mentioned holding company (if applicable). |
| (d) | For purposes of the application of this Act to state-owned companies, a provision of this Act which is inconsistent with a provision of another Act, other than the Financial Sector Regulation Act, shall prevail. |
[Section 12(4) inserted by section 11 of the Financial Matters Amendment Act, 2019 (Act No.18 of 2019), Notice No. 799, GG 42482, dated 23 May 2019]
