Banks Act, 1990 (Act No. 94 of 1990)Chapter III : Authorisation to Establish, and Registration and Cancellation of Registration of, Banks15. Formation of certain companies prohibited except with approval of Authority |
[Section 15 heading substituted by section 290, item 15 in Schedule 4, of Act No. 9 of 2017]
| (1) | No public company shall without the written approval of the Authority be formed in terms of the Companies Act to conduct the business of a bank in accordance with the provisions of this Act. |
| (2) | The Authority shall grant the approval referred to in subsection (1) only if he or she is of the opinion that the company concerned will probably, having regard to the provisions of section 17, be eligible for registration as a bank in terms of this Act. |
[Section 15(2) substituted by section 11 of Act 19 of 2003]
| (3) | Notwithstanding anything to the contrary contained in the Companies Act, the Commissioner shall not register in terms of that Act the memorandum of incorporation of a public company formed for the purpose of conducting the business of a bank, unless the application for such registration is accompanied by the approval referred to in subsection (1). |
[Section 15(3) substituted by section 7 of Act No. 22 of 2013]