Banks Act, 1990 (Act No. 94 of 1990)Chapter III : Authorisation to Establish, and Registration and Cancellation of Registration of, Banks22. Use of name of bank |
| (1) | Subject to the provisions of subsection (2), an institution which is registered as a bank or a foreign institution which is authorized under section 18A to conduct the business of a bank by means of a branch in the Republic or an institution which is registered as a representative office of a foreign institution under section 34 shall not— |
| (a) | in the case of such bank use, or refer to itself by, a name other than the name under which it is so registered; |
[Section 22(1)(a) substituted by section 11 of Act No. 22 of 2013]
| (b) | in the case of such foreign institution, in respect of the branch concerned use, or refer to the branch by, a name other than the name under which the conduct of the business of a bank in the Republic was so authorized; or |
[Section 22(1)(b) substituted by section 11 of Act No. 22 of 2013]
| (c) | in the case of such foreign institution, in respect of the representative office use, or refer to the representative office by, a name other than the name under which the representative office was so registered, |
[Section 22(1)(c) inserted by section 11 of Act No. 22 of 2013]
or any literal translation or abbreviation of such name which has been approved by the Authority: Provided that the Authority may, if he or she deems it desirable, authorize the use of a name by which such bank or foreign institution is otherwise generally known.
[Section 22(1) substituted by section 17(a) of Act No. 19 of 2003]
| (2) | An institution which is registered as a bank may, with the consent of the Authority, in conjunction with its registered name or the name of which the use was authorized by the Authority under the proviso to subsection (1) use, or refer to itself by, the name of another bank with which it has amalgamated or all the assets and liabilities of which have, as contemplated in section 54(1), been transferred to it or, in the case of a change of name, the name by which it was previously known. |
[Section 22(2) substituted by section 5 of Act No. 36 of 2000]
| (2A) | A bank may, with the prior written consent of the Authority, in conjunction with its registered name, and subject to such conditions as the Authority may determine, use or refer to a name of a division, brand or product of that bank, which name includes the word "bank" or any derivative thereof. |
[Section 22(2A) inserted by section 17(b) of Act No. 19 of 2003]
| (3) | An institution which contravenes the provisions of subsection (1) shall be guilty of an offence. |
| (4) | Any person who, in connection with any business conducted by such person— |
| (a) | uses any name, description or symbol indicating, or calculated to lead persons to infer, that such person is a bank registered as such under this Act; or |
| (b) | in any other manner purports to be a bank registered as such under this Act, |
while such person is not so registered as a bank, shall be guilty of an offence.
[Section 22(4) substituted by section 17(c) of Act No. 19 of 2003]
| (5) | No person shall use in respect of any business a name or description which includes the word "bank", or any derivative thereof, or the words "deposit-taking institution" or "building society", or any derivative thereof, unless— |
[Words preceding section 22(5)(a) substituted by section 7(a) of Act No. 9 of 1993]
| (a) | the business in question is a bank or a foreign institution which is authorized under section 18A to conduct the business of a bank by means of a branch in the Republic or an institution that is registered as a representative office of a foreign institution under section 34; or |
[Subsection (5)(a) substituted by section 17(d) of Act No. 19 of 2003]
| (b) | the business in question is registered as a controlling company in respect of a bank under this Act and the name or description in question is so used for the purpose of indicating the connection between the two companies concerned; or |
| (c) | such name or description is composed of words which include the word "bank" as part of a place-name or a personal name, |
and the Authority has in writing authorized such person so to use such name or description.
| (6) | Notwithstanding the prohibition contained in subsection (5), a company— |
| (a) | of which the formation has been approved by the Authority in terms of section 15, may be formed under a name which includes the word "bank" or the words "deposit-taking institution" or "building society" or a derivative thereof; or |
| (b) | whose application for registration as a bank has been granted by the Authority under section 17 and which has not been formed in accordance with paragraph (a) of this subsection under a name which already includes the word "bank" or the words "deposit-taking institution" or "building society" or a derivative thereof, may before its registration take the necessary steps in accordance with the Companies Act to include such word, words or derivative in its name. |
[Section 22(6)(b) substituted by section 15(d) of Act No. 26 of 1994, with effect from 1 June 1996]
[Section 22(6) substituted by section 7(b) of Act No. 9 of 1993]
| (7) | The Authority may in writing direct a company referred to in subsection (6) whose name includes the word "bank" or the words "deposit-taking institution" or "building society", or any derivative thereof, to remove such word, words or derivative from its name— |
[Words preceding section 22(7)(a) substituted by section 7(c) of Act No. 9 of 1993]
| (a) | in the case of a company referred to in paragraph (a) of that subsection, if it fails to apply in terms of section 16(1) for registration as a bank within the period of 12 months referred to in that section, or if its application for such registration is refused under section 17; and |
| (b) | in the case of a company referred to in paragraph (b) of that subsection, if it fails to comply, within a reasonable time after its application for registration has been granted under section 17, with the conditions subject to which it was registered. |
[Section 22(7) substituted by section 15(e) of Act No. 26 of 1994, with effect from 1 June 1996]
| (8) | Any person who contravenes any provision of subsection (5) or refuses or fails to comply with a direction under subsection (7) shall be guilty of an offence. |
| (9) | The provisions of subsection (5) shall not be construed as prohibiting the use in respect of any company, society, firm, business or undertaking of any name, style or description which immediately prior to the commencement of this Act was lawfully so used in terms of the provisions of any law repealed by this Act. |