Banks Act, 1990 (Act No. 94 of 1990)

Chapter IV : Shareholding in, and Registration of Controlling Companies in respect of, Banks

48. Lapse of registration of controlling company upon cancellation of registration of bank
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(1)If the registration of a bank in respect of which a controlling company is registered, is cancelled, the registration of that controlling company in respect of that bank shall be deemed to have been cancelled simultaneously.

(Section 48(1) substituted by section 35 of Act 26 of 1994, with effect from 1 June 1996]

 

(2)The cancellation of the registration of a controlling company by virtue of the provisions of subsection (1) shall be with effect from the date on which the bank concerned in terms of section 31 ceased to be registered as such.