| (1) | A company registered as a bank or as a controlling company shall continue to be a company in terms of the Companies Act, and the provisions of that Act shall, subject to the provisions of subsection (2), continue to apply to any such company to the extent to which they are not inconsistent with any provision of this Act: Provided that— |
| (a) | the provisions of the Companies Act governing the conversion of public companies into other forms of companies shall not apply to any such company; |
| (b) | by provisions of this sections 128 to 154 of the Companies Act relating to business rescue shall not apply to a bank; |
| (c) | [Section 51(1)(c) deleted by section 6 of the Financial Sector Laws Amendment Act, 2021 (Act No. 23 of 2021), Notice No. 789, GG45825, dated 28 January 2022- effective 1 June 2023 per (b)(i) of Commencement Notice No. 3202, GG48294, dated 24 March 2023] |
| (d) | [Section 51(1)(d) deleted by section 6 of the Financial Sector Laws Amendment Act, 2021 (Act No. 23 of 2021), Notice No. 789, GG45825, dated 28 January 2022- effective 1 June 2023 per (b)(i) of Commencement Notice No. 3202, GG48294, dated 24 March 2023] |
| (2) | The Minister may with the concurrence of the Minister of Trade and Industry by notice in the Gazette declare that a provision of the Companies Act specified in such notice— |
[Words preceding section 51(2)(a) substituted by section 11 of Act No. 9 of 1993]
| (a) | shall not apply to any company registered as a bank or as a controlling company; |
| (b) | shall only apply to any such company subject to such adjustments and qualifications as may be specified in the notice; or |
| (c) | the administration of which vests in the Commissioner, shall in respect of companies registered as banks or as controlling companies vest in the Authority. |
| (3) | [Section 51(3) deleted by section 34 of Act No. 19 of 2003] |
