| (1) | [Section 78(1) deleted by section 52 of Act No. 26 of 1994] |
| (2) | [Section 78(2) deleted by section 52 of Act No. 26 of 1994] |
| (3) | No bank and no associate of a bank shall, without prior written approval of the Authority, either jointly or individually, acquire or hold shares in any registered long-term insurer as defined in section 1 of the Long-term Insurance Act, 1998 (Act No. 52 of 1998), or in any short-term insurer as defined in section 1 of the Short-term Insurance Act, 1998 (Act No. 53 of 1998), to the extent to which the nominal value of those shares exceeds 49 per cent of the nominal value of all the issued shares of such insurer. |
[Section 78(3) substituted by section 27 of Act No. 20 of 2007]
| (4) | Where in any particular case at the commencement of this Act the ratio contemplated in subsection (3) is exceeded, the bank and its associates may retain the shares in question, but they shall not acquire any further shares in such insurer as long as such ratio is so exceeded. |
| (5) | For the purposes of this section— |
| (a) | "associate", in relation to a bank, means— |
| (ii) | a company of which such holding company is a subsidiary; |
| (iv) | a subsidiary (excluding a sub-subsidiary) of that bank or of such fellow subsidiary; and |
| (b) | "sub-subsidiary", in relation to a bank or its fellow subsidiary, means a company which is a subsidiary of such bank or fellow subsidiary by virtue of its being a subsidiary of a subsidiary of that bank or fellow subsidiary. |
