Banks Act, 1990 (Act No. 94 of 1990)NoticesDesignation of an Activity not Falling within the meaning of "The Business of a Bank"Common Bond1. Definitions |
In this Schedule—
exists between-
| a) | members of a specific group consisting of employees of the same employer who are members of the same savings and credit scheme that is operated and administered on behalf of such group of employees in accordance with set rules agreed upon between such group of employees and their employer; or |
| b) | members of a specific group that may be described by the term or concept known as "stokvel", which- |
| i) | is a formal or informal rotating credit scheme with entertainment, social and economic functions; |
| ii) | fundamentally consists of members who have pledged mutual support to each other towards the attainment of specific objectives; |
| iii) | establishes a continuous pool of capital by raising funds by means of the subscriptions of members; |
| iv) | grants credit to and on behalf of members; |
| v) | provides for members to share in profits and to nominate management; and |
| vi) | relies on self-imposed regulation to protect the interest of its members; or |
| c) | members of a specific group, governed in terms of rules agreed to and signed by the group's founders, exclusively established for the purpose of raising funds and applying or holding available such funds for housing advances to members, irrespective of whether or not such group is bound by its rules to terminate upon the expiration of a fixed period or upon the occurrence of an event specified in its rules; or |
| d) | members of a specific group that chooses to identify itself by use of the name Credit Union or Savings and Credit Cooperative- |
| i) | which group consists of persons of similar occupation or profession or who are employed by a common employer or who are employed within the same business district; or |
| ii) | which group has common membership in an association or organisation, including religious, social, co-operative, labour or educational groups; or |
| iii) | which group resides within the same defined community, rural or urban district, |
and which group receives funds from members against the issue of stock or by means of the subscriptions of members;
means any person who is employed by or working for an employer and is receiving or entitled to receive any remuneration,
"employer"
means any person whosoever employs or provides work for any person and remunerates or expressly or tacitly undertakes to remunerate him;
means a number of natural persons;
in relation to a group as mentioned in subparagraph (a), (b), (c) and (d), means a person who contributes towards the funding of the group in order to obtain any benefit in terms thereof.