| (1) | An application for the permission of the Registrar, in terms of section 91(2)(b) of the Act, for a director or employee of a bank or controlling company, or any company in which such director or employee has a direct interest, to purchase any immovable property owned by or mortgaged to that bank or the bank in respect of which that controlling company is registered, shall be submitted to the Registrar prior to the property being sold and shall contain the information specified in subregulation (2). |
| (2) | An application in terms of subregulation (1) to sell immovable property shall contain the following information: |
| (a) | the name of the applicant bank; |
| (b) | the name of the director or employee who made the offer to purchase; |
| (c) | full details of the property, including: |
| (i) | a detailed valuation of the property by the bank; and/or |
| (ii) | a detailed valuation of the property by an independent registered valuer; |
| (d) | the purchase price offered; |
| (e) | full name and last known address of the person from whom the property has been repossessed; |
| (f) | the outstanding balance of the loan at the date of repossession; |
| (g) | the date on which the property was repossessed; |
| (h) | an undertaking from the applicant bank that, regardless of the accounting policy adopted by the applicant bank, no enrichment, at the expense of the person from whom the property was repossessed, will take place as a result of the property being sold to a director or employee of the applicant bank; and |
| (i) | an opinion of the bank on the desirability of accepting the offer received, |
but shall not include the deed of sale.
