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

Regulations

Regulations relating to Representative Offices

3. Management

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A representative office shall—

(a)not later than seven days immediately following the date of the expiration of the term of office of its chief representative officer inform the Registrar in writing of such expiration;
(b)at least thirty days prior to the appointment of a new chief representative officer furnish the Registrar with information pertaining to the person designated for such appointment in the format of form RO 003, prescribed in ANNEXURE C to these Regulations; and
(c)at least thirty days prior to the appointment of a new chief representative officer submit a statement and declaration in the format of form RO 004, prescribed in ANNEXURE D to these Regulations, duly completed by—
(i)the chairperson of the board of directors of the foreign institution in question; or
(ii)an authorized executive officer of the foreign institution in question,

to the Registrar in respect of each form RO 003 presented to the Registrar that relates to the proposed appointment of a chief representative officer to such institution’s representative office.