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

Notices

Designation of Institution of which the activities do not fall within the meaning of "The business of a bank"

Financial Service Co-operative

1. Definitions
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In this Schedule, unless the context otherwise indicates otherwise, any word or expression to which a meaning has been assigned in the Banks Act, the Regulations relating to Banks or the Co-operatives Act shall bear the meaning so assigned, and—

 

"Banks Act"

means the Banks Act, 1990 (Act No. 94 of 1990);

 

"closed trading co-operative"

means a trading co-operative incorporated and declared a closed co-operative by the Registrar of Co-operatives in terms of the provisions of section 55 of the Co-operatives Act;

 

"Co-operatives Act"

means the Co-operatives Act, 1981 (Act No. 91 of 1981);

 

"member"

means a person to whom, in compliance with the requirements determined in the statute of a financial service co-operative, a share in that financial service co-operative has been issued or transferred;

 

"financial service co-operative"

means a closed trading co-operative that, with the objective of providing banking-related financial services to its members—

(a)accepts funds from such members against the issue of shares;
(b)accepts deposits from members;
(c)advances loans to members; or
(d)provides for members to share in its profits and to nominate management;

 

"Regulations relating to Banks"

means the Regulations relating to Banks published under Government Notice No. R. 628 of 26 April 1996 and amended from time to time.