"the business of a bank"
means—
| (a) | the acceptance of deposits from the general public (including persons in the employ of the person so accepting deposits) as a regular feature of the business in question; |
[Paragraph (a) substituted by section 1(e) of Act No. 26 of 1994]
| (b) | the soliciting of or advertising for deposits; |
| (c) | the utilization of money, or of the interest or other income earned on money, accepted by way of deposit as contemplated in paragraph (a)— |
| (i) | for the granting by any person, acting as lender in such person’s own name or through the medium of a trust or a nominee, of loans to other persons; |
| (ii) | for investment by any person, acting as investor in such person’s own name or through the medium of a trust or a nominee; or |
| (iii) | for the financing, wholly or to any material extent, by any person of any other business activity conducted by such person in his or her own name or through the medium of a trust or a nominee; |
[Paragraph (c) substituted by section 1(h) of Act No. 19 of 2003]
| (d) | the obtaining, as a regular feature of the business in question, of money through the sale of an asset, to any person other than a bank, subject to an agreement in terms of which the seller undertakes to purchase from the buyer at a future date the asset so sold or any other asset; or |
| (e) | any other activity which the Registrar has, after consultation with the Governor of the Reserve Bank, by notice in the Gazette declared to be the business of a bank, |
but does not include—
| (aa) | the acceptance of a deposit by a person who does not purport to accept deposits on a regular basis and who has not advertised for or solicited such deposit: Provided that— |
[Words preceding subparagraph (i) of the proviso to subparagraph (aa) of the definition substituted by section 1(i) of Act No. 19 of 2003]
| (i) | the person accepting deposits as contemplated in this paragraph shall not at any time hold deposits from more than twenty persons or deposits amounting in the aggregate to more than R500 000; and |
| (ii) | a person and any person controlled directly or indirectly by the first-mentioned person (whether such control is through shareholding or otherwise) or managed by such first-mentioned person, and a subsidiary of such last-mentioned person, who accepts deposits as contemplated in this paragraph shall for the purposes of subparagraph (i) of this proviso be deemed to be one person; |
[Subparagraph (ii) of the proviso to subparagraph (aa) substituted by section 1(j) of Act No. 19 of 2003]
| (bb) | the borrowing of money from its members by a co-operative subject to such conditions as may be prescribed; |
| (cc) | any activity of a public sector, governmental or other institution, or of any person or category of persons, designated by the Registrar, with the approval of the Minister, by notice in the Gazette, provided such activity is performed in accordance with such conditions as the Registrar may with the approval of the Minister determine in the relevant notice; |
| (dd) | any activity contemplated in paragraph (a), (b) or (c)— |
| (i) | performed by any institution registered or established in terms of, by or under any other Act of Parliament and designated by the Minister by notice in the Gazette; or |
| (ii) | performed in terms of any scheme authorized and controlled by, and conducted in accordance with the provisions of, any other Act of Parliament and so designated by the Minister, |
provided such activity is performed in accordance with such conditions as the Minister may determine in the relevant notice;
| (ee) | [Subparagraph (ee) deleted by section 1(r) of Act No. 20 of 2007]; |
| (ff) | the effecting, subject to the provisions of any other Act of Parliament and to such conditions, if any, as the Registrar may from the [sic] time to time determine by notice in the Gazette, of a money lending transaction directly between a lender and a bank as borrower through the intermediation of a third party who does not act as a principal to the transaction (hereinafter in this paragraph referred to as the agent), provided the funds to be lent in terms of the money landing transaction are entrusted by the lender to the agent subject to a written contract of agency in which, in addition to any other terms thereof, at least the following matters shall be recorded: |
| (i) | Confirmation that the agent acts as the agent of the lender; and |
| (ii) | that the lender assumes, except in so far as there may in law be a right of recovery against the agent, all risks connected with the administration of the entrusted funds by the agent, as well as the responsibility to ensure that the agent executes the instructions as recorded in the written contract of agency; or |
[Subparagraph (ff) substituted by section 1(d)(ii) of Act No. 55 of 1996]
| (gg) | the activities, set forth in subparagraphs (A) and (B) hereunder, of a person (hereinafter in this paragraph referred to as the mandatory) that— |
| (i) | is a natural or juristic person registered in terms of, by or under such other Act of Parliament; and |
| (ii) | has been designated by the Registrar by notice in the Gazette, |
which mandatary, for purposes of effecting a money lending transaction with a bank—
| (A) | accepts money from the mandator in terms of a prescribed contract of mandate; and |
| (B) | in the execution of the mandate, and subject to such conditions as the Registrar may determine in the notice referred to in subparagraph (ii) above, deposits such money into an account maintained by the mandatary with a bank, irrespective as to whether or not such money is so deposited together with money so accepted by the mandatary from the other mandators. |
[Subparagraph (gg) inserted by section 1(d)(iii) of Act No. 55 of 1996]