Co-operative Banks Act, 2007 (Act No. 40 of 2007)Chapter I : Definitions, Purpose and Application of Act1. Definitions |
| (1) | In this Act, unless the context indicates otherwise, a word or expression to which a meaning has been assigned in the Co-operatives Act has the meaning assigned to it in that Act, and- |
means the Development Agency for Co-operative Banks established under section 54;
[Definition deleted by section 290, item 1(a) of Schedule 4, Act No. 9 of 2017 - effective 28 September 2018 (paragraph (c)(vi) of Notice No. 1019, GG 41947, dated 28 September 2018)]
means the Prudential Authority established in terms of section 32 of the Financial Sector Regulation Act;
[Definition inserted by section 290, item 1(b) in Schedule 4, of Act No. 9 of 2017 - effective 1 April 2018 (paragraph (h) of Notice 169 of 2018)]
means a bank registered under the Banks Act, a mutual bank registered under the Mutual Banks Act, 1993 (Act No. 124 of 1993), a co-operative bank registered under this Act and any other similar institution registered under subsequent banking legislation;
means the services that may be provided by a co-operative bank in accordance with section 14;
means the Banks Act, 1990 (Act No. 94 of 1990);
means, in respect of a specified time period, a document of a co-operative bank that sets out-
| (a) | its common economic and social objectives and aspirations together with a description of the short and long term strategies for achieving those needs; and |
| (b) | its market strategy, the scope and nature of the business (including the types of products offered), the expected volume of deposits and the details of lending and investment objectives; |
has the same meaning ascribed to it in terms of section 1(1) of the Financial Sector Regulation Act;
[Definition inserted by section 290, item 1(c) in Schedule 4, of Act No. 9 of 2017 - effective 1 April 2018 (paragraph (h) of Notice 169 of 2018)]
means a co-operative as defined in the Co-operatives Act;
means a co-operative or a co-operative financial institution registered as a co-operative bank in terms of this Act whose members—
| (a) | are employed by a common employer or who are employed within the same business district; or |
| (b) | have common membership in an association or organisation, including a religious, social, co-operative, labour or educational group; or |
| (c) | reside within the same defined community or geographical area; |
[Definition substituted by section 290, item 1(d) in Schedule 4, of Act No. 9 of 2017 - effective 1 April 2018 (paragraph (h) of Notice 169 of 2018)]
means a co-operative that takes deposits and chooses to identify itself by use of the name Financial Co-operative, Financial Services Co-operative, Credit Union or Savings and Credit Co-operative;
[Definition substituted by section 290, item 1(e) in Schedule 4, of Act No. 9 of 2017 - effective 1 April 2018 (paragraph (h) of Notice 169 of 2018)]
means the Co-operatives Act, 2005 (Act No. 14 of 2005);
has the meaning assigned to it in section 1(1) of the Banks Act;
means any employee of a co-operative bank that reports directly to the managing director;
means the Financial Sector Regulation Act, 2017;
[Definition inserted by section 290, item 1(f) in Schedule 4, of Act No. 9 of 2017 - effective 1 April 2018 (paragraph (h) of Notice 169 of 2018)]
means the annual financial statements referred to in sections 47 and 48 of the Co-operatives Act;
means a person contemplated in section 9;
means the Deposit Insurance Fund established in terms of section 166BD of the Financial Sector Regulation Act;
[Definition substituted by section 22 of the Financial Sector Laws Amendment Act, 2021 (Act No. 23 of 2021), Notice No. 789, GG45825, dated 28 January 2022- effective 1 June 2023 per (b)(i) of Commencement Notice No. 3202, GG48294, dated 24 March 2023]
has the same meaning ascribed to it in terms of section 1(1) of the Financial Sector Regulation Act.
[Definition inserted by section 290, item 1(g) in Schedule 4, of Act No. 9 of 2017 - effective 1 April 2018 (paragraph (h) of Notice 169 of 2018)]
means a person under the direct authority of the board of directors of the co-operative bank responsible for the day-to-day operations of the co-operative bank;
means the Minister of Finance;
means the National Treasury established by section 5 of the Public Finance Management Act, 1999 (Act No. 1 of 1999);
includes any partnership or group of natural persons;
[Definition deleted by section 290, item 1(h) in Schedule 4, of Act No. 9 of 2017 - effective 1 April 2018 (paragraph (h) of Notice 169 of 2018)]
means a co-operative registered as a primary co-operative under the Co-operatives Act and as a primary savings co-operative bank under this Act that may provide the banking services and perform the functions referred to in sections 14 and 15;
means a co-operative registered as a primary co-operative under the Co-operatives Act and as a primary savings and loans co-operative bank under this Act that may provide the banking services and perform the functions referred to in sections 14 and 15 of this Act;
means a deposit-taking financial services co-operative that applies for registration as a co-operative bank under section 6;
has the same meaning ascribed to it in terms of section 1(1) of the Financial Sector Regulation Act.
[Definition inserted by section 290, item 1(i) in Schedule 4, of Act No. 9 of 2017 - effective 1 April 2018 (paragraph (h) of Notice 169 of 2018)]
means the Public Finance Management Act, 1999 (Act No. 1 of 1999);
means the Financial Sector Information Register referred to in section 256 of the Financial Sector Regulation Act.
[Definition inserted by section 290, item 1(j) in Schedule 4, of Act No. 9 of 2017 - effective 1 April 2018 (paragraph (h) of Notice 169 of 2018)]
means the Registrar of Co-operatives defined in section 1 of the Co-operatives Act;
means an entity established in terms of national legislation responsible for regulating activities or an industry, or sector of an industry;
means a secondary co-operative, irrespective of whether it is also a secondary co-operative bank, or other association of co-operative financial institutions and co-operative banks registered under section 33 that represents at least two co-operative financial institutions in interactions with organs of state, the private sector and stakeholders;
[Definition amended by section 240(c) of Act No. 45 of 2013]
means the South African Reserve Bank referred to in the South African Reserve Bank Act, 1989 (Act No. 90 of 1989);
in relation to—
| a) | the Authority, means a rule prescribed by the Authority under section 46; and |
| b) | the Agency, means a rule prescribed by the Agency under section 57; |
[Paragraph (b) amended by section 240(d) of Act No. 45 of 2013]
means a co-operative registered as a secondary co-operative under the Co-operatives Act and as a secondary co-operative bank under this Act that may provide the banking services and perform the functions referred to in sections 14 and 15 of this Act;
[Definition deleted by section 290, item 1(k) in Schedule 4, of Act No. 9 of 2017 - effective 1 April 2018 (paragraph (h) of Notice 169 of 2018)]
means a support organisation accredited under section 38 that supports more than one co-operative financial institution or co-operative bank as contemplated in section 37;
[Definition amended by section 240(e) of Act No. 45 of 2013]
means a co-operative registered as a secondary or tertiary co-operative under the Co-operatives Act and as a tertiary co-operative bank under this Act that may provide the banking services and perform the functions referred to in sections 14 and 15 of this Act;
includes any regulation or rule made under this Act;
means the Financial Sector Tribunal established in terms of section 219 of the Financial Sector Regulation Act.
[Definition inserted by section 290, item 1(l) in Schedule 4, of Act No. 9 of 2017 - effective 1 April 2018 (paragraph (h) of Notice 169 of 2018)]
| (2) | Unless the context otherwise indicates, words and expressions not defined in subsection (1) have the same meaning ascribed to them in terms of the Financial Sector Regulation Act. |
[Section 1(2) inserted by section 290, item 1(m) in Schedule 4, of Act No. 9 of 2017 - effective 1 April 2018 (paragraph (h) of Notice 169 of 2018)]