Co-operative Banks Act, 2007 (Act No. 40 of 2007)Chapter I : Definitions, Purpose and Application of Act2. Purpose of Act |
The purpose of this Act is to—
| (a) | promote and advance the social and economic welfare of all South Africans by enhancing access to banking services under sustainable conditions; |
| (b) | promote the development of sustainable and responsible co-operative banks and co-operative financial institutions; and |
| (c) | establish an appropriate regulatory framework and regulatory institutions for co-operative banks and co-operative financial institutions that protect the interests of members of co-operative banks, co-operative financial institutions, and the public, |
by providing for—
| (i) | the registration of deposit-taking financial services co-operatives as co-operative banks or co-oprative financial institutions; |
| (ii) | the appropriate and effective regulation and supervision of co-operative banks and co-operative financial institutions, and to protect members and the public interest; and |
| (iii) | the establishment of a Development Agency for Co-operative Banks to develop and enhance the sustainability of co-operative banks and co-operative financial institutions. |
[Section 2 substituted by section 290, item 3 in Schedule 4, of Act No. 9 of 2017 - effective 1 April 2018 (paragraph (h) of Notice 169 of 2018)]