Co-operative Banks Act, 2007 (Act No. 40 of 2007)

Chapter II : Registration, Constitution, Functions, Management and Auditor of Co-operative Bank

Part 1 : Application to register, name, and fit and proper requirement

6. Application for registration as co-operative bank

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(1)A co-operative must apply, on the application form prescribed by the Authority, to the Authority for registration as one of the types of co-operative banks referred to in section 5.

 

(2)The following must be submitted together with the application form referred to in subsection (1):
(a)Two certified copies of the constitution of the proposed co-operative bank;
(b)a certified copy of the registration certificate as a co-operative under the Co-operatives Act of the proposed co-operative bank;
(c)the full and abbreviated name of the proposed co-operative bank as well as any literal translation thereof;
(d)a lending policy, if applicable;
(e)a savings policy;
(f)a business plan;
(g)certified copies of the registers referred to in section 21(1)(e) and (f) of the Co-operatives Act;
(h)the postal and physical address of the proposed co-operative bank and a statement describing the suitability of the premises from which the proposed co-operative bank will operate; and
(i)the application fee prescribed by the Authority.

 

(3)The application and every document submitted in terms of subsection (2) must be signed by the chairperson of the proposed co-operative bank.

 

(4)The Authority may require a proposed co-operative bank to furnish him or her with-
a)additional information or documents; or
b)a report by an auditor or by any other knowledgeable person, approved by the Authority, on aspects relating to the application.