Co-operative Banks Act, 2007 (Act No. 40 of 2007)Chapter XII : General Provisions86. Regulations |
| (1) | The Minister may by notice in the Gazette make regulations regarding— |
| (a) | anything which must or may be prescribed in terms of this Act; |
| (b) | the conduct of a member of the board of directors of a co-operative bank in the performance of his or her functions; |
| (c) | the manner in which any payment in terms of this Act must be made to the Authority; |
| (d) | documents, in addition to those contemplated in any other provision of this Act that must be submitted to the Authority; |
| (e) | the manner in which the financial statements of a co-operative bank must be prepared; |
| (f) | the manner in which records must be kept by a co-operative bank; and |
| (g) | any ancillary or incidental administrative or procedural matter that it is necessary to prescribe for the proper implementation or administration of this Act. |
| (2) | A regulation in terms of this section may— |
| (a) | apply to co-operative banks generally; or |
| (b) | differentiate between co-operative banks, which may be defined either in relation to a type or budgetary size of co-operative bank or to any other matter; or |
| (c) | be limited in its application to a particular kind of co-operative bank, which may be defined either in relation to a type or budgetary size of co-operative bank or to any other matter. |
| (3) | A regulation made under subsection (1) may, in respect of any contravention thereof or failure to comply therewith, prescribe a penalty or a fine, or imprisonment for a period not exceeding five years. |
| (4) | Before regulations in terms of this Act are made, the Minister must publish the draft regulations in the Gazette for public comment and submit the regulations to Parliament, while it is in session, for parliamentary scrutiny at least one month before their promulgation. |