Co-operative Banks Act, 2007 (Act No. 40 of 2007)RegulationsRegulations in terms of Section 86Part 1 : Definitions and interpretation |
| 1. | In these regulations "the Act" means the Co-operative Banks Act, 2007 (Act No. 40 of 2007), and any word or expression to which a meaning has been assigned in the Act shall have the meaning so assigned to it, and— |
| (a) | "delinquent loan" means any loan in respect of which a payment due and payable has not been received in accordance with the terms of a contractual arrangement, and includes— |
| (i) | in respect of loans that provide for monthly payments, a loan in respect of which a payment was not received 31 calendar days after the due date for payment; |
| (ii) | in respect of loans that provide for daily or weekly payments, a loan in respect of which a payment was not received one day after the due date for payment; |
| (b) | "donation" means any fixed asset or cash received free of any legal claim and irrespective of whether or not a co-operative bank must account for the use of the asset or cash in a specific manner; and "grant" has the same meaning; |
| (c) | "external borrowing" includes any monies secured through a loan, excluding members' deposits, for which the co-operative bank has entered into an agreement and must repay the funds with or without interest at a later date, including a loan from the Co-operative Banks Development Agency, a higher tier co-operative bank and any member; |
| (d) | "fixed asset" means moveable and immovable property and includes land, buildings, vehicles, furniture, fixtures and equipment; |
| (e) | "membership share" has the meaning assigned to it in section 1 of the Co-operatives Act; |
| (f) | "non-earning assets" means assets other than fixed assets that earn no yield or interest such as cash, non-interest bearing accounts, members collateral due to repossessions, accounts receivable, prepaid expenses and accruals; |
| (g) | "Part" means the applicable Part of these regulations; |
| (h) | "patronage proportion" has the meaning assigned to it in section 1 of the Co-operatives Act |
| (i) | "related person" means— |
| (i) | a person or member who is directly or indirectly controlled by the same person or member; and |
| (ii) | a person or member who is so interconnected with another person or member that should one of them experience financial difficulties, one or all of them would be likely to experience a lack of liquidity; |
| (j) | "section" means the applicable section of the Act; and |
| (k) | "total assets" include fixed assets, non-earning assets, assets referred to in regulation 3.2 and loans. |