| (a) | a public company under the Companies Act; |
[Subsection (1)(a) amended by section 229(a) of Act No. 45 of 2013]
| (b) | a company or institution incorporated under a special Act, excluding a close corporation referred to in the Close Corporations Act, 1984 (Act No. 69 of 1984); |
| (c) | an institution or branch of a foreign institution which is entitled to carry on the business of a bank under the Banks Act, 1990 (Act No. 94 of 1990); or |
| (d) | an institution which is registered as an insurer under the Long-term Insurance Act, 1998 (Act No. 52 of 1998). |
| (2) | A company or institution referred to in subsection (1) may not become or act as a trustee or custodian unless it— |
| (a) | maintains capital and reserves together amounting to not less than 10 million rand; and |
| (b) | has been registered by the registrar as a trustee or custodian. |
| (a) | The registrar may not register any company or institution as a trustee or custodian under this section unless he or she is satisfied that— |
| (i) | the company or institution is not, in relation to the manager, either a holding company or a subsidiary within the meaning of those terms as defined in the Companies Act; and |
[Subsection (3)(a)(i) amended by section 229(b) of Act No. 45 of 2013]
| (ii) | the general financial and commercial standing and independence of the company or institution is such that it is fit for performing the functions of a trustee or custodian and that the company or institution is by reason of the nature of its business sufficiently experienced and equipped to perform such functions. |
| (b) | The registrar may revoke or suspend any such registration already granted if at any time thereafter he or she ceases to be satisfied that the requirements contained in paragraph (a) are met by the trustee or custodian. |
| (4) | Any person who contravenes subsection (1) or (2) is guilty of an offence and liable on conviction to a fine or to imprisonment for a period not exceeding one year or to both a fine and such imprisonment. |
| (5) | The registrar must, before revoking or suspending a registration in terms of subsection (3)(b), notify the trustee or custodian concerned of the grounds upon which such action is contemplated against it, and must give it a reasonable opportunity of showing cause why the proposed action should not be taken. |
| (6) | The trustee or custodian has the right to present its case verbally to the registrar and in doing so to be represented by any other person. |
