Currency and Exchanges Act, 1933 (Act No. 9 of 1933)RegulationsExchange Control Regulations, 19611. Definition of terms |
In these regulations, unless the context otherwise indicates—
means a body corporate, foundation, trust or partnership operating in the Republic, or an estate, in respect of which—
| (i) | 75 per cent or more of the capital, assets or earnings thereof may be utilised for payment to, or to the benefit in any manner of, any person who is not resident in the Republic; or |
| (ii) | 75 per cent or more of the voting securities, voting power, power of control, capital, assets or earnings thereof, are directly or indirectly vested in, or controlled by or on behalf of, any person who is not resident in the Republic; |
means any officer of customs or excise, any immigration officer, any member of the South African Police, any member of the South African Railway and Harbour Police or any person authorised by the Treasury to act as such;
means, in respect of any transaction in respect of gold, a person authorised by the Treasury to deal in gold, and in respect of any transaction in respect of foreign exchange, a person authorised by the Treasury to deal in foreign exchange;
includes any mortgage bond or notarial bond registered or registrable in any registration office in the Republic;
includes the lending of currency, the granting of credit, the taking up of securities, the conclusion of a hire purchase or a lease, the financing of sales or stocks, discounting, factoring , the guaranteeing of acceptance of credits, the guaranteeing or acceptance of any obligation, a suretyship, a buy-back and a leaseback but excluding—
| (a) | the granting of credit by a seller in respect of any commercial transaction directly involving the passing of ownership of the goods sold from seller to purchaser; and |
| (b) | the granting of credit solely in respect of the payment for services rendered; |
"foreign currency"
means any currency which is not legal tender in the Republic, and includes any bill of exchange, letter of credit, money order, postal order, promissory note, traveller's cheque or any other instrument for the payment of currency payable in a currency unit which is not legal tender in the Republic;
"gold"
means gold in any form, except in Regulations 2 and 5 in which "gold" means any gold other than wrought gold;
"goods"
includes any immovable goods or security;
"money"
includes foreign currency or any bill of exchange or other negotiable instrument;
"owner"
in respect of any security, includes any person who has the right to dispose of or transfer that security, or who has the custody thereof, or who receives or has the right to receive, whether on his own behalf or on behalf of any other person, dividends or interest thereon, or who has any other interest therein;
"security"
means shares, stock, bonds, debentures, debenture stock, unit certificates and includes any letter or other document conferring or containing any evidence of rights in respect of any security;
"the Act"
means the Currency and Exchanges Act ,1933 (Act No. 9 of 1933);
"transfer"
includes transfer by way of loan or security, and for the purposes of these regulations a person shall be deemed to transfer securities from the Republic elsewhere if he transfers securities from a register in the Republic to a register outside the Republic;
"Treasury"
in relation to any matter contemplated in these regulations, means the Minister of Finance or an officer in the Department of Finance who, by virtue of the division of work in that Department, deals with the matter on the authority of the Minister of Finance.