Financial Sector Regulation Act, 2017 (Act No. 9 of 2017)

Chapter 12A : Resolution of Designated Institutions

Part 5 : Banks in resolution - covered deposits

166AD. Corporation substituted for depositor in respect of claims
Purchase cart Previous page Return to chapter overview Next page

 

If the Corporation makes a payment out of the Fund as contemplated by section 166AA in respect of a depositor of a bank in resolution, the Corporation may, in terms of this section, assume and exercise the rights and remedies of the depositor against the bank to the extent of the payment.

 

[Section 166AD inserted by section 51 of the Financial Sector Laws Amendment Act, 2021 (Act No. 23 of 2021), Notice No. 789, GG45825, dated 28 January 2022 - effective 1 April 2024 per Notice No. 4468, GG50372, dated 25 March 2024]