Financial Sector Regulation Act, 2017 (Act No. 9 of 2017)Chapter 12A : Resolution of Designated InstitutionsPart 6 : Corporation for Deposit Insurance - establishment, functions and governance166AG. Membership |
| (1) | A bank is a member of the Corporation from the date it is licensed or registered in terms of the relevant financial sector law that allows it to hold covered deposits. |
| (2) | If a bank was licensed or registered in terms of the relevant financial sector law before the establishment of the Corporation, it will be a member of the Corporation from the date the Corporation is established. |
| (3) | When applying for a bank licence or registration, a bank must provide the responsible authority with information that will enable it to meet the requirements of the Corporation. |
[Section 166AG 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]