Local Government: Municipal Finance Management Act, 2003 (Act No. 56 of 2003)RegulationsMunicipal Supply Chain Management Regulations, 2005Chapter 2: Framework for Supply Chain Management PoliciesPart 2: Acquisition management30. Procurement of banking services |
| (1) | A contract for the provision of banking services to a municipality or municipal entity— |
| (a) | must be procured through competitive bids; |
| (b) | must be consistent with sections 7 or 85 of the Act; and |
| (c) | may not be for a period of more than five years at a time. |
| (2) | The process for procuring a contract for banking services must commence at least nine months before the end of an existing contract . |
| (3) | The closure date for the submission of bids may not be less than 60 days from the date on which the advertisement is placed in a newspaper in terms of regulation 22(1). Bids must be restricted to banks registered in terms of the Banks Act, 1990 (Act No. 94 of 1990). |