Mutual Banks Act, 1993 (Act No. 124 of 1993) > Chapter III : Authorization to Establish, and Registration and Cancellation of Registration of, Mutual Banks > 13. Application for registration as mutual bank

(1)

An applicant to whom the Registrar has under section 11 granted authorisation for the establishment of a mutual bank (hereinafter in this Chapter referred to as the institution) may at any time during the period of 12 months commencing on the date of the granting of the said authorisation apply to the Registrar for the registration of the institution as a mutual bank, provided such authorisation has not been revoked in terms of section 12(1).

(2)	An application under subsection (1) shall—

(a)	be made in the prescribed manner and on the prescribed form; and

(b)	be accompanied by—

(i)	two copies of the institution's articles;

(ii)	a written statement in which is set out—

(aa)	the full and the abbreviated name of the institution as well as the literal translations thereof;

(bb)	the address of the institution's head office as well as its postal address;

(cc)	full particulars of the business the proposed mutual bank will conduct and of the manner in which such business will be conducted; and

(dd)	the full names and the addresses of the chairperson, the other directors and the executive officers of the institution; and

(iii)

a list of proposed shareholders in the institution, setting out the full name, occupation and residential or business address of the subscriber, the number and type of shares he takes and the nominal value of such shares.

(3)	The Registrar may require an applicant contemplated in subsection (1) to furnish him with such information or documents, in addition to information and documents furnished by the applicant in terms of subsection (2), as the Registrar may deem necessary.

(4)	The application and every document lodged in terms of subsection (2) or (3) shall be signed by the chairperson or the chief executive officer of the institution.