Mutual Banks Act, 1993 (Act No. 124 of 1993)

Chapter III : Authorization to Establish, and Registration and Cancellation of Registration of, Mutual Banks

15. Conditions of registration
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(1)The registration under section 14 of an institution as a mutual bank shall be for a period of 12 months and shall be subject to such conditions, if any, as the Registrar may determine.

 

(2)In addition to any other condition which the Registrar may impose under subsection (1), the Registrar may impose a condition requiring the institution concerned to take within a specified period such steps as may be necessary to alter its articles in accordance with the requirements of the Registrar.