Mutual Banks Act, 1993 (Act No. 124 of 1993)Chapter III : Authorization to Establish, and Registration and Cancellation of Registration of, Mutual Banks30. Reregistration in terms of this Act |
| (1) | Every institution that on the date of commencement of this Act is under the provisions of any law repealed by this Act provisionally or finally registered as a permanent mutual building society shall, in accordance with and subject to subsections (2) and (3), as soon as is practicable after such date of commencement be either provisionally or finally registered (according to whether the institution is provisionally or finally registered under the said repealed law) by the Registrar as a mutual bank in terms of this Act. |
| (2) | The Registrar shall when complying with subsection (1) issue to the institution concerned a certificate of provisional or final registration as a mutual bank, as the case may be. |
| (3) | The reregistration of an institution in terms of this section shall in the case of a provisional registration be for the unexpired portion of the period of the institution's provisional registration under the repealed law referred to in subsection (1). |
| (4) | Upon the reregistration of an institution in terms of this section its previous registration under the said repealed law shall be deemed to have lapsed and any certificate of registration issued in respect thereof shall be deemed to have been cancelled. |
| (5) | No fee shall be payable in respect of a reregistration in terms of this section. |