Mutual Banks Act, 1993 (Act No. 124 of 1993)Chapter IV : Administration of Mutual Banks34. Alteration of articles in accordance with direction of Registrar |
| (1) | Notwithstanding anything contained in this Act but subject to the limitations laid down in section 33(1), the Registrar may at any time in writing direct any mutual bank to effect such alteration to its articles not in conflict with the provisions of this Act as the Registrar may deem desirable in order to remove anomalies or undesirable divergencies in the articles of different mutual banks, and the board of such mutual bank shall thereupon submit the proposed amendments to its members at or before the next annual general meeting of the mutual bank and notify the Registrar of the decision thereon not more than 14 days thereafter. |
| (2) | If adoption of the required alteration is decided upon, the provisions of section 33(2) shall mutatis mutandis apply. |
| (3) | If a mutual bank refuses or fails to alter its articles in accordance with a direction of the Registrar under subsection (1), the Registrar may deal with the alteration contained in the direction as if it were contained in a resolution adopted by the mutual bank in accordance with its articles and submitted to him in terms of section 33(2). |