Mutual Banks Act, 1993 (Act No. 124 of 1993)Chapter VI : Provisions relating to Aspects of the Conduct of the Business of a Mutual Bank54. Acceptance of deposits and granting of loans, advances or other credit |
| (1) | A mutual bank may, subject to the provisions of this Act and such directives as may from time to time be issued by the Registrar— |
| (a) | accept deposits and grant loans, advances or other credit in the Republic; and |
| (b) | with the written approval of the Registrar accept deposits and grant loans, advances or other credit in any state the territory of which formerly formed part of the Republic. |
| (2) | A mutual bank shall not issue negotiable certificates of deposit otherwise than in accordance with such conditions as may be prescribed. |