Mutual Banks Act, 1993 (Act No. 124 of 1993)Chapter VII : Conversion of Mutual Banks62. Conversion of mutual banks into banks |
| (1) | A mutual bank that is registered as in terms of this Act and that desires to carry on business as a bank may with the approval of the Registrar and under the authority of a special resolution adopted at a special general meeting of members of the mutual bank be converted into such a bank in accordance with the provisions of this Chapter. |
| (2) | A special resolution referred to in subsection (1) may be adopted by a mutual bank notwithstanding the provisions of its articles or the provisions of this Act. |