Mutual Banks Act, 1993 (Act No. 124 of 1993)Chapter VII : Conversion of Mutual Banks63. Application for Registrar’s approval |
| (1) | A mutual bank contemplating to hold a general meeting of members for the purpose of adopting a special resolution referred to in section 62, shall before it convenes such a meeting apply to the Registrar on the prescribed form for his approval contemplated in that section. |
| (2) | An application referred to in subsection (1) shall be accompanied by the following documents in duplicate, namely— |
| (a) | an exposition of the reasons for the proposed conversion and of the manner in which it is proposed to effect the conversion; |
| (b) | a proposed conversion scheme; |
| (c) | a proposed memorandum and articles of association for the public company to be established by the conversion; |
| (d) | the memorandum and articles of association of any public company (if any) intending to apply for registration as a controlling company in respect of the proposed bank in the circumstances mentioned in section 66(1) or, if such company is yet to be formed, the proposed memorandum and articles of association; and |
| (e) | a proposed special resolution— |
| (i) | authorising in accordance with the conversion scheme the conversion of the mutual bank into a bank |
| (ii) | approving the provisions of the proposed conversion scheme; |
| (iii) | adopting the proposed memorandum and articles of association referred to in paragraph (c); |
| (iv) | approving, if a controlling company for the bank is contemplated, the memorandum and articles of association or the proposed memorandum and articles of association, as the case may be, referred to in paragraph (d); |
| (v) | designating persons to act as the first directors of the proposed bank; and |
| (vi) | providing for any such other matters in connection with the conversion as may be regarded necessary. |
| (3) | A mutual bank that applied in terms of subsection (1) for the Registrar's approval shall furnish such additional particulars in connection with its application as the Registrar may require. |