Mutual Banks Act, 1993 (Act No. 124 of 1993)Chapter VII : Conversion of Mutual Banks66. Registration of controlling company in respect of bank established by conversion |
| (1) | A public company intending to acquire control over a bank established by a conversion in terms of this Chapter may, notwithstanding section 43(1) of the Banks Act, 1990, apply in terms of that section for registration as a controlling company in respect of such bank at any time after the special resolution referred to in section 62 authorising the conversion has been adopted. |
| (2) | A company that applied for registration as a controlling company in the circumstances mentioned in subsection (1) shall not be registered as such a controlling company before the bank in respect of which it applied is established. |
| (3) | In addition to any other condition which the Registrar may impose under section 44(1) of the Banks Act, 1990, in respect of a company applying for registration as a controlling company in the circumstances mentioned in subsection (1), he may impose a condition requiring the company— |
| (a) | to acquire control over the bank within a specified period after the establishment of the bank; |
| (b) | to make an offer, within a specified period, to persons referred to in paragraph (c) of the definition of "conversion scheme" in section 61 (1), or to such persons and to members of the public, to take up shares in it in accordance with the relevant conversion scheme. |
| (4) | No registration fee and additional fee referred to in section 63(2) of the Companies Act shall be payable in respect of the registration in terms of the Companies Act of the memorandum and articles of association of a public company formed specifically for the purpose of obtaining registration in terms of this section as a controlling company: Provided that the said fee shall become payable if such a company fails to apply for, or is unable to obtain, registration as such a controlling company. |