Mutual Banks Act, 1993 (Act No. 124 of 1993)Chapter VII : Conversion of Mutual Banks67. Registration of memorandum and articles of association by Registrar of Companies |
| (1) | A mutual bank shall be converted into a bank upon registration by the Registrar of Companies in terms of section 63 of the Companies Act, of the memorandum and articles of association of the public company that is established by the conversion. |
| (2) | The Registrar of Companies shall, notwithstanding the Companies Act, be competent to register the memorandum and articles of association of a public company established by the conversion of a mutual bank into a bank, but shall not register such a memorandum and articles of association unless the application is accompanied by a certificate issued in terms of section 65(3). |
| (3) | For the purposes of the registration of the memorandum and articles of association of any such company in terms of the Companies Act— |
| (a) | the persons referred to in section 63(2)(e)(v) shall, if they accept their appointment as the first directors of the company, sign the memorandum and articles of association as if they were the subscribers of the memorandum and articles of association of such company as contemplated in section 54(2) of the Companies Act; and |
| (b) | no registration fee and additional fee referred to in section 63(2) of the Companies Act shall be payable. |