Mutual Banks Act, 1993 (Act No. 124 of 1993)

A reference in any law in force immediately prior to the commencement of this Act to a mutual building society as defined in section 1 of, or registered under, the Mutual Building Societies Act, 1965 (Act No. 24 of 1965), shall, in so far as it is a reference to a permanent mutual building society and unless inconsistent with the context or otherwise clearly inappropriate, be construed as a reference to a mutual bank registered as such in terms of this Act: Provided that any such reference in section 10(i)(i)(xii)(aa), (xiiA) or (xiii)(aa) or 19(5A) of the Income Tax Act, 1962 (Act No. 58 of 1962), to a mutual building society shall, in so far as it is a reference to a permanent mutual building society, be so construed as a reference to a mutual bank that, immediately prior to its registration as a mutual bank in terms of section 30, was a permanent mutual building society registered as such in terms of the Mutual Building Societies Act, 1965.