Mutual Banks Act, 1993 (Act No. 124 of 1993)RegulationsRegulations relating to Mutual BanksChapter I : Basis of Regulation1. Objective of Regulations and completeness of information |
| (1) | The objective of these Regulations is to provide for the establishment of basic principles relating to the maintenance of effective risk management by mutual banks, with due allowance for the ancillary objective that the benefits derived by mutual banks from compliance with these Regulations exceed the costs entailed by such compliance. |
| (2) | All information required to be reported in the funds prescribed in these Regulations shall be reflected against the appropriate items and in the columns as specified in the forms, for example, all liabilities consisting of claims relating to, and all assets arising from, the business of the reporting mutual bank shall, subject to the provisions of regulation 2, be included against the appropriate liability or asset items in the columns provided. |
| (3) | An analysis of any information or item furnished or appearing in any of the forms referred to in subregulation (2) shall upon his request be made available to the Authority within a reasonable period of time. |