Prescription Act, 1969 (Act No. 68 of 1969)Chapter III : Prescription of Debts16. Application of this Chapter |
| (1) | Subject to the provisions of subsection (2)(b), the provisions of this chapter shall, save in so far as they are inconsistent with the provisions of any Act of Parliament which prescribes a specified period within which a claim is to be made or an action is to be instituted in respect of a debt or imposes conditions on the institution of an action for the recovery of a debt, apply to any debt arising after the commencement of this Act. |
| (2) | The provisions of any law— |
| (a) | which immediately before the commencement of this Act applied to the prescription of a debt which arose before such commencement; or |
| (b) | which, if this Act had not come into operation, would have applied to the prescription of a debt which arose or arises out of an advance or loan of money by an insurer to any person in respect of an insurance policy issued by such insurer before 1 January 1974, shall continue to apply to the prescription of the debt in question in all respects as if this Act had not come into operation. |
[Paragraph (b) substituted by section 31 of Act No. 57 of 1975]
[Section 16 substituted by section 41 of Act No. 62 of 1973]