[Section 28 heading substituted by section 16(a) of the South African Post Bank Limited Amendment Act, 2023, Notice No. 3746, GG49374, dated 27 September 2023: effective 19 February 2024, Commencement Proclamation 152, GG50126, dated 15 February 2024]
| (a) | The Minister, with the concurrence of the Minister of Finance, may, in terms of section 9 of the Companies Act, request the Minister of Trade, Industry and Competition to grant a total, partial or conditional exemption from one or more provisions of the Companies Act applicable to the Company or the bank controlling company. |
| (b) | The request must be fully motivated by the Company or the bank controlling company, as the case may be. |
[Section 28(1) substituted by section 16(b) of the South African Post Bank Limited Amendment Act, 2023, Notice No. 3746, GG49374, dated 27 September 2023: effective 19 February 2024, Commencement Proclamation 152, GG50126, dated 15 February 2024]
| (a) | The Commissioner must publish particulars about the request and the motivation contemplated in subsection (1) by notice in the Gazette. |
| (b) | In the notice contemplated in paragraph (a), the Commissioner must invite interested persons to submit representations to a person named in the notice within a period stipulated in that notice. |
[Section 28(2) substituted by section 16(c) of the South African Post Bank Limited Amendment Act, 2023, Notice No. 3746, GG49374, dated 27 September 2023: effective 19 February 2024, Commencement Proclamation 152, GG50126, dated 15 February 2024]
| (a) | After having considered the representations contemplated in subsection (2), if any, the Minister of Trade and Industry may, by notice in the Gazette, declare the whole or any part of the provision concerned to be inapplicable to the Company with effect from the date stipulated in that notice. |
| (b) | Before granting an exemption in terms of section 9 of the Companies Act and in addition to the provisions of that section, the Minister of Trade, Industry and Competition must consider the representations contemplated in subsection (2) and be satisfied on reasonable grounds that the request for exemption for the Company or the bank controlling company— |
| (i) | will contribute to the Company's or the bank controlling company's efficiency; |
| (ii) | will not reduce or limit the Company's or the bank controlling company's accountability as a public entity or reduce the transparency of its functioning and operations; |
| (iii) | will not be prejudicial to the rights, interests or claims of the Company's creditors or employees or to the rights or interests of any other person; |
| (iv) | will not reduce or limit the Company’s or bank controlling company’s functioning or accountability as a bank or bank controlling company; and |
| (v) | will not affect the effective regulation and supervision of the Company and the bank controlling company in terms of the Banks Act. |
[Section 28(3)(b) substituted by section 16(d) of the South African Post Bank Limited Amendment Act, 2023, Notice No. 3746, GG49374, dated 27 September 2023: effective 19 February 2024, Commencement Proclamation 152, GG50126, dated 15 February 2024]
| (4) | This section applies with the changes required by the context to the former Postbank functioning as contemplated in section 30. |
