South African Postbank SOC Limited Act, 2010 (Act No. 9 of 2010)Chapter II : Incorporation and Transfer of Enterprise3. Incorporation |
| (1) | The Minister must take the necessary action for the formation and incorporation of a state-owned company and a bank controlling company in terms of the Companies Act. |
[Section 3(a) substituted by section 3(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]
| (2) |
| (a) | The Government shall, upon incorporation of the Company and the bank controlling company, be the shareholder of the bank controlling company. |
| (b) | The bank controlling company shall hold 100% shares in the Company on behalf of Government represented by the Minister. |
| (c) | The bank controlling company shall exercise oversight over the Postbank and ensure that the Company exercises sound risk management and governance practices, in accordance with the Banks Act. |
| (d) | The Minister shall consider and approve any other shareholding with the concurrence of the Minister of Finance and in accordance with the requirements of the Banks Act, the Companies Act and the Financial Sector Regulation Act, 2017 (Act No. 9 of 2017). |
[Section 3(2) substituted by section 3(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]
| (3) |
| (a) | The name of the Company is 'The Postbank SOC Limited' and no other person, except the Company, may carry on any business or be registered with that name or with a name that is similar to "The Postbank". |
| (b) | The name of the bank controlling company is the ‘The South African Postbank SOC Limited’ and no other entity, other than the Postbank, may carry on any business or be registered with that name or with a name that is similar to ‘The South African Postbank SOC Limited’. |
Section 3(3) substituted by section 3(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]
| (4) | The Minister must, on behalf of Government, sign and file the Memorandum of Incorporation, Notice of Incorporation and all other documents necessary for the formation and incorporation of the Company and the bank controlling company. |
Section 3(4) substituted by section 3(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]
| (5) | Commissioner must— |
| (a) | register the Memorandum of Incorporation as signed and filed in terms of subsection (4); |
| (b) | incorporate the Company as a state-owned company under the name 'The Postbank SOC Limited'; |
Section 3(5) substituted by section 3(e) 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]
| (6) | The sole business of the bank controlling company is to act as the controlling company (as defined in section 1(1) of the Banks Act). |
Section 3(6) substituted by section 3(f) 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]
(7) The Minister must apply to register the bank controlling company in accordance with section 43 of the Banks Act.
Section 3(7) inserted by section 3(g) 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]