South African Reserve Bank Act, 1989 (Act No. 90 of 1989)

22. Restriction of right to hold or acquire shares in Bank
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(1)Subject to the provisions of subsection (2)—
(a)no shareholder shall hold, or hold in aggregate with his, her or its associates, more than 10 000 shares in the Bank; and
(b)if it appears that a shareholder holds, or holds in aggregate with his, her or its associates more than 10 000 shares in the Bank in contravention of this section or any other provision of this Act, the Bank may approach a court with jurisdiction for an appropriate order to redress the matter, which order may include, but is not limited to, an order for the disposal of shares in the Bank at a price per share and subject to such terms, conditions and restrictions as the court may determine.

[Section 22(1) amended by section 7(a) of the South African Reserve Bank Amendment Act, 2010]

 

(2)A shareholder who holds, or holds in aggregate with his, her or its associates, more than 10 000 shares in the Bank at the commencement of the South African Reserve Bank Amendment Act, 2010, shall disclose in a manner as may be prescribed to the Bank the names of all his, her or its associates, as well as the number of shares held by each of them.

[Section 22(2) amended by section 7(b) of the South African Reserve Bank Amendment Act, 2010]

 

(2A)A shareholder who discloses information as contemplated in subsection (2) may continue to hold, or hold in aggregate with his, her or its associates, those shares: Provided that for as long as such shareholding, or aggregate shareholding, as the case may be, exceeds 10 000 shares, neither the shareholder nor his, her or its associates, as the case may be, shall acquire any further shares in the Bank.

[Section 22(2A) inserted by section 7(c) of the South African Reserve Bank Amendment Act, 2010]

 

(3)If at any time the number of shares in the Bank held by a shareholder referred to in subsection (2), or held by that shareholder in aggregate with his, her or its associates, as the case may be, is reduced to 10 000 or less, the restriction laid down in subsection (1) shall apply also to that shareholder.

[Section 22(3) amended by section 7(d) of the South African Reserve Bank Amendment Act, 2010]

 

(4)No shares in the Bank shall be held in the name of or transferred to a nominee unless that nominee is a central securities depository as defined in section 1 of the Safe Deposit of Securities Act, 1992.

 

(5)If at the commencement of the South African Reserve Bank Amendment Act, 1989, shares are registered contrary to the provisions of subsection (4), the Bank shall forthwith take steps to register those shares in the name of the beneficial owner thereof.

 

(6)If the number of shares held by a shareholder in the Bank increases to more than 10 000 shares, he or she shall as soon as practicable dispose of the number of shares held by him or her in excess of 10 000.