_____________
CO-OPERATIVE
BANKS BILL
[B13-2007]
____________
CLAUSE
1
1. On page 6, in line 19, to omit "needs"
and to substitute "objectives".
2. On page 6, in line 32, after
"a" to insert "business,".
3. On
page 6, from line 36, to omit the definition of “executive officer” and to
substitute:
"executive officer" means any employee of a
co-operative bank that reports directly to the managing director;
4. On page 6, in line 53, to omit "and".
CLAUSE
2
1. On page 7, in line 38, to omit "market".
CLAUSE 3
1. On page 7, in line 54, to omit the
second "or" and to substitute "and".
2. On page 7, in line 57, to omit “one of”.
CLAUSE
9
1. On page 9, in line 43, to omit "or".
2. On page 9, in line 52, to omit
paragraph (vi).
CLAUSE
11
1. On
page 10, after 22, to insert:
(c) has
not, for a continuous period of three months, met the criteria referred to in
section 3(1) and is unlikely to meet the criteria in the future;
CLAUSE
13
1. On page 11, in line 29, to omit "supervisory"
and to substitute "governance".
2. On page 11, in line 35, to omit
paragraph (e) and to substitute:
(e) that
certificates, share statements or any other proof of shareholding must be
issued to members.
CLAUSE
14
1. On
page 12, in line 4, after "members" to insert ", other than
deposits referred to in paragraph (a),".
2. On page 12, in line 8, to omit
“indorse” and to substitute “endorse”.
3. On page 12, from line 25, to omit
paragraph (c) and to substitute:
(c) open
an account with a bank registered under the Banks Act to facilitate foreign
currency transactions;
CLAUSE
16
1. On
page 13, in line 6, to omit "managing directors" and to substitute "managing
director".”
CLAUSE
23
1. On page 14, from line 39, to omit
paragraph (a).
CLAUSE
24
Clause
rejected.
NEW
CLAUSE
1. That the following be a new clause:
Deposit insurance
obligations of co-operative bank
24. A
co-operative bank must pay to the Fund such deposit insurance contributions as
may be prescribed by the Minister.
CLAUSE
25
Clause
rejected.
NEW
CLAUSE
1. That the following be a new clause:
Establishment of
Co-operative Banks Deposit Insurance Fund
25. The
Agency must establish, and must manage, a fund to be known as the Co-operative
Banks Deposit Insurance Fund.
CLAUSE
26
1. On
page 16, in line 1, to omit "Establishment
and control" and to substitute "Control".
2. On page 16, from line 2, to omit
subsection (1).
3. On page 16, in line 21, after "percentage"
to insert "or amount".
4. On page 16, from line 42, to omit
paragraph (c).
CLAUSE
29
1. On page 17, from line 8, to omit
subsection (1) and to substitute:
(1) Before an amalgamation, division or
transfer of assets, rights, liabilities and obligations by a co-operative bank,
such co-operative bank must apply to the supervisor for the approval of the
amalgamation, division or transfer.
2. On page 17, from line 13, to omit
subsection (3) and to substitute:
(3) If an amalgamation, division of or transfer by a
co-operative bank will result in more than 25% of the assets, rights, liabilities
or obligations of a co-operative bank being transferred to another co-operative
bank, the supervisor may not approve that amalgamation, division of or transfer
or issue a certificate of registration in respect thereof without the written
consent of the Minister to that amalgamation, division or transfer.
CLAUSE 30
1. On page 17, in line 21, after "co-operative"
to insert "bank".
CLAUSE
31
1. On page 17, from line 46, to omit paragraphs
(c), (d) and (e).
CLAUSE
41
1. On
page 20, in line 32, after "
2. On page 20, from line 31, to omit
paragraph (c) and to substitute:
(3) If a primary co-operative bank holds deposits in excess of
20 million Rand for a continuous period of three months, the Agency must inform
the South African Reserve Bank within one month of the expiry of that three
month period that the primary co-operative bank is subject to its authority and
provide the South African Reserve Bank with the necessary information.
3. On page 20, after line 34, to insert
the following subsection:
(4) If a primary co-operative bank holds
deposits of less than 20 million Rand for a continuous period of three months the
South African Reserve Bank must inform the Agency within one month of the
expiry of that three month period that the primary co-operative bank is subject
to its authority and provide the Agency with the necessary information.
CLAUSE
55
1. On
page 24, in line 15, after "banking" to insert ", including,
despite section 3(1), deposit-taking cooperatives".
2. On page 24, from line 22, to omit
paragraph (g).
3. On page 24, in line 41, to omit the
second "and".
4. On page 24, after line 41, to insert
the following paragraph:
(b) assist co-operative banks in auditing their
financial statements; and
CLAUSE
56
1 On page 25, in line 4, to omit
paragraph (f) and to substitute:
(f) enter
into and decide upon the manner in which agreements must be entered into;
CLAUSE 57
1. On
page 25, in line 29, after “Gazette”
to insert “and such other electronic and printed media as the Agency considers
appropriate”.
2. On
page 25, in line 30, to omit "co-operative banks and representative bodies"
and to substitute "the public".
CLAUSE 63
1. On
page 27, in line 28, to omit “was not entitled to” and to substitute “did not
qualify”.
CLAUSE
73
1. On page 29, in line 31, to omit "its"
and to substitute "the Agency’s".
2. On
page 29, in line 32, to omit “,at any time, may” and to substitute “may at any
time”.
CLAUSE
77
1. On
page 31, in line 16, to omit "incorporated as a co-operative under the
Co-operatives Act and".
CLAUSE
86
1. On
page 32, after line 47, to insert:
(4) Before regulations in terms of this Act
are made, the Minister must publish the draft regulations in the Government
Gazette for public comment and submit the regulations to Parliament, while
it is in session, for parliamentary scrutiny at least one month before their
promulgation.
SCHEDULE
1. On page 34, after line 13, to insert
the following paragraph:
(a) by
the insertion after the definition of "company" of the following
definitions:
" 'co-operative
bank' has the meaning assigned to it in section 1 of the Co-operative Banks
Act, 2007;
'Co-operative Banks Act' means the Co-operative Banks Act, 2007;
2. On page 34, from line 22, to omit
"tertiary".
3. On page 34, from line 51, to omit
"secondary or tertiary".
4. On page 35, from line 6, to omit "tertiary".
5. On page 35, in line 17, to omit
"by the" and to substitute:
by—
(a) the
substitution in subsection (1) for paragraph (b) of the following paragraph:
"(b) to act as a medium for communication by
its members with the South African Government, the Reserve Bank, the Registrar
of Banks, the Co-operative Bank Supervisors, the Registrar of Financial
Institutions, any financial or other exchange, other public bodies, authorities
and officials, the news media, the general public and other private
associations and institutions; and"; and
(b) the
6 On page 35, in line 28, to omit "secondary".
7. On page 35, in line 34, to omit "secondary".
8. On page 35, in line 43, to omit "secondary".
9. On page 35, in line 50, to omit "secondary".
10. On page 35, in line 60, to omit "secondary
and tertiary".
11. On page 35, after line 64, to insert the
following items and row:
6. Amendment
of section 8 by—
(a) the
substitution for the heading of the following heading:
"Curatorship,
judicial management or liquidation"; and
(b) the
substitution for subsection (1) of the following subsection:
"(1) The provisions of this section apply
despite anything to the contrary in the law relating to insolvency or in the
Companies Act, the Co-operative Banks Act, the Banks Act or the Mutual
Banks Act.".
7. Amendment
of section 10 by the substitution for subsection (2) of the following
subsection:
"(2) Subject to subsection (3), any
information—
(a) obtained
by the Reserve Bank in terms of subsection (1); and
(b) identifying
a specific Reserve Bank settlement system participant,
is confidential and may not be disclosed by any
director or officer of the Reserve Bank to any person, except to an officer of
the Reserve Bank who requires that information for purposes of the execution of
his or her duties in terms of this Act, the South African Reserve Bank Act,
the Co-operative Banks Act, the Banks Act or the Mutual Banks Act.".
|
Act 89 of
1998 |
Competition
Act, 1998 |
1. Amendment of section 18 by— (a) the substitution in subsection
(2)(a) for subparagraph (ii) of the
following subparagraph: "(ii) a transaction for which consent is required in terms of
section 54 of the Banks Act, 1990 (Act No. 94 of 1990), or section 29 of
the Co-operative Banks Act, 2007; and"; and (b) the
substitution in subsection (2)(b) for
subparagraph (ii) of the following subparagraph: "(ii) it is in the public interest that the merger is subject to
the jurisdiction of the Banks Act, 1990 (Act No. 94 of 1990), or section 29
of the Co-operative Banks Act, 2007, only. |
LONG
TITLE
1. On page 2, in the second line, to omit
"market".