• Mutual Banks Act, 1993 (Act No. 124 of 1993)
  • Notice No. 1291 of 1993
  • Act
  • Chapter I : Interpretation of Act
    • 1. Definitions
    • 1A. Relationship between Act and Financial Sector Regulation Act
  • Chapter II : Administration of Act
    • 2. [Repealed] Functions of Registrar
    • 3. Delegation of powers and assignment of duties by Registrar
    • 4. Powers of inspection of, guidance notes, directives and guidelines by, Authority
    • 5. Furnishing of information by mutual banks
    • 6. [Repealed] Power of Registrar to extend certain periods
    • 7. [Repealed] Appeal against decisions of Registrar
    • 8. [Repealed] Annual report by Registrar
  • Chapter III : Authorization to Establish, and Registration and Cancellation of Registration of, Mutual Banks
    • 9. Registration a prerequisite
    • 10. Authorization to establish mutual bank
    • 11. Granting or refusal of application for authorization
    • 12. Revocation of authorization
    • 13. Application for registration as mutual bank
    • 14. Granting or refusal of application for registration
    • 15. Conditions of registration
    • 16. [Repealed] Application for final registration as mutual bank
    • 17. Granting or refusal of application for final registration
    • 18. Untrue information in connection with applications
    • 19. Juristic personality of mutual bank
    • 20. Use of name of mutual bank
    • 21. Cancellation or suspension of registration by Registrar
    • 22. Notice by Registrar of intention to cancel or suspend registration
    • 23. Cancellation or suspension of registration by court
    • 24. Restriction by Registrar of activities of mutual bank
    • 25. Cancellation of registration at request of mutual bank
    • 26. Withdrawal of suspension or restriction
    • 27. Publication of information relating to mutual banks
    • 28. Date on which registration lapses
    • 29. Repayment of deposits upon lapse of registration
    • 30. Reregistration in terms of this Act
    • 30A. Reregistration after commencement of Mutual Banks Amendment Act, 1999
    • 31. Annual licence
  • Chapter IV : Administration of Mutual Banks
    • 32. Matters to be set forth in articles
    • 33. Alteration of articles
    • 34. Alteration of articles in accordance with direction of Registrar
    • 35. Change of name of mutual bank
    • 36. Binding force of articles
    • 37. Directors of mutual bank
    • 38. Disqualifications of directors
    • 39. Disclosure by directors of interest in contracts with mutual bank
    • 40. Head office of mutual bank
    • 41. Branch offices and agencies
    • 42. Accounting records
    • 43. Annual financial statements
    • 44. General meetings
    • 45. Appointment of auditor
    • 46. Functions of auditor in relation to Registrar
    • 47. Audit committee
  • Chapter V : Prudential requirements
    • 48. Minimum share capital and unimpaired reserve funds
    • 49. Minimum reserve balance
    • 50. Minimum liquid assets
    • 51. Large exposures
    • 52. Failure or inability to comply with prudential requirements
    • 53. Returns
  • Chapter VI : Provisions relating to Aspects of the Conduct of the Business of a Mutual Bank
    • 54. Acceptance of deposits and granting of loans, advances or other credit
    • 55. Restriction on investments in immovable property and shares
    • 56. Restriction on investments with, and loans and advances to, certain associates
    • 57. Shares
    • 58. Dividends
    • 59. Undesirable practices
    • 60. Shareholding in insurer
  • Chapter VII : Conversion of Mutual Banks
    • 61. Definitions
    • 62. Conversion of mutual banks into banks
    • 63. Application for Registrar's approval
    • 64. Consideration of application
    • 65. Special general meeting to authorize conversion
    • 66. Registration of controlling company in respect of bank established by conversion
    • 67. Registration of memorandum and articles of association by Registrar of Companies
    • 68. Notice in Gazette of conversion
    • 69. Effects of conversion
    • 70. Issue of shares to persons who were members of former mutual bank
  • Chapter VIII : Amalgamation, Winding-up and Dissolution
    • 71. Amalgamation and transfer of assets and liabilities
    • 72. Transfer of part of a mutual bank's business
    • 73. [Repealed] Judicial management
    • 74. [Repealed] Voluntary winding-up of mutual bank
    • 75. [Repealed] Winding-up by court
    • 76. [Repealed] Appointment of judicial manager and liquidator
    • 77. [Repealed] Dissolution of mutual bank
    • 78. Limitation of liability of members
    • 78A. Sections 71, 72 and 78 do not apply to mutual banks in resolution
    • 79. Liability of borrowers in winding-up
    • 80. [Repealed] Distribution of surplus in winding-up
    • 81. [Repealed] Appointment of curator to mutual bank
  • Chapter IX : General Provisions
    • 82. Appointment of inspector by Registrar on application of members
    • 83. Investigation by inspector appointed by mutual bank
    • 84. Information to be furnished to inspectors
    • 85. Application for shares or for leave to make deposits
    • 86. Certification of returns and other documents
    • 87. Inspection, copies and keeping of documents
    • 88. Minors and married women
    • 89. Limitation of liability
    • 90. Furnishing of information by Registrar
    • 91. Regulations
    • 92. Offences and penalties
    • 93. Review of Act
    • 94. Interpretation of certain references in existing laws
    • 95. Repeal of laws, and savings
    • 96. Short title and commencement
  • Schedules
    • Laws Repealed