Mutual Banks Act, 1993 (Act No. 124 of 1993)RegulationsRegulations relating to Mutual BanksChapter IV : Prescribed Fees42. Annual licence |
| (1) | The licence fee contemplated in section 31 of the Act shall be calculated in accordance with the formula: |
with a minimum of R1 000 and a maximum of R50 000 per annum.
| (2) | A mutual bank that exists on 1 January of a particular year, shall pay the licence fee, prescribed in subregulation (1), before the end of that month, and a mutual bank that is registered on a later date in such year shall in respect of such year, and before the end of the month in which it is so registered, pay a licence fee calculated in accordance with the formula: |
in which formula "X" represents the number of full months remaining in such year after the month in that is so registered.
| (3) | A mutual bank that fails to pay the full amount of the applicable licence fee within the period allowed in terms of subregulation (2) for payment thereof shall, in addition to such licence fee, pay for each month or part of a month during which the licence fee remains so unpaid, a penalty calculated at the rate of 10 per cent of the amount of the licence fee that it has failed to pay as aforesaid, and reckoned from the final date allowed in terms of subregulation (2) for the payment of such licence fee: Provided that the amount of the penalty so payable shall not be more than the amount of the licence fee due. |
| (4) | All moneys payable in terms of this regulation shall be a debt due to the Government of the Republic and shall be recoverable by action in any competent court by the Commissioner of Inland Revenue. |
| (5) | The licence fee and any penalty collected under this regulation shall accrue for the benefit of the State Revenue Fund. |
| (6) | Representative offices of foreign institutions established in the Republic of South Africa shall annually, not later than 31 January of each year, pay to the South African Reserve Bank a fee of R1 000. |