South Africa Act or statute

Parliament of the Republic of South Africa

Public Investment Commissioners Amendment Act, 1995

Banking and financeboard compositionborrowingcommittee governancedecision-makinginterestoverdraftquorumtemporary deficits

Jurisdiction: South Africa
Structure: 5 provisions
Citation: Act 22 of 1995
Dates: updated 21 Jul 1995

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Dates: updated 21 Jul 1995

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“This provision amends the definition of “bank” in the principal Act.”

This provision amends the definition of “bank” in the principal Act. This amendment changes how the commissioners are made up and how meetings can reach a quorum. This section changes how the executive committee works: it must have at least three members, a majority forms a quorum, and a majority of members present makes a committee decision. The commissioners may borrow from a bank by overdraft to cover temporary deficits, if they and the bank agree on the conditions. This section gives the Act its short title: the Public Investment Commissioners Amendment Act, 19.95.

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Section 1 of the Public Investment Commissioners Act, 1984 (hereinafter 5

This provision amends the definition of “bank” in the principal Act.

Section 1

Section 2 of the principal Act is hereby amended-

This amendment changes how the commissioners are made up and how meetings can reach a quorum.

Section 2

Section 3 of the principal Act is hereby amended-

This section changes how the executive committee works: it must have at least three members, a majority forms a quorum, and a majority of members present makes a committee decision.

Section 3

Section 5 of the principal Act is hereby amended by the substitution for 25

The commissioners may borrow from a bank by overdraft to cover temporary deficits, if they and the bank agree on the conditions.

Section 4

This Act shall be called the Public Investment Commissioners Amendment

This section gives the Act its short title: the Public Investment Commissioners Amendment Act, 19.95.

Section 5

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Source record from www.parliament.gov.za · updated 21 Jul 1995

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Showing 5 of 5 provisions

Substitution 3Short title 2

§ 1Section 1 of the Public Investment Commissioners Act, 1984 (hereinafter 5Substitution

This provision amends the definition of “bank” in the principal Act.

1. Section 1 of the Public Investment Commissioners Act, 1984 (hereinafter 5 referred to as the principal Act), is hereby amended by the substitution for the definition of "bank" of the following definition: . "bank" means [the South African Reserve Bank mentioned in section 2 of the South African Reserve Bank Act, 1944 (Act No. 29 of 1944)] any bank as defined in section 1 of the Banks Act, 1990 (Act No. 94 of 1990), which has 10 been admitted to a clearing house;". Amendment of section 2 of Act 45 of 1984, as amended by section 21 of Act 77 of 1986, section 18 of Act 80 of 1989, section 9 of Act 51 of 1991 and section 1 of Act .. 76 of1992

Section 1Verify source

§ 2Section 2 of the principal Act is hereby amended-Substitution

This amendment changes how the commissioners are made up and how meetings can reach a quorum.

2. Section 2 of the principal Act is hereby amended- (a) by the substitution for subsection (1) of the following subsection: 15 "(1) There shall be not · less than three Public Investment Commissioners, who shall exercise the powers and perform the duties conferred or imposed upon the commissioners by this_ Act or'"' any other law."; . 20 . (b) by the substitution for paragraph (b) of subsection (2) of the following paragraph: "(b) not less than two other persons appointed by the Minister."; (c) by the substitution in subsection (7) for the words preceding the proviso of the following words: . "The [Minister or the person designated under. subsection (2)( a) and one person referred to in · subsection (2)(b)] majority of the commissioners, including the Minister or the person designated .. , . . . . . . . 25 4 No. 16548 GOVERNMENT GAZETTE, 21 JULY 1995 Act No. 22, 1995 PUBLIC INVESTMENT COMMISSIONERS AMENDMENT ACT, 1995 under subsection (2)(a), shall form a quorum for a meeting of the commissioners, and the decision of [two] the majority of the commissioners present at a meeting of the commissioners, shall be a decision of the commissioners". Amendment of section 3 of Act 45 of 1984, as amended by section 19 of Act 80 of 5 . 1989

Section 2Verify source

§ 3Section 3 of the principal Act is hereby amended-Substitution

This section changes how the executive committee works: it must have at least three members, a majority forms a quorum, and a majority of members present makes a committee decision.

3. Section 3 of the principal Act is hereby amended- ( a) by the substitution for paragraph (a) of subsection (1} of the following paragraph: " (a) which shall consist of not less than three persons appointed by 10 the commissioners, of whom at least one shall be an officer in the department designated for such purpose by the director general; and"; (b) by the substitution for subsection (6) of the following subsection: · "(6) [Two] The majority of the members of the executive 15 committee shall form a quorum for a meeting of the executive committee."; and (c) by the substitution in subsection (8) for the words preceding the proviso of the following words: . "The decision of [two] the majority of the members of the executive 20 committee present at any meeting thereof, shall be a decision of the executive committee". Amendment of section 5 of Act 45 of 1984, as amended by section 23 of Act 77 of 1986

Section 3Verify source

§ 4Section 5 of the principal Act is hereby amended by the substitution for 25Short title

The commissioners may borrow from a bank by overdraft to cover temporary deficits, if they and the bank agree on the conditions.

4. Section 5 of the principal Act is hereby amended by the substitution for 25 subsection (3) of the following subsection: "(3) [Subject to the provisions of the South Mrican Reserve Bank Act, 1944 (Act No. 29 of 1944), the] The commissioners may borrow from a bank by way of overdraft, on such conditions as the commissioners and the bank may by mutual agreement determine, such sums of money as they may deem 30 necessary to meet temporary deficits in the bank account, and any interest on such loans shall be paid from the bank account.".· · · · Short title

Section 4Verify source

§ 5This Act shall be called the Public Investment Commissioners AmendmentShort title

This section gives the Act its short title: the Public Investment Commissioners Amendment Act, 19.95.

5. This Act shall be called the Public Investment Commissioners Amendment Act, 19.95. · 35

Section 5Verify source

Legislative relationships

2 referenced instruments

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N–S

2 instruments

Public Investment Commissioners Act, 1984
Section 1
South Mrican Reserve Bank Act, 1944
Section 4

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