South African Postbank Limited Amendment Act
This section amends section 1 of the South African Postbank Limited Act, 2010 by adding and updating several definitions.
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- Act 10 of 2023
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About this statute
This section amends section 1 of the South African Postbank Limited Act, 2010 by adding and updating several definitions. This provision amends section 1 by inserting and adding several defined terms. This provision amends several definitions, including “Companies Act,” “Company,” “financial services,” and “person.” This section amends the Act’s objects to describe Postbank as a company and bank controlling company that provides financial and banking services and lends responsibly. This section amends the Act so the Minister must help form the state-owned company and bank controlling company, the Government becomes the sole shareholder of the bank controlling company, and only the Company may use the protected Postbank name.
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Provisions of South African Postbank Limited Amendment Act
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Section 1 of the South African Postbank Limited Act, 2010 (hereinafter referred to
AI-assisted research summary: This section amends section 1 of the South African Postbank Limited Act, 2010 by adding and updating several definitions.
1. Section 1 of the South African Postbank Limited Act, 2010 (hereinafter referred to as ‘‘the principal Act’’), is hereby amended— (a) by the insertion before the definition of ‘‘Banks Act’’ of the following definition: ‘‘ ‘banking services’ means the services rendered in the course of the business of a bank as contemplated in the Banks Act;’’; (b) by the insertion after the definition of ‘‘Banks Act’’ of the following definition: ‘‘ ‘bank controlling company’ means the controlling company of The Postbank SOC Limited and has the meaning ascribed to it in section 1(1) of the Banks Act;’’; (c) by the insertion after the definition of ‘‘Board’’ of the following definitions: ‘‘ ‘chief executive officer’ means the chief executive officer appointed in terms of section 18; ‘chief financial officer’ means the chief financial officer appointed in terms of section 18; ‘Commissioner’ means the Commissioner as defined in section 1 of the Companies Act;’’; 5 10 15 20 This gazette is also available free online at www.gpwonline.co.za STAATSKOERANT, 27 SEpTEMbER 2023 Wysigingswet op die Suid-Afrikaanse posbank beperk, 2023 ALGEMENE VERDUIDELIKENDE NOTA: 3 No. 49374 3 no. 10 van 2023 [ ] Woorde in vet druk in vierkantige hake dui uitlatings uit bestaande verordeninge aan. Woorde met ’n volstreep daaronder dui invoegings in bestaande verordeninge aan. (Engelse teks deur die President geteken) (Goedgekeur op 13 September 2023) WET Tot wysiging van die Wet op die Suid-Afrikaanse Posbank Beperk, 2010, ten einde sekere woordomskrywings te wysig en in te voeg; die oogmerke van die Wet te wysig; voorsiening te maak vir die oordrag in aandeelhouding van die Suid- Afrikaanse Poskantoor MSB Beperk aan die Staat en die skepping van ’n bankbeherendemaatskappy vir ‘‘Die Posbank MSB Beperk’’ ingevolge die Bankwet, 1990; voorsiening te maak vir die aanstelling van die hoof- uitvoerende beampte en die hoof- finansiële beampte; en om voorsiening te maak vir aangeleenthede wat daarmee in verband staan. DAAR WORD BEPAAL deur die Parlement van die Republiek van Suid-Afrika, soos volg:— Wysiging van artikel 1 van Wet 9 van 2010, soos gewysig deur artikel 1 van Wet 44 van 2013 - 1 Verify source ↗
Artikel 1 van die Wet op die Suid-Afrikaanse Posbank Beperk, 2010 (hierna ‘‘die
AI-assisted research summary: This provision amends section 1 by inserting and adding several defined terms.
1. Artikel 1 van die Wet op die Suid-Afrikaanse Posbank Beperk, 2010 (hierna ‘‘die 5 Hoofwet’’ genoem), word hierby gewysig— (a) deur die volgende omskrywing voor die omskrywing van ‘‘Bankwet’’ in te voeg: ‘‘ ‘bankbeherendemaatskappy’ die beherende maatskappy van die Posbank MSB Beperk en het die betekenis in artikel 1(1) van die Bankwet daaraan toegeskryf; ‘bankdienste’ die dienste gelewer in die verloop van die besigheid van ’n bank soos in die Bankwet beoog;’’; (b) deur die volgende omskrywing na die omskrywing van ‘‘familielid’’ in te voeg: ‘‘ ‘finansiële dienste’ dit wat in artikel 3 van die ‘Financial Sector Regulation Act, 2017’ (Wet No. 9 van 2017), daaraan toegeskryf is;’’; (c) deur die volgende omskrywings na die omskrywing van ‘‘hierdie Wet’’ in te voeg: ‘‘ ‘hoof- finansiële beampte’ die hoof- finansiële beampte ingevolge artikel 18 aangestel; ‘hoof- uitvoerende beampte’ die hoof- uitvoerende beampte ingevolge artikel 18 aangestel; ‘Kommissaris’ die Kommissaris Maatskappywet omskryf;’’; in artikel 1 van die soos 10 15 20 25 This gazette is also available free online at www.gpwonline.co.za - 4 Verify source ↗
No. 49374
AI-assisted research summary: This provision amends several definitions, including “Companies Act,” “Company,” “financial services,” and “person.”
4 No. 49374 GOVERNMENT GAZETTE, 27 SEpTEMbER 2023 Act no. 10 of 2023 The South African post bank Limited Amendent Act, 2023 4 (d) by the substitution for the definition of ‘‘Companies Act’’ of the following definition: ‘‘ ‘Companies Act’ means the Companies Act, [1973 (Act No. 61 of 1973] 2008 (Act No. 71 of 2008);’’; (e) by the substitution for the definition of ‘‘Company’’ of the following 5 definition: ‘‘ ‘Company’ means The Postbank SOC Limited;’’; (f) by the insertion after the definition of ‘‘family member’’ of the following definition: ‘‘ ‘financial services’ has the meaning ascribed to it in section 3 of the Financial Sector Regulation Act, 2017 (Act No. 9 of 2017);’’; and 10 (g) by the insertion after the definition of ‘‘Minister’’ of the following definition: ‘‘ ‘person’ means a juristic or natural person;’’. Amendment of section 2 of Act 9 of 2010 - 2 Verify source ↗
Section 2 of the principal Act is hereby amended—
AI-assisted research summary: This section amends the Act’s objects to describe Postbank as a company and bank controlling company that provides financial and banking services and lends responsibly.
2. Section 2 of the principal Act is hereby amended— (a) by the substitution for the words preceding paragraph (a) of the following words: ‘‘The object of this Act is to provide for the incorporation of the Postbank Division of the Post Office as a [legal person] Company and bank controlling company, with the aim of the Company—’’; (b) by the substitution for paragraph (b) of the following paragraph: ‘‘(b) rendering [transactional] financial services, banking services and lending facilities through, amongst others, [existing] the infrastruc- ture of the Post Office and any other means of delivery the Company may deem appropriate for its operational needs;’’; (c) by the deletion of the word ‘‘and’’ at the end of paragraph (e); (d) by the substitution for paragraph (f) of the following paragraph: ‘‘(f) ensuring responsible lending to rural and lower income markets [.]; and’’; and (e) by the addition after paragraph (f) of the following paragraph: ‘‘(g) acting as the commercial bank owned by the State to render financial services and banking services to the public.’’. Amendment of section 3 of Act 9 of 2010, as amended by section 2 of Act 44 of 2013 - 3 Verify source ↗
Section 3 of the principal Act is hereby amended—
AI-assisted research summary: This section amends the Act so the Minister must help form the state-owned company and bank controlling company, the Government becomes the sole shareholder of the bank controlling company, and only the Company may use the protected Postbank name.
3. Section 3 of the principal Act is hereby amended— (a) by the substitution for subsection (1) of the following subsection: ‘‘(1) The Minister must take the necessary action for the formation and incorporation of a [public] state-owned company [with a share capital and for a certificate to commence business to be issued to the Company] and a bank controlling company in terms of the Companies Act.’’; (b) by the substitution for subsection (2) of the following subsection: ‘‘(2) (a) [Notwithstanding section 32 of the Companies Act, the Post Office] The Government shall, upon incorporation of the Company and the bank controlling company, be the [sole member and] share- holder of the [Company] bank controlling company. (b) The bank controlling company shall hold 100% shares in the Company on behalf of Government represented by the Minister. (c) The bank controlling company shall exercise oversight over the Postbank and ensure that the Company exercises sound risk management and governance practices, in accordance with the Banks Act. (d) The Minister shall consider and approve any other shareholding with the concurrence of the Minister of Finance and in accordance with the requirements of the Banks Act, the Companies Act and the Financial Sector Regulation Act, 2017 (Act No. 9 of 2017).’’; (c) by the substitution for subsection (3) of the following subsection: ‘‘(3) (a) The name of the Company is [the ‘South African] ‘The Postbank SOC Limited’ and no other person, except the Company, may carry on any business or be registered with that name or with a name that is similar to ‘‘The Postbank’’. 15 20 25 30 35 40 45 50 55 This gazette is also available free online at www.gpwonline.co.za Wysigingswet op die Suid-Afrikaanse posbank beperk, 2023 5 STAATSKOERANT, 27 SEpTEMbER 2023 No. 49374 5 no. 10 van 2023 (d) deur die omskrywing van ‘‘Maatskappy’’ deur die volgende omskrywing te vervang: ‘‘ ‘Maatskappy’ die Posbank MSB Beperk;’’; (e) deur die omskrywing van ‘‘Maatskappywet’’ deur die volgende omskrywing te vervang: ‘‘ ‘Maatskappywet’ die Maatskappywet, [1973 (Wet No. 61 van 1973] 2008 (Wet No. 71 van 2008);’’; en (f) deur die volgende omskrywing na die omskrywing van ‘‘Minister’’ in te voeg: ‘‘ ‘persoon’ ’n regspersoon of natuurlike persoon;’’. Wysiging van artikel 2 van Wet 9 van 2010 - 2 Verify source ↗
Artikel 2 van die Hoofwet word hierby gewysig—
AI-assisted research summary: This section amends Article 2 of the principal Act by replacing and adding wording about the Act’s purpose and the Postbank’s functions.
2. Artikel 2 van die Hoofwet word hierby gewysig— (a) deur die woorde wat paragraaf (a) voorafgaan deur die volgende woorde te vervang: ‘‘Die oogmerk van hierdie Wet is om voorsiening te maak vir die ’n inlywing van die Posbank-afdeling van die Poskantoor as [regspersoon] Maatskappy en bankbeherendemaatskappy, met die doel om die Maatskappy—’’; (b) deur paragraaf (b) deur die volgende paragraaf te vervang: ‘‘(b) [transaksiedienste] finansiële dienste, bankdienste en lenings- geriewe te bied deur, onder andere, [bestaande] die infrastruktuur van die Poskantoor en enige ander wyse van lewering wat die Maatskappy gepas mag ag vir die Maatskappy se bedryfs- behoeftes;’’; (c) deur die woord ‘‘en’’ aan die eiende van paragraaf (e) te skrap; (d) deur paragraaf (f) deur die volgende paragraaf te vervang: ‘‘(f) te verseker dat lenings verantwoordelik toegestaan word vir plattelandse en laerinkomstemarkte[.]; en’’; en (e) deur die volgende paragraaf na paragraaf (f) in te voeg: 5 10 15 20 25 ‘‘(g) as die kommersiële bank in besit van die Staat op te tree om finansiële dienste en bankdienste aan die publiek te lewer.’’. 30 Wysiging van artikel 3 van Wet 9 van 2010, soos gewysig deur artikel 2 van Wet 44 van 2013 - 3 Verify source ↗
Artikel 3 van die Hoofwet word hierby gewysig—
AI-assisted research summary: The Minister must take steps to establish and incorporate the state-owned company and bank holding company, the Government must be the sole shareholder, and no other person may use the protected company name.
3. Artikel 3 van die Hoofwet word hierby gewysig— (a) deur subartikel (1) deur die volgende subartikel te vervang: ‘‘(1) Die Minister moet die nodige stappe doen vir die oprigting en inlywing van ’n [publieke] maatskappy in staatsbesit [met ’n aandele- kapitaal en vir ’n sertifikaat om met besigheid te begin om] en ’n bankbeherendemaatskappy ingevolge die Maatskappywet [aan die Maatskappy uitgereik te word].’’; (b) deur subartikel (2) deur die volgende subartikel te vervang: ‘‘(2) (a) [Ondanks artikel 32 van die Maatskappywet, is die Poskantoor,] Die Regering moet, by inlywing van die Maatskappy en die [alleenlid van en alleen- die aandeelhouer] aandeelhouer in die [Maatskappy] bankbeherende- maatskappy wees. bankbeherendemaatskappy, (b) Die bankbeherendemaatskappy hou 100% aandele in die Maatskappy namens die Regering verteenwoordig deur die Minister. (c) Die bankbeherendemaatskappy oefen toesig uit oor die Posbank en verseker dat die Maatskappy gesonde risikobestuur- en beheerpraktyke uitoefen, ooreenkomstig die Bankwet. (d) Die Minister oorweeg en keur enige aandeelhouding goed met die instemming van die Minister van Finansies en ooreenkomstig die vereistes van die Bankwet, die Maatskappywet en die ‘Financial Sector Regulation Act, 2017’ (Wet No. 9 van Wet 2017).’’; (c) deur subartikel (3) deur die volgende subartikel te vervang: ‘‘(3) (a) Die naam van die Maatskappy is [die ‘Suid-Afrikaanse] ‘Die Suid-Afrikaanse Posbank MSB Beperk’ en geen ander persoon, behalwe die Maatskappy, mag besigheid bedryf onder of geregistreer wees onder daardie naam of ’n naam wat soortgelyk aan ‘Die Posbank’ is nie. 35 40 45 50 55 This gazette is also available free online at www.gpwonline.co.za - 6 Verify source ↗
No. 49374
AI-assisted research summary: The Minister and Commissioner must complete filing, registration, and incorporation steps for Postbank-related companies, and only the Postbank may use the specified company name or a similar one.
6 No. 49374 GOVERNMENT GAZETTE, 27 SEpTEMbER 2023 Act no. 10 of 2023 The South African post bank Limited Amendent Act, 2023 6 (b) The name of the bank controlling company is the ‘The South African Postbank SOC Limited’ and no other entity, other than the Postbank, may carry on any business or be registered with that name or with a name that is similar to ‘The South African Postbank SOC Limited’.’’; (d) by the substitution for subsection (4) of the following subsection: ‘‘(4) The Minister must on behalf of [the Post Office] Government, sign and file the [memorandum and articles of association] Memoran- dum of Incorporation, Notice of Incorporation and all other documents necessary for the formation and incorporation of the Company and the bank controlling company.’’; (e) by the substitution for subsection (5) of the following subsection: ‘‘(5) The [Registrar of Companies] Commissioner must— (a) (b) register the [memorandum and articles of association] Memorandum of Incorporation as signed and filed in terms of subsection (4); incorporate the Company as a [public] state-owned company under the name ‘[South African] The Postbank SOC Limited’; and (bA) incorporate the bank controlling company as a company under the name ‘The South African Postbank SOC Limited’.’’ [(c) with the concurrence of the Minister, issue to the Company a certificate to commence business.]’’; 5 10 15 20 (f) by the substitution for subsection (6) of the following subsection: ‘‘(6) The sole business of the bank controlling company is to act as the controlling company (as defined in section 1(1) of the Banks Act). ’’; and 25 (g) by the addition after subsection (6) of the following subsection: ‘‘(7) The Minister must apply to register the bank controlling company in accordance with section 43 of the Banks Act.’’. Amendment of section 9 of Act 9 of 2010, as amended by section 5 of Act 44 of 2013 30 - 4 Verify source ↗
Section 9 of the principal Act is hereby amended by the substitution in subsection
AI-assisted research summary: The Company, the bank controlling company, and the Post Office must conclude a cooperation agreement, with concurrence from the Minister and the Minister of Finance.
4. Section 9 of the principal Act is hereby amended by the substitution in subsection (2) for paragraph (a) of the following paragraph: ‘‘(a) The Company, the bank controlling company and the Post Office must, with the concurrence of the Minister and the Minister of Finance, conclude an agreement which governs cooperation between the Company, the bank controlling company and the Post Office.’’. Amendment of section 10 of Act 9 of 2010 - 5 Verify source ↗
Section 10 of the principal Act is hereby amended—
AI-assisted research summary: This section amends the board-appointment and registration rules for the company and bank controlling company, and restricts use of the bank’s name.
5. Section 10 of the principal Act is hereby amended— (a) by the substitution for subsection (2) of the following subsection: ‘‘(2) The members of the Board are appointed or reappointed by the Minister, with the concurrence of the Minister of Finance [and the Post Office], and the concurrence shall be deemed to have been granted, should such a response not be forthcoming within 30 days from the receipt of the request by the Minister of Finance.’’; and by the addition after subsection (2) of the following subsections: (b) ‘‘(3) The members of the Board of the Company and of the bank controlling company are appointed or reappointed by the Minister in the manner contemplated in section 14 and in accordance with the requirements of the Banks Act. (4) The Board of the bank controlling company is made up of ten non-executive members, 50 per cent of which are appointed by the Minister from amongst the Board of the Company. (5) The Minister must determine who the 50 per cent board members, contemplated in subsection (4), are. 35 40 45 50 (6) Chapter IV of the Act applies mutatis mutandis to the Board of the 55 bank controlling company.’’. This gazette is also available free online at www.gpwonline.co.za Wysigingswet op die Suid-Afrikaanse posbank beperk, 2023 7 STAATSKOERANT, 27 SEpTEMbER 2023 No. 49374 7 no. 10 van 2023 (b) Die naam van die bankbeherendemaatskappy is die ‘Die Suid- Afrikaanse Posbank MSB Beperk’ en geen ander entiteit, anders as die Posbank, mag enige sake doen of geregistreer wees met daardie naam of met ’n naam wat soortgelyk aan ‘Die Suid-Afrikaanse Posbank Beperk MSB’ is nie.’’; (d) deur subartikel (4) deur die volgende subartikel te vervang: ‘‘(4) Die Minister moet die [akte van oprigting en statute] Akte van Inlywing, Kennisgewing van Inlywing en alle ander dokumentasie wat nodig is vir die oprigting en inlywing van die Maatskappy en die bankbeherendemaatskappy, [Poskantoor] Regering onderteken en voorlê.’’; namens die (e) deur subartikel (5) deur die volgende subartikel te vervang: ‘‘(5) Die [Registrateur van Maatskappye] Kommissaris moet— (a) die [akte van oprigting en statute registreer] Akte van (4) onderteken en ingevolge subartikel soos Inlywing, ingedien; (b) die Maatskappy as ’n [openbare] maatskappy in staatsbesit inlyf onder die naam ‘[Suid-Afrikaanse] Die Posbank MSB Beperk’; en (bA) die bankbeherendemaatskappy as ’n maatskappy inlyf onder die naam ‘Die Suid-Afrikaanse Posbank MSB Beperk’.’’ [(c) met die instemming van die Minister, ’n sertifikaat aan die Maatskappy uitreik om met besigheid te begin.]’’; (f) deur subartikel (6) deur die volgende subartikel te vervang: ‘‘(6) Die alleenbesigheid van die bankbeherendemaatskappy is om as die beherende maatskappy (soos omskryf in artikel 1(1) van die Bankwet) op te tree.’’; en 5 10 15 20 25 (g) deur die volgende subartikel na subartikel (6) by te voeg: ‘‘(7) Die Minister moet aansoek doen om die bankbeherende- maatskappy te registreer ooreenkomstig artikel 43 van die Bankwet.’’. 30 Wysiging van artikel 9 van Wet 9 van 2010, soos gewysig deur artikel 5 van Wet 44 van 2013 - 4 Verify source ↗
Artikel 9 van die Hoofwet word hierby gewysig deur in subartikel (2) paragraaf (a)
AI-assisted research summary: The Company, the bank holding company, and the Post Office must enter into an agreement, with the consent of the Minister and Minister of Finance, to govern their cooperation.
4. Artikel 9 van die Hoofwet word hierby gewysig deur in subartikel (2) paragraaf (a) deur die volgende paragraaf te vervang: ‘‘(a) Die Maatskappy, die bankbeherendemaatskappy en die Poskantoor moet, met die instemming van die Minister en Minister van Finansies, ’n ooreenkoms aangaan wat samewerking tussen die Maatskappy, die bankbeherendemaatskappy en die Poskantoor beheer.’’. Wysiging van artikel 10 van Wet 9 van 2010 - 5 Verify source ↗
Artikel 10 van die Hoofwet word hierby gewysig—
AI-assisted research summary: This amendment changes how certain board and council members are appointed, including Minister appointments and a 30-day deemed-consent rule for the Minister of Finance.
5. Artikel 10 van die Hoofwet word hierby gewysig— (a) deur subartikel (2) deur die volgende subartikel te vervang: ‘‘(2) Die lede van die Raad word deur die Minister aangestel of heraangestel, met die instemming van die Minister van Finansies [en die Poskantoor], en die instemming word geag gegee te wees indien so ’n reaksie binne 30 dae vanaf ontvangs van die versoek deur die Minister van Finansies, ontvang sou word nie.’’; en (b) deur die volgende subartikels na subartikel (2) by te voeg: ‘‘(3) Die lede van die Raad van die Maatskappy en van die bank- beherendemaatskappy word deur die Minister aangestel of heraangestel op die wyse in artikel 14 beoog en ooreenkomstig die vereistes van die Bankwet. (4) Die Raad van die bankbeherendemaatskappy bestaan uit tien nie-uitvoerende lede, waarvan 50 persent deur die Minister aangestel word uit die geledere van die Raad van die Maatskappy. 35 40 45 50 (5) Die Minister moet bepaal wie die 50 persent raadslede, beoog in 55 subartikel (4), is. (6) Hoofstuk IV van die Wet is mutatis mutandis van toepassing op die Raad van die bankbeherendemaatskappy.’’. This gazette is also available free online at www.gpwonline.co.za - 8 Verify source ↗
No. 49374
AI-assisted research summary: Section 8 identifies an amendment to section 12 of Act 9 of 2010.
8 No. 49374 GOVERNMENT GAZETTE, 27 SEpTEMbER 2023 Act no. 10 of 2023 The South African post bank Limited Amendent Act, 2023 Amendment of section 12 of Act 9 of 2010 8 - 6 Verify source ↗
Section 12 of the principal Act is hereby amended—
AI-assisted research summary: This section amends section 12 to change the Board’s composition and require certain members to meet a fit-and-proper test.
6. Section 12 of the principal Act is hereby amended— (a) by the substitution in subsection (1) for paragraph (a) of the following paragraph: ‘‘(a) [seven] not less than five and not more than nine non-executive members appointed from among the persons nominated in terms of section 14(1)(a); and’’; (b) by the deletion in subsection (1) of paragraph (b); (c) by the substitution in subsection (1) for paragraph (c) of the following paragraph: ‘‘(c) the [managing director] chief executive officer and the chief financial officer, who [is an] are executive [member] members of the Board by virtue of office that they hold.’’; (d) by the deletion of the word ‘‘and’’ at the end of paragraph (a); (e) by the substitution in subsection (2)(b) for the full stop at the end of subparagraph (ii) of the expression ‘‘; and’’ and the addition of the following paragraph: ‘‘(c) are determined to be fit and proper persons in terms of section 1(1A) of the Banks Act.’’. 5 10 15 Amendment of section 14 of Act 9 of 2010, as amended by section 7 of Act 44 of 2013 20 - 7 Verify source ↗
Section 14 of the principal Act is hereby amended—
AI-assisted research summary: This section amends section 14 of the principal Act, including changes to member appointment and vacancy-filling rules.
7. Section 14 of the principal Act is hereby amended— (a) by the deletion of subsection (1)(b); (b) by the substitution in subsection (5) for paragraph (b) of the following paragraph: ‘‘(b) If a suitable person or the required number of suitable persons are not nominated as contemplated in subsections (1)(b) or (4), the Minister may, with the concurrence of the Minister of Finance [and the Post Office], identify and appoint the required number of further members.’’; 25 (c) by the substitution in subsection (6) for paragraph (a) of the following 30 paragraph: ‘‘(a) The Minister must, within 30 days after [consensus] concurrence has been reached with the Minister of Finance [and the Post Office] regarding the appointment of members as contemplated in section 10(2)—’’; 35 (d) by the deletion of subsection (6)(a)(i); and (e) by the substitution in subsection (8) for paragraph (a) of the following paragraph: ‘‘(a) Any vacancy occurring in the Board must be filled in the same way as which the departing member was appointed [to the Board].’’. 40 Insertion of section 15A in Act 9 of 2010 - 8 Verify source ↗
The following section is hereby inserted in the principal Act, after section 15:
AI-assisted research summary: The bank controlling company must be the controlling company, hold 100% of the Company’s shares, not carry on its own operating activities except ownership, and provide additional oversight so the bank operating company follows sound risk and governance practices.
8. The following section is hereby inserted in the principal Act, after section 15: ‘‘Functions of bank controlling company 15A. (1) The bank controlling company will be the controlling company for the Company. (2) The bank controlling company shall itself not conduct any operating activities of its own, other than ownership of the Company. (3) The bank controlling company will hold 100% shares of the Company. (4) The bank controlling company shall exercise additional oversight over the bank, ensuring that the bank operating company exercises sound risk management and governance practices, in accordance with the South African Reserve Bank requirements as provided for in the Banks Act.’’. 45 50 This gazette is also available free online at www.gpwonline.co.za Wysigingswet op die Suid-Afrikaanse posbank beperk, 2023 9 STAATSKOERANT, 27 SEpTEMbER 2023 No. 49374 9 no. 10 van 2023 Wysiging van artikel 12 van Wet 9 van 2010 - 6 Verify source ↗
Artikel 12 van die Hoofwet word hierby gewysig—
AI-assisted research summary: This section amends Article 12 of the principal Act, changing board composition and related wording.
6. Artikel 12 van die Hoofwet word hierby gewysig— (a) deur in subartikel (1) paragraaf (a) deur die volgende paragraaf te vervang: ‘‘(a) [sewe] minstens vyf en hoogstens nege nie-uitvoerende lede aangestel vanuit die geledere van die persone ingevolge artikel 14(1)(a) benoem; en’’; (b) deur in subartikel (1) paragraaf (b) te skrap; (c) deur in subartikel (1) paragraaf (c) deur die volgende paragraaf te vervang: ‘‘(c) die [besturende direkteur] hoof- uitvoerende beampte en die hoof- finansiële beampte, [wat ’n] is uitvoerende [lid] lede van die Raad [is] weens die amp wat hulle beklee.’’; (d) deur die woord ‘‘en’’ aan die einde van paragraaf (a) te skrap; (e) deur in subartikel (2)(b) die punt aan die einde van subparagraaf (ii) deur die uitdrukking ‘‘; en’’ te vervang en die volgende paragraaf by te voeg: 5 10 ‘‘(c) bepaal as gepaste en geskikte persone ingevolge artikel 1(1A) van 15 die Bankwet as geskikte en gepaste persone bevestig.’’. Wysiging van artikel 14 van Wet 9 van 2010, soos gewysig deur artikel 7 van Wet 44 van 2013 - 7 Verify source ↗
Artikel 14 van die Hoofwet word hierby gewysig—
AI-assisted research summary: This section amends Article 14 of the principal Act, including appointment and vacancy-fill rules for members.
7. Artikel 14 van die Hoofwet word hierby gewysig— (a) deur subartikel (1)(b) te skrap; (b) deur in subartikel (5) paragraaf (b) deur die volgende paragragraaf te vervang: ‘‘(b) Indien ’n geskikte persoon of die vereiste getal geskikte persone nie benoem is soos in subartikels (1)(b) of (4) beoog nie, kan die Minister, met die instemming van die Minister van Finansies [en die Poskantoor], die vereiste getal verdere lede identifiseer en aanstel.’’; ‘‘(a) Die Minister moet, binne 30 dae nadat (c) deur in subartikel (6) paragraaf (a) deur die volgende paragraaf te vervang: [ooreenstemming] instemming met die Minister van Finansies [en die Poskantoor] bereik is betreffende die aanstelling van lede soos in artikel 10(2) beoog—’’; (d) deur subartikel (6)(a)(i) te skrap; en (e) deur in subartikel (8) paragraaf (a) deur die volgende paragraaf te vervang: ‘‘(a) Enige vakature wat in die Raad ontstaan, moet op dieselfde wyse gevul word waarop die lid wat sy of haar amp ontruim, [tot die Raad] aangestel is.’’. 20 25 30 35 Invoeging van artikel 15A in Wet 9 van 2010 - 8 Verify source ↗
Die volgende artikel word hierby na artikel 15 in die Hoofwet ingevoeg:
AI-assisted research summary: A bank holding company must act only as the holding company, hold all shares in the company, and not carry on its own operating activities other than ownership.
8. Die volgende artikel word hierby na artikel 15 in die Hoofwet ingevoeg: ‘‘Werksaamhede van bankbeherendemaatskappy 15A. (1) Die bankbeherendemaatskappy sal die beherende maatskappy 40 vir die Maatskappy wees. (2) Die bankbeherendemaatskappy self sal nie enige eie bedryfs- aktiwiteite, anders as eienaarskap van die Maatskappy, verrig nie. (3) Die bankbeherendemaatskappy sal 100% aandele in die Maatskappy hou. 45 (4) Die bankbeherendemaatskappy oefen bykomende oorsig oor die bank uit, ten einde te verseker dat die bankbeherendemaatskappy gesonde risikosbestuur- en beheerpraktyke gebruik, ooreenkomstig die vereistes van die Suid-Afrikaanse Reserwebank soos in die Bankwet bepaal.’’. This gazette is also available free online at www.gpwonline.co.za - 10 Verify source ↗
No. 49374
AI-assisted research summary: This provision amends section 18 of the South African Post Bank Limited Amendment Act, 2023.
10 No. 49374 GOVERNMENT GAZETTE, 27 SEpTEMbER 2023 Act no. 10 of 2023 The South African post bank Limited Amendent Act, 2023 10 Amendment of section 18 of Act 9 of 2010, as amended by section 9 of Act 44 of 2013 - 9 Verify source ↗
Section 18 of the principal Act is hereby amended—
AI-assisted research summary: The Board must appoint a chief executive officer and chief financial officer, invite applications for those posts, and may renew the appointments with Ministerial approval.
9. Section 18 of the principal Act is hereby amended— (a) by the substitution for the heading of the following heading: ‘‘Appointment of [managing director] chief executive officer and chief financial officer’’; 5 (b) by the substitution for subsection (1) of the following subsection: ‘‘(1) (a) The Board must, with the approval of the Minister, appoint a [managing director] chief executive officer who [must perform any work incidental to the functions of] shall have the overall responsibil- ity for implementation of the Board’s strategy for the Company and [ensure that] management of the day-to-day affairs of the Company [meets its objects] and any other functions as delegated by the Board from time to time. (b) The Board, with the concurrence of the Minister, shall appoint the chief financial officer who shall assist the chief executive officer and the Board with discharging their responsibilities over the financial affairs of the Company and any other functions as may be delegated from time to time. (c) The chief executive officer and the chief financial officer shall be appointed for a term not exceeding five years, which appointment may, with the approval of the Minister, be renewed for another term based on performance.’’; (c) by the substitution for subsection (2) of the following subsection: ‘‘(2) The Board must invite applications for the posts of [managing director] chief executive officer and chief financial officer by publishing advertisements in the media or the selection process approved by the Board with the concurrence of the Minister, and this may include as a head hunting process in accordance with the relevant prescripts.’’; and (d) by the substitution in subsection (3) for the words preceding paragraph (a) of the following words: ‘‘A person appointed as [managing director] chief executive officer or chief financial officer—’’. Amendment of section 19 of Act 9 of 2010 - 10 Verify source ↗
Section 19 of the principal Act is hereby amended—
AI-assisted research summary: This provision amends Section 19 to set appointment, office terms, remuneration, and accountability rules for the chief executive officer and chief financial officer.
10. Section 19 of the principal Act is hereby amended— (a) by the substitution for the heading of the following heading: ‘‘Conditions of appointment of [managing director] chief executive officer and chief financial officer’’; (b) by the substitution in subsection (1) for paragraph (a) of the following paragraph: ‘‘(a) The appointment of the [managing director] chief executive officer and chief financial officer is subject to the conclusion of a performance contract entered into between the Board and the [managing director] chief executive officer and the Board and the chief financial officer, respectively.’’; (c) by the substitution for subsection (2) of the following subsection: ‘‘(2) The [managing director] chief executive officer and chief financial officer [holds] hold office on the terms and conditions determined by the Board, with the concurrence of the Minister.’’; (d) by the substitution for subsection (3) of the following subsection: ‘‘(3) The [managing director is] chief executive officer and chief financial officer are entitled to a remuneration package determined by the Board, with the concurrence of the Minister and the Minister of Finance, and the concurrence shall be deemed to have been granted, should such a response not be forthcoming within 30 days from the receipt of the request by the Minister of Finance.’’; (e) by the substitution for subsection (4) of the following subsection: ‘‘(4) The [managing director is] chief executive officer and chief financial officer are accountable to the Board.’’; and 10 15 20 25 30 35 40 45 50 55 This gazette is also available free online at www.gpwonline.co.za Wysigingswet op die Suid-Afrikaanse posbank beperk, 2023 no. 10 van 2023 STAATSKOERANT, 27 SEpTEMbER 2023 No. 49374 11 11 Wysiging van artikel 18 van Wet 9 van 2010, soos gewysig deur artikel 9 van Wet 44 van 2013 - 9 Verify source ↗
Artikel 18 van die Hoofwet word hierby gewysig—
AI-assisted research summary: The Board must appoint a chief executive officer and a chief financial officer, with the Minister’s approval or consent, and the Board must invite applications for those posts.
9. Artikel 18 van die Hoofwet word hierby gewysig— (a) deur die opskrif deur die volgende opskrif te vervang: ‘‘Aanstelling van [besturende direkteur] hoof- uitvoerende beampte en hoof- finansiële beampte’’; 5 (b) deur subartikel (1) deur die volgende subartikel te vervang: ‘‘(1) (a) Die Raad moet, met die goedkeuring van die Minister, ’n [besturende direkteur] hoof- uitvoerende beampte aanstel wat [enige werk wat verband hou met die werksaamhede van] algehele verantwoordelikheid vir inwerkingstelling van die Raad se strategie vir die Maatskappy [moet verrig en moet toesien dat die Maatskappy sy oogmerke bereik] en bestuur van die dag-tot-dag sake van die Maatskappy en enige ander werksaamhede soos van tyd tot tyd deur die Raad gedelegeer, sal hê. (b) Die Raad, met die instemming van die Minister, stel die hoof- finansiële beampte aan wat die hoof- uitvoerende direkteur en die Raad bystaan met die vervulling van hul verantwoordelikhede oor die finansiële sake van die Maatskappy en enige ander werksaamhede soos van tyd tot tyd gedelegeer kan word. (c) Die hoof- uitvoerende beampte en die hoof- finansiële beampte word aangestel vir ’n termyn van hoogstens vyf jaar, welke aanstelling, met die goedkeuring van die Minister, op grond van prestasie vir nog ’n termyn hernu kan word.’’; (c) deur subartikel (2) deur die volgende subartikel te vervang: ‘‘(2) Die Raad moet ’n uitnodiging rig vir aansoeke om die [pos] poste van [besturende direkteur] hoof- uitvoerende beampte en hoof- finansiële beampte deur advertensies in die media te publiseer of die seleksieproses deur die Raad goedgekeur, met die instemming van die Minister, en dit kan ’n geteikende werwingsproses in ooreenstemming met die betrokke voorskrifte [deur advertensies in die media te publiseer].’’; en insluit 10 15 20 25 30 (d) deur in subartikel (3) die woorde wat paragraaf (a) voorafgaan deur die volgende woorde te vervang: ‘‘ ’n Persoon wat as [besturende direkteur] hoof- uitvoerende 35 beampte of hoof- finansiële beampte aangestel word—’’. Wysiging van artikel 19 van Wet 9 van 2010 - 10 Verify source ↗
Artikel 19 van die Hoofwet word hierby gewysig—
AI-assisted research summary: The chief executive officer and chief financial officer are appointed and serve on terms set by the Board, with ministerial consent, and are accountable to the Board.
10. Artikel 19 van die Hoofwet word hierby gewysig— (a) deur die opskrif deur die volgende opskrif te vervang: ‘‘Voorwaardes van aanstelling van [besturende direkteur] hoof- uitvoerende beampte en hoof- finansiële beampte’’; 40 (b) deur in subartikel (1) paragraaf (a) deur die volgende paragraaf te vervang: ‘‘(a) Die aanstelling van die [besturende direkteur] hoof- uitvoerende beampte en hoof- finansiële beampte is onderworpe aan die sluit van ’n prestasiekontrak tussen die Raad en die [besturende direkteur] hoof- uitvoerende beampte en die Raad en die hoof- finansiële beampte, onderskeidelik.’’; (c) deur subartikel (2) deur die volgende subartikel te vervang: ‘‘(2) Die [besturende direkteur] hoof- uitvoerende beampte en hoof- finansiële beampte beklee die amp op die bedinge en voorwaardes wat die Raad, met die instemming van die Minister, bepaal.’’; (d) deur subartikel (3) deur die volgende subartikel te vervang: ‘‘(3) Die [besturende direkteur] hoof- uitvoerende beampte en hoof- finansiële beampte is geregtig op ’n besoldigingspakket deur die Raad bepaal, met die instemming van die Minister en die Minister van Finansies, en die instemming sal geag word gegee te wees indien geen reaksie ontvang word binne 30 dae sedert ontvangs van die versoek deur die Minister van Finansies nie.’’; 45 50 55 (e) deur subartikel (4) deur die volgende subartikel te vervang: ‘‘(4) Die [besturende direkteur] hoof- uitvoerende beampte en hoof- 60 finansiële beampte is aan die Raad verantwoordbaar.’’; en This gazette is also available free online at www.gpwonline.co.za - 12 Verify source ↗
No. 49374
AI-assisted research summary: The Board may appoint a senior employee to act as CEO or CFO in some vacancy situations, must fill the vacancy within 120 days, and acting officers can exercise the role’s powers and duties for up to 120 days unless the Board and Minister determine otherwise. Postbank executives must also undergo a fit and proper assessment.
12 No. 49374 GOVERNMENT GAZETTE, 27 SEpTEMbER 2023 Act no. 10 of 2023 The South African post bank Limited Amendent Act, 2023 (f) by the addition after subsection (4) of the following subsections: 12 ‘‘(5) The Board may in writing appoint any senior employee of the Company to act as chief executive officer or chief financial officer when the holder of that office— (a) is temporarily unable to perform the duties connected with that office; (b) has been suspended from office; or (c) has vacated or has been removed from that office and a new chief executive officer or chief financial officer, as the case may be, has not yet been appointed. (6) In the case of a vacancy contemplated in subsection (5), the Board must fill the vacancy within a reasonable period of time, which may not exceed 120 days. (7) An acting chief executive officer or acting chief financial officer may exercise all the powers and must perform all the duties of the chief executive officer or chief financial officer for a period not exceeding 120 days or as determined by the Board with the concurrence of the Minister. (8) Executives of Postbank are required to undergo a fit and proper assessment exercise to determine whether they have the requisite skills, knowledge and expertise to occupy those positions critical for the bank in terms of section 13(2)(fA) and (g) of the Banks Act.’’. Amendment of section 20 of Act 9 of 2010 - 11 Verify source ↗
Section 20 of the principal Act is hereby amended—
AI-assisted research summary: This section amends Section 20 so the chief executive officer may appoint certain persons with the Board’s concurrence, and the Board must set the company’s structure and personnel service conditions with required consultations and ministerial concurrence.
11. Section 20 of the principal Act is hereby amended— (a) by the substitution in subsection (1) for paragraph (b) of the following paragraph: ‘‘(b) such persons as the [managing director] chief executive officer may, with the concurrence of the Board, appoint.’’; and (b) by the substitution for subsection (2) of the following subsection: ‘‘(2) The Board must determine the structure or organogram of the Company and the conditions of service, remuneration and service benefits of the personnel of the Company after consultation with the [managing director] chief executive officer and with the concurrence of the Minister and the Minister of Finance.’’. 5 10 15 20 25 30 Insertion of section 20A in Act 9 of 2010 - 12 Verify source ↗
The following section is hereby inserted in the principal Act after section 20:
AI-assisted research summary: The Board must oversee strategy, risk, and governance, and the Company Secretary must provide governance support.
12. The following section is hereby inserted in the principal Act after section 20: 35 ‘‘Bank controlling company’s organisational structure 20A. (1) The operations of the bank controlling company will consist primarily of compliance, risk management and governance functions. (2) The Board shall remain ultimately responsible for ensuring that its approved strategy is implemented and that the group’s purpose is fulfilled. (3) The Board also accepts its responsibility to ensure that risks are adequately identified, measured, managed and monitored and that good governance is maintained. (4) (a) The Board will be supported by the Company Secretary who shall provide governance support as well. (b) The secretariat resource shall be shared with the Company. (5) The Board shall discharge its duties through policies and frameworks supported by Board committees established in terms of the Companies Act, the Banks Act and the Public Finance Management Act.’’. Amendment of section 22 of Act 9 of 2010 - 13 Verify source ↗
Section 22 of the principal Act is hereby amended—
AI-assisted research summary: The Council may appoint a senior employee to act as CEO or CFO, must fill any vacancy within 120 days, and acting officers may perform the office’s powers and duties for up to 120 days. Postbank executive officers must undergo a fit-and-proper assessment process.
13. Section 22 of the principal Act is hereby amended— (a) by the substitution for the heading of the following heading: ‘‘Funds of Company and bank controlling company’’; 40 45 50 This gazette is also available free online at www.gpwonline.co.za Wysigingswet op die Suid-Afrikaanse posbank beperk, 2023 no. 10 van 2023 STAATSKOERANT, 27 SEpTEMbER 2023 No. 49374 13 (f) deur die volgende subartikels na subartikel (4) in te voeg: 13 ‘‘(5) Die Raad kan enige senior werknemer van die Maatskappy skriftelik aanstel om as hoof- uitvoerende beampte of hoof- finansiële beampte waar te neem wanneer die ampsbekleër— (a) tydelik nie die pligte wat met daardie amp verband hou, kan verrig nie; (b) uit die amp geskors is; of (c) die amp verlaat het of daaruit onthef is en ’n nuwe hoof- uitvoerende beampte of hoof- finansiële beampte, na gelang van die geval, nog nie aangestel is nie. (6) In die geval van ’n vakature in subartikel (5) beoog, moet die Raad die vakature in ’n redelike tydperk vul, wat nie meer as 120 dae mag wees nie. (7) ’n Waarnemende hoof- uitvoerende beampte of waarnemende hoof- finansiële beampte kan al die bevoegdhede uitvoer en al die pligte verrig van die hoof- uitvoerende beampte of hoof- finansiële beampte vir ’n tydperk van hoogstens 120 dae of soos deur die Raad met die instemming van die Minister vasgestel. (8) Uitvoerende beamptes van die Posbank moet ’n proses deurgaan om te assesseer of hulle geskik en gepas is om vas te stel of hulle die vereiste vaardighede, kennis en kundigheid het om daardie posisies te beklee wat kritiek is vir die bank ingevolge artikel 13(2)(fA) en (g) van die Bankwet.’’. Wysiging van artikel 20 van Wet 9 van 2010 - 11 Verify source ↗
Artikel 20 van die Hoofwet word hierby gewysig—
AI-assisted research summary: The Board must set the company’s structure and staff terms, pay, and benefits after consulting the chief executive officer and getting approval from the Minister and Minister of Finance. The chief executive officer may appoint persons with the Board’s consent.
11. Artikel 20 van die Hoofwet word hierby gewysig— (a) deur in subartikel (1) paragraaf (b) deur die volgende paragraaf te vervang: ‘‘(b) enige persone wat die [besturende direkteur] hoof- uitvoerende beampte, met die instemming van die Raad, kan aanstel.’’; en (b) deur subartikel (2) deur die volgende subartikel te vervang: ‘‘(2) Die Raad moet die struktuur of organogram van die Maatskappy en die diensvoorwaardes, besoldiging en diensvoordele van die personeel van die Maatskappy bepaal na oorleg met die [besturende direkteur] hoof- uitvoerende beampte en met die instemming van die Minister en die Minister van Finansies.’’. Invoeging van artikel 20A in Wet 9 van 2010 - 12 Verify source ↗
Die volgende artikel word hierby na artikel 20 in die Hoofwet ingevoeg:
AI-assisted research summary: A bank holding company must mainly do compliance, risk management, and control work, and its Board must ensure strategy and risk oversight are carried out.
12. Die volgende artikel word hierby na artikel 20 in die Hoofwet ingevoeg: ‘‘Bankbeherendemaatskappy se organisatoriese struktuur 20A. (1) Die bedrywighede van die bankbeherendemaatskappy sal hoofsaaklik bestaan uit nakomings-, risikobestuur- en beheerfunksies. (2) Die Raad bly uiteindelik verantwoordelik om te verseker dat hul goedgekeurde strategie in werking gestel word en dat die groep se doel vervul word. (3) Die Raad aanvaar ook die raad se verantwoordelikheid om te verseker dat risiko’s genoegsaam geïdentifiseer, gemeet, bestuur en gemonitor word en dat goeie beheer gehandhaaf word. (4) (a) Die Raad sal deur die Maatskappysekretaris ondersteun word, wat ook beheerondersteuning sal voorsien. (b) Die sekretariaathulpbron word met die Maatskappy gedeel. (5) Die Raad vervul die Raad se pligte deur beleid en raamwerke ondersteun deur Raadskomitees wat ingevolge die Maatskappywet, die Bankwet en die Wet op Openbare Finansiële Bestuur ingestel word.’’. 5 10 15 20 25 30 35 40 45 50 Wysiging van artikel 22 van Wet 9 van 2010 - 13 Verify source ↗
Artikel 22 van die Hoofwet word hierby gewysig—
AI-assisted research summary: This provision amends Article 22 of the Hoofwet by replacing its heading with new wording about company and bank holding company funds.
13. Artikel 22 van die Hoofwet word hierby gewysig— (a) deur die opskrif deur die volgende opskrif te vervang: ‘‘Fondse van Maatskappy en bankbeherendemaatskappy’’; 55 This gazette is also available free online at www.gpwonline.co.za - 14 Verify source ↗
No. 49374
AI-assisted research summary: This section amends section 23 of Act 9 of 2010.
14 No. 49374 GOVERNMENT GAZETTE, 27 SEpTEMbER 2023 Act no. 10 of 2023 The South African post bank Limited Amendent Act, 2023 14 (b) by the substitution for the words preceding paragraph (a) of the following words: ‘‘The funds of the Company and bank controlling company consist of—’’; and (c) by the substitution for paragraph (a) of the following paragraph: 5 ‘‘(a) capital vested in the Company and bank controlling company by virtue of section 7;’’. Amendment of section 23 of Act 9 of 2010 - 14 Verify source ↗
The following section is hereby substituted for section 23 of the principal Act:
AI-assisted research summary: This section substitutes a new section 23 dealing with inspection of financial accounts and documents of a company and a bank controlling company.
14. The following section is hereby substituted for section 23 of the principal Act: ‘‘Inspection of financial accounts and documents of Company and bank controlling company 10 - 23 Verify source ↗
The Minister or any officer in the public service authorised by the
AI-assisted research summary: The Minister, or a written-authorised public-service officer, may access the Company’s and bank controlling company’s financial accounts and documents, and the Board must provide any reasonably required information.
23. The Minister or any officer in the public service authorised by the Minister in writing has full access to all the financial accounts and documents of the Company and of the bank controlling company, and the Board must at all times furnish to the Minister or to such officer, as the case may be, all such information as may reasonably be required.’’. 15 Amendment of section 24 of Act 9 of 2010 - 15 Verify source ↗
The following section is hereby substituted for section 24 of the principal Act:
AI-assisted research summary: This section says section 24 of the principal Act is replaced, and the new section is titled “Application of Public Finance Management Act”.
15. The following section is hereby substituted for section 24 of the principal Act: ‘‘Application of Public Finance Management Act - 24 Verify source ↗
The Company and the bank controlling company [is] are subject to
AI-assisted research summary: The Company and the bank controlling company are subject to the Public Finance Management Act.
24. The Company and the bank controlling company [is] are subject to 20 the Public Finance Management Act.’’. Amendment of section 28 of Act 9 of 2010 - 16 Verify source ↗
Section 28 of the principal Act is hereby amended—
AI-assisted research summary: This section amends section 28 so that exemption requests can be made to the Minister of Trade, Industry and Competition, and sets notice, motivation, and consideration requirements.
16. Section 28 of the principal Act is hereby amended— (a) by the substitution for the heading of the following heading: ‘‘[Certain] Exemption from certain provisions of Companies Act [may be declared inapplicable to Company]’’; (b) by the substitution for subsection (1) of the following subsection: ‘‘(1) (a) The Minister, with the concurrence of the Minister of Finance, may, in terms of section 9 of the Companies Act, request the Minister of Trade [and], Industry and Competition to [declare any provision] grant a total, partial or conditional exemption from one or more provisions of the Companies Act [to be inapplicable] applicable to the Company or the bank controlling company.’’; (b) The request must be fully motivated by the Company or the bank controlling company, as the case may be.’’; (c) by the substitution for subsection (2) of the following subsection: ‘‘(2) (a) The [Registrar of Companies] Commissioner must publish the request and the motivation contemplated particulars about in subsection (1) by notice in the Gazette. (b) In [such] the notice [,] contemplated in paragraph (a), the [Registrar] Commissioner must invite interested persons to submit representations to a person named in the notice within a period stipulated in that notice.’’; and (d) by the substitution in subsection (3) for paragraph (b) of the following paragraph: ‘‘(b) [The] Before granting an exemption in terms of section 9 of the Companies Act and in addition to the provisions of that section, the Minister of Trade [and], Industry and Competition [may only issue the declaration if] must consider the representations contemplated in subsection (2) and be satisfied on reasonable grounds that the [inappli- cability of that provision to] request for exemption for the Company or the bank controlling company— 25 30 35 40 45 50 This gazette is also available free online at www.gpwonline.co.za Wysigingswet op die Suid-Afrikaanse posbank beperk, 2023 no. 10 van 2023 STAATSKOERANT, 27 SEpTEMbER 2023 No. 49374 15 15 (b) deur die woorde wat paragraaf (a) voorafgaan deur die volgende woorde te vervang: ‘‘Die fondse van die Maatskappy en bankbeherendemaatskappy bestaan uit die volgende—’’; en (c) deur paragraaf (a) deur die volgende paragraaf te vervang: 5 ‘‘(a) kapitaal wat uit hoofde van artikel 7 in die Maatskappy en bankbeherendemaatskappy vestig;’’. Wysiging van artikel 23 van Wet 9 van 2010 - 14 Verify source ↗
Artikel 23 van die Hoofwet word hierby deur die volgende artikel vervang:
AI-assisted research summary: Article 23 is replaced with a new article titled about inspection of financial accounts and documents of a company and a bank controlling company.
14. Artikel 23 van die Hoofwet word hierby deur die volgende artikel vervang: ‘‘Inspeksie van finansiële rekeninge en dokumente van Maatskappy en bankbeherendemaatskappy 10 - 23 Verify source ↗
Die Minister of enige beampte in die staatsdiens met skriftelike
AI-assisted research summary: The Minister, or a civil service official authorized in writing by the Minister, may access the company’s and bank holding company’s financial accounts and documents, and the Board must provide reasonably required information at all times.
23. Die Minister of enige beampte in die staatsdiens met skriftelike magtiging van die Minister het volle toegang tot al die finansiële rekeninge en dokumente van die Maatskappy en van die bankbeherendemaatskappy, en die Raad moet te alle tye aan die Minister of sodanige beampte, na gelang van die geval, alle inligting wat redelikerwys vereis kan word, voorsien.’’. 15 Wysiging van artikel 24 van Wet 9 van 2010 - 15 Verify source ↗
Artikel 24 van die Hoofwet word hierby deur die volgende artikel vervang:
AI-assisted research summary: This section replaces Article 24 of the main Act with a new article about the application of the Public Finance Management Act.
15. Artikel 24 van die Hoofwet word hierby deur die volgende artikel vervang: ‘‘Toepassing van Wet op Openbare Finansiële Bestuur 20 - 24 Verify source ↗
Die Maatskappy en die bankbeherendemaatskappy is onderhewig
AI-assisted research summary: The company and the bank controlling company are subject to the Public Financial Management Act.
24. Die Maatskappy en die bankbeherendemaatskappy is onderhewig aan die Wet op Openbare Finansiële Bestuur.’’. Wysiging van artikel 28 van Wet 9 van 2010 - 16 Verify source ↗
Artikel 28 van die Hoofwet word hierby gewysig—
AI-assisted research summary: This provision amends Article 28 to let the Minister request an exemption from Companies Act provisions, with Finance Minister’s agreement, and requires notice, representations, and reasons.
16. Artikel 28 van die Hoofwet word hierby gewysig— (a) deur die opskrif deur die volgende opskrif te vervang: ‘‘[Sekere] Vrystelling van sekere bepalings van Maatskappywet [kan as nie van toepassing op die Maatskappy verklaar word]’’; (b) deur subartikel (1) deur die volgende subartikel te vervang: ‘‘(1) (a) Die Minister, met die instemming van die Minister van Finansies, kan, ingevolge artikel 9 van die Maatskappywet, versoek dat die Minister van Handel [en], Nywerheid [verklaar dat enige bepaling] en Mededinging ’n algehele, gedeeltelike of voorwaardelike vrystelling van een of meer van die Maatskappywet [nie] se bepalings wat van toepassing op die Maatskappy of bankbeherendemaatskappy is, toestaan [nie].’’; (b) Die Maatskappy of die bankbeherendemaatskappy, na gelang van die geval, moet die versoek ten volle motiveer.’’; (c) deur subartikel (2) deur die volgende subartikel te vervang: ‘‘(2) (a) Die [Registrateur van Maatskappye] Kommissaris moet besonderhede oor die versoek en motivering in subartikel (1) beoog by kennisgewing in die Staatskoerant publiseer. In die kennisgewing in paragraaf (a) beoog, moet die [Registrateur] Kommissaris belanghebbendes vra om binne ’n tydperk in die kennisgewing bepaal vertoë voor te lê aan ’n persoon in die kennisgewing bepaal.’’; en (b) ‘‘(b) [Die] Voordat (d) deur in subartikel (3) paragraaf (b) deur die volgende paragraaf te vervang: ’n vrystelling ingevolge artikel 9 van die Maatskappywet toegestaan word, moet die Minister van Handel [en], Nywerheid [kan slegs die verklaring uitreik indien] en Mededinging die vertoë in subartikel (2) beoog, oorweeg en op redelike gronde oortuig wees dat die [ontoepaslikheid van daardie bepaling op] versoek om vrystelling vir die Maatskappy of die bankbeherendemaatskappy— 25 30 35 40 45 50 This gazette is also available free online at www.gpwonline.co.za - 16 Verify source ↗
No. 49374
AI-assisted research summary: Any change must contribute to efficiency and must not reduce accountability, transparency, creditor or employee rights, or effective regulation and supervision.
16 No. 49374 GOVERNMENT GAZETTE, 27 SEpTEMbER 2023 Act no. 10 of 2023 The South African post bank Limited Amendent Act, 2023 16 (i) will contribute to the Company’s or the bank controlling company’s efficiency; (ii) will not reduce or limit the Company’s or the bank controlling company’s accountability as a public entity or reduce the transparency of its functioning and operations; [and] (iii) will not be prejudicial to the rights, interests or claims of the Company’s creditors or employees or to the rights or interests of any other person[.]; 5 (iv) will not reduce or limit the Company’s or bank controlling company’s functioning or accountability as a bank or bank controlling company; and 10 (v) will not affect the effective regulation and supervision of the Company and the bank controlling company in terms of the Banks Act.’’. Amendment of long title of Act 9 of 2010 - 17 Verify source ↗
The following long title is hereby substituted for the long title of the principal Act:
AI-assisted research summary: This section replaces the principal Act’s long title with a new one about the Postbank Division, transfer to Postbank company, governance and functions, and related matters.
17. The following long title is hereby substituted for the long title of the principal Act: ‘‘To provide for the incorporation of the Postbank Division of the South African Post Office; to provide for the transfer of the enterprise of that Division to the Postbank company; to provide for the governance and functions of the Postbank company; to provide for the transfer in shareholding from the South African Post Office to Government through the creation of a bank controlling company for The Postbank SOC Limited in terms of the Banks Act, 1990; and to provide for matters connected therewith.’’. Amendment of Arrangement of Sections in Act 9 of 2010 - 18 Verify source ↗
The Arrangement of Sections after the long title of the principal Act is hereby
AI-assisted research summary: This section amends the arrangement of sections in the principal Act by inserting, substituting, and renaming several section headings.
18. The Arrangement of Sections after the long title of the principal Act is hereby amended— (a) by the insertion after the expression ‘‘15. Resignation, removal from office and vacating of office’’ of the following: ‘‘15A. Functions of bank controlling company’’; 15 20 25 30 (b) by the substitution for the expression ‘‘18. Appointment of managing director’’ of the following: ‘‘18. Appointment of [managing director] chief executive officer and chief financial officer’’; (c) by the substitution for the expression ‘‘19. Conditions of appointment of 35 managing director’’ of the following: ‘‘19. Conditions of appointment of [managing director] chief executive officer and chief financial officer’’; (d) by the insertion after the expression ‘‘20. Personnel of Company’’ of the following: 40 ‘‘20A. Bank controlling company’s organisational structure’’; (e) by the substitution for the expression ‘‘22. Funds of Company’’ of the following: ‘‘22. Funds of Company and bank controlling company’’; (f) by the substitution for the expression ‘‘23. Inspection of financial accounts and documents of Company’’ of the following expression: 45 ‘‘23. Inspection of financial accounts and documents of Company and bank controlling company’’; and (g) by the substitution for the expression ‘‘28. Certain provisions of Companies Act may be declared inapplicable to Company’’ of the following: 50 ‘‘28. [Certain] Exemption from certain provisions of Companies Act [may be declared inapplicable to Company]’’. This gazette is also available free online at www.gpwonline.co.za Wysigingswet op die Suid-Afrikaanse posbank beperk, 2023 no. 10 van 2023 STAATSKOERANT, 27 SEpTEMbER 2023 No. 49374 17 17 (i) tot die Maatskappy of bankbeherendemaatskappy se doel- treffendheid sal bydra; (ii) nie die Maatskappy of die bankbeherendemaatskappy se reken- pligtigheid as ’n openbare entiteit sal verminder of beperk of aan die deursigtigheid van die Maatskappy of die bankbeherende- maatskappy se funksionering en werksaamhede afbreuk sal doen nie; [en] (iii) nie tot nadeel van die regte, belange of eise van die Maatskappy se skuldeisers of werknemers of die regte van enige ander persoon sal wees nie[.]; (iv) nie die Maatskappy of bankbeherendemaatskappy se funk- sionering of rekenpligtigheid as ’n bank of bankbeherende- maatskappy sal verminder of beperk nie; en (v) nie die effektiewe regulering en toesig oor die Maatskappy en die bankbeherendemaatskappy ingevolge die Bankwet sal raak nie.’’. Wysiging van lang titel van Wet 9 van 2010 - 17 Verify source ↗
Die lang titel van die Hoofwet word hierby deur die volgende lang titel vervang:
AI-assisted research summary: The Act’s long title is replaced with a new long title covering the incorporation of the Postbank division, transfer of its business, the Postbank company’s management and operations, and related matters.
17. Die lang titel van die Hoofwet word hierby deur die volgende lang titel vervang: ‘‘Om voorsiening te maak vir die inlywing van die Posbank-afdeling van die Suid-Afrikaanse Poskantoor; om vir die oordrag van die onderneming van daardie Afdeling na die posbankmaatskappy voorsiening te maak; om vir die bestuur en werksaamhede van die posbankmaatskappy voorsiening te maak; voorsiening te maak vir die oordrag in aandeelhouding van die Suid-Afrikaanse Poskantoor aan die Staat deur die skepping van ’n bankbeherendemaatskappy vir die Posbank MSB Beperk ingevolge die Bankwet, 1990; en om voorsiening te maak vir aangeleenthede wat daarmee in verband staan.’’. Wysiging van indeling van artikels van Wet 9 van 2010 5 10 15 20 25 - 18 Verify source ↗
Die indeling van artikels na die lang titel van die Hoofwet word hierby gewysig—
AI-assisted research summary: This section amends the list of article headings after the long title of the principal Act.
18. Die indeling van artikels na die lang titel van die Hoofwet word hierby gewysig— (a) deur die volgende in te voeg na die uitdrukking ‘‘15. Bedanking, ontheffing 30 uit amp en ontruiming van amp’’: ‘‘15A. Werksaamhede van bankbeherendemaatskappy’’; (b) deur die uitdrukking ‘‘18. Aanstelling van besturende direkteur’’ deur die volgende te vervang: ‘‘18. Aanstelling van [besturende direkteur] hoof- uitvoerende beampte en hoof- finansiële beampte’’; 35 (c) deur die uitdrukking ‘‘19. Aanstellingsvoorwaardes van besturende direkteur’’ deur die volgende te vervang: ‘‘19. Voorwaardes van aanstelling van [besturende direkteur] hoof- uitvoerende beampte en hoof- finansiële beampte’’; 40 (d) deur die volgende in te voeg na die uitdrukking ‘‘20. Personeel van Maatskappy’’: ‘‘20A. Bankbeherendemaatskappy se organisatoriese struktuur’’; (e) deur die uitdrukking ‘‘22. Fondse van Maatskappy’’ deur die volgende te vervang: 45 ‘‘22. Fondse van Maatskappy en bankbeherendemaatskappy’’; (f) deur die uitdrukking ‘‘23. Inspeksie van finansiële rekeninge en dokumente van Maatskappy’’ deur die volgende uitdrukking te vervang: ‘‘23. Inspeksie van finansiële rekeninge en dokumente van Maatskappy en bankbeherendemaatskappy’’; en 50 (g) deur die uitdrukking ‘‘28. Sekere bepalings van Maatskappywet kan as nie van toepassing op die Maatskappy verklaar word’’ deur die volgende te vervang: ‘‘28. [Sekere] Vrystelling van sekere bepalings van Maatskappywet [kan as nie van toepassing op die Maatskappy verklaar word]’’. 55 This gazette is also available free online at www.gpwonline.co.za - 18 Verify source ↗
No. 49374
AI-assisted research summary: This section is about substituting the short title of Act 9 of 2010.
18 No. 49374 GOVERNMENT GAZETTE, 27 SEpTEMbER 2023 Act no. 10 of 2023 The South African post bank Limited Amendent Act, 2023 Substitution of short title of Act 9 of 2010 18 - 19 Verify source ↗
The short title is hereby substituted for the short title of the principal Act.
AI-assisted research summary: The short title for the principal Act is replaced.
19. The short title is hereby substituted for the short title of the principal Act. ‘‘Short title and commencement - 32 Verify source ↗
This Act is called the South African Postbank SOC Limited Act,
AI-assisted research summary: This section gives the Act’s short title and says it starts on a date set by the President in the Gazette.
32. This Act is called the South African Postbank SOC Limited Act, 2010, and takes effect on a date determined by the President in the Gazette.’’. 5 Short title and commencement - 20 Verify source ↗
This Act is called the South African Postbank Limited Amendment Act, 2023, and
AI-assisted research summary: This Act starts on a date fixed by the President and published in the Gazette.
20. This Act is called the South African Postbank Limited Amendment Act, 2023, and comes into operation on a date fixed by the President published in the Gazette. This gazette is also available free online at www.gpwonline.co.za Wysigingswet op die Suid-Afrikaanse posbank beperk, 2023 no. 10 van 2023 STAATSKOERANT, 27 SEpTEMbER 2023 No. 49374 19 Vervanging van kort titel van Wet 9 van 2010 19 - 19 Verify source ↗
Die kort titel word hierby deur die kort titel van die Hoofwet vervang:
AI-assisted research summary: This section replaces the act’s short title with the short title of the Principal Act.
19. Die kort titel word hierby deur die kort titel van die Hoofwet vervang: ‘‘Kort titel en inwerkingtreding - 32 Verify source ↗
Hierdie Wet heet die Wet op die Suid-Afrikaanse Posbank MSB
AI-assisted research summary: This section gives the Act its short title and says it starts on a date set by the President in a Government Gazette notice.
32. Hierdie Wet heet die Wet op die Suid-Afrikaanse Posbank MSB Beperk, 2010, en tree in werking op ’n datum deur die President by kennisgewing in die Staatskoerant bepaal.’’. 5 Kort titel en inwerkingtreding - 20 Verify source ↗
Hierdie Wet heet die Wysigingswet op die Suid-Afrikaanse Posbank Beperk,
AI-assisted research summary: This section says the Act comes into force on a date published by the President in the Gazette.
20. Hierdie Wet heet die Wysigingswet op die Suid-Afrikaanse Posbank Beperk, 2023, en tree in werking op ’n datum deur die President in die Staatskoerant gepubliseer. This gazette is also available free online at www.gpwonline.co.za - 20 Verify source ↗
No. 49374
AI-assisted research summary: This text is a Government Gazette header and publication information, not a substantive rule.
20 No. 49374 GOVERNMENT GAZETTE, 27 SEpTEMbER 2023 This gazette is also available free online at www.gpwonline.co.zaPrinted by and obtainable from the Government Printer, Bosman Street, Private Bag X85, Pretoria, 0001Contact Centre Tel: 012-748 6200. eMail: info.egazette@gpw.gov.zaPublications: Tel: (012) 748 6053, 748 6061, 748 6065
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