South African Postbank Limited Amendment Act
This section amends the definitions in section 1 of the principal Act: “Minister” is redefined as the Minister responsible for communications, and the definition of “Registrar of Banks” is deleted.
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- South Africa
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- Act or statute
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- Act 44 of 2013
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- en
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About this statute
This section amends the definitions in section 1 of the principal Act: “Minister” is redefined as the Minister responsible for communications, and the definition of “Registrar of Banks” is deleted. The Post Office must be the sole member and shareholder of the Company when the Company is incorporated, despite the cited Companies Act and Banks Act provisions. Section 4 of the principal Act is repealed. Section 8 of the principal Act is repealed. Section 9 is amended so that the Company has powers to do what is needed to realise the object in section 2, and subsection (3) is deleted.
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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 (Act No. 9 of 2010)
AI-assisted research summary: This section amends the definitions in section 1 of the principal Act: “Minister” is redefined as the Minister responsible for communications, and the definition of “Registrar of Banks” is deleted.
1. Section 1 of the South African Postbank Limited Act, 2010 (Act No. 9 of 2010) (hereinafter referred to as the principal Act), is hereby amended— (a) by the substitution for the definition of ‘‘Minister’’ of the following definition: ‘‘Minister’’ means the Minister [of Communications] responsible for communications;’’; and (b) by the deletion of the definition of ‘‘Registrar of Banks’’. Amendment of section 3 of Act 9 of 2010 5 10 - 2 Verify source ↗
Section 3 of the principal Act is hereby amended by the substitution for subsection
AI-assisted research summary: The Post Office must be the sole member and shareholder of the Company when the Company is incorporated, despite the cited Companies Act and Banks Act provisions.
2. Section 3 of the principal Act is hereby amended by the substitution for subsection (2) of the following subsection: ‘‘(2) Notwithstanding section 32 of the Companies Act [and section 37 of the Banks Act], the Post Office shall, upon incorporation of the Company, be the sole member and shareholder of the Company.’’. 15 Repeal of section 4 of Act 9 of 2010 - 3 Verify source ↗
Section 4 of the principal Act is hereby repealed.
AI-assisted research summary: Section 4 of the principal Act is repealed.
3. Section 4 of the principal Act is hereby repealed. Repeal of section 8 of Act 9 of 2010 - 4 Verify source ↗
Section 8 of the principal Act is hereby repealed.
AI-assisted research summary: Section 8 of the principal Act is repealed.
4. Section 8 of the principal Act is hereby repealed. Amendment of section 9 of Act 9 of 2010 - 5 Verify source ↗
Section 9 of the principal Act is hereby amended—
AI-assisted research summary: Section 9 is amended so that the Company has powers to do what is needed to realise the object in section 2, and subsection (3) is deleted.
5. Section 9 of the principal Act is hereby amended— (a) by the substitution for subsection (1) of the following subsection: ‘‘(1) The Company has the powers to enable it to realise the object referred to in section 2.’’; and (b) by the deletion of subsection (3). 20 25 STAATSKOERANT, 27 Januarie 2014 Wysigingswet op die Suid-Afrikaanse Posbank Beperk, 2013 No. 37270 3 Wet No 44 van 2013 ALGEMENE VERDUIDELIKENDE NOTA: [ ] Woorde in vet druk tussen vierkantige hake dui skrappings uit bestaande verordenings aan. Woorde met ’n volstreep daaronder dui invoegings in bestaande verordenings aan. (Engelse teks deur die President geteken) (Goedgekeur op 23 Januarie 2014) WET Tot wysiging van die Wet op die Suid-Afrikaanse Posbank Beperk, 2010, ten einde bepalings te wysig wat die operasionele selfbestuur en onafhanklikheid van die Kantoor vir Banke negatief kan raak; enige teenstrydighede met die Bankwet te verwyder; en 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 - 1 Verify source ↗
Artikel 1 van die Wet op die Suid-Afrikaanse Posbank Beperk, 2010 (Wet No. 9 van
AI-assisted research summary: This provision amends the Act’s definitions by replacing the definition of “Minister” and deleting the definition of “Registrar of Banks.”
1. Artikel 1 van die Wet op die Suid-Afrikaanse Posbank Beperk, 2010 (Wet No. 9 van 2010) (hierna die Hoofwet genoem), word hierby gewysig— (a) deur die omskrywing van ‘‘Minister’’ deur die volgende omskrywing te vervang: ‘‘Minister’’ die Minister [van Kommunikasie] verantwoordelik vir kommunikasie;’’; en (b) deur die omskrywing van ‘‘Registrateur van Banke’’ te skrap. 5 10 Wysiging van artikel 3 van Wet 9 van 2010 - 2 Verify source ↗
Artikel 3 van die Hoofwet word hierby gewysig deur subartikel (2) deur die
AI-assisted research summary: The Principal Act is amended so that, on incorporation of the Company, the Poskantoor is the Company’s only member and only shareholder.
2. Artikel 3 van die Hoofwet word hierby gewysig deur subartikel (2) deur die volgende subartikel te vervang: ‘‘(2) Ondanks artikel 32 van die Maatskappywet [en artikel 37 van die Bankwet], is die Poskantoor, by inlywing van die Maatskappy, die alleenlid van en alleenaandeelhouer in die Maatskappy.’’. 15 Herroeping van artikel 4 van Wet 9 van 2010 - 3 Verify source ↗
Artikel 4 van die Hoofwet word hierby herroep.
AI-assisted research summary: This provision repeals Article 4 of the Hoofwet and also refers to the repeal of article 8 of Wet 9 of 2010.
3. Artikel 4 van die Hoofwet word hierby herroep. Herroeping van artikel 8 van Wet 9 van 2010 - 4 Verify source ↗
Artikel 8 van die Hoofwet word hierby herroep.
AI-assisted research summary: Article 8 of the Principal Act is repealed.
4. Artikel 8 van die Hoofwet word hierby herroep. Wysiging van artikel 9 van Wet 9 van 2010 - 5 Verify source ↗
Artikel 9 van die Hoofwet word hierby gewysig—
AI-assisted research summary: Section 9 is amended so that the company has powers to help it achieve the purpose in section 2, and subarticle (3) is deleted.
5. Artikel 9 van die Hoofwet word hierby gewysig— (a) deur subartikel (1) deur die volgende subartikel te vervang: ‘‘(1) Die Maatskappy het die bevoegdhede om hom in staat te stel om die oogmerk in artikel 2 bedoel, te bereik.’’; en (b) deur subartikel (3) te skrap. 20 25 4 No. 37270 Act No. 44 of 2013 GOVERNMENT GAZETTE, 27 January 2014 South African Postbank Limited Amendment Act, 2013 3 Amendment of section 13 of Act 9 of 2010 - 6 Verify source ↗
Section 13 of the principal Act is hereby amended—
AI-assisted research summary: A person nominated for appointment to the Board must give the Minister a written statement before appointment, and the amended criteria include suitability and conflict-of-interest checks.
6. Section 13 of the principal Act is hereby amended— (a) by the substitution in subsection (1) for paragraph (f) of the following paragraph: ‘‘(f) has at any time been removed from an office of trust on account of 5 misconduct; [or]’’; (b) by the substitution in subsection (1) for paragraph (g) of the following paragraph: ‘‘(g) has any direct or indirect interest in conflict with the business of the Company; or’’; (c) by the addition of the following paragraph: ‘‘(h) is not fit and proper to hold the office of a member of the Board of a banking institution as contemplated in the Banks Act.’’; and (d) by the substitution in subsection (3)(a) for the words preceding subparagraph (i) of the following words: ‘‘A person nominated for appointment as a member of the Board must, before appointment [and upon a request from the Minister], submit to the Minister a written statement containing—’’ Amendment of section 14 of Act 9 of 2010 - 7 Verify source ↗
Section 14 of the principal Act is hereby amended—
AI-assisted research summary: This provision amends section 14 of the principal Act to change how interested persons and the Post Office are invited to submit names for board-member candidates.
7. Section 14 of the principal Act is hereby amended— (a) by the substitution in subsection (1) for paragraphs (a) and (b) of the following paragraphs, respectively: ‘‘(a) by notice in at least two national newspapers and in the Gazette, invite interested persons, within the period and in the manner determined in the notice, to submit the names of persons envisaged in section 12(1)(a) [that are fit and proper persons to hold the office of a member of the Board of a banking institution, as contemplated in the Banks Act]; and in writing invite the Post Office[, acting with the concurrence of the Registrar of Banks,] to submit the names of the persons envisaged in section 12(1)(b) [that are fit and proper persons to hold the office of a member of the Board of a banking institution, as contemplated in the Banks Act].’’; (b) by the insertion in subsection (4)(a) after subparagraph (v) of the following (b) word ‘‘and’’; (c) by the addition in subsection (4)(a) of the following subparagraph: ‘‘(vi) banking experience;’’; and (d) by the deletion in subsection (4) of paragraph (d). Amendment of section 15 of Act 9 of 2010 - 8 Verify source ↗
Section 15 of the principal Act is hereby amended—
AI-assisted research summary: Section 15 of the principal Act is amended by adding “or” after paragraph (d) in subsection (2) and deleting paragraph (e) in that subsection.
8. Section 15 of the principal Act is hereby amended— (a) by the addition in subsection (2) after paragraph (d) of the following word: ‘‘or’’; and (b) by the deletion in subsection (2) of paragraph (e). Amendment of section 18 of Act 9 of 2010 10 15 20 25 30 35 40 - 9 Verify source ↗
Section 18 of the principal Act is hereby amended by the substitution in subsection
AI-assisted research summary: The amended paragraph requires a chief executive officer of a banking institution to have relevant qualifications or experience and to be fit and proper for the office.
9. Section 18 of the principal Act is hereby amended by the substitution in subsection 45 (3) for paragraph (a) of the following paragraph: ‘‘(a) must have the qualifications or experience relevant to the functions of the Company and must be fit and proper to hold the office of a chief executive officer of a banking institution as contemplated in the Banks Act;’’. STAATSKOERANT, 27 Januarie 2014 Wysigingswet op die Suid-Afrikaanse Posbank Beperk, 2013 No. 37270 5 Wet No 44 van 2013 Wysiging van artikel 13 van Wet 9 van 2010 3 - 6 Verify source ↗
Artikel 13 van die Hoofwet word hierby gewysig—
AI-assisted research summary: This provision amends section 13 and requires a person nominated for appointment to the Board to submit a written declaration to the Minister before appointment.
6. Artikel 13 van die Hoofwet word hierby gewysig— (a) deur in subartikel (1) paragraaf (f) deur die volgende paragraaf te vervang: ‘‘(f) te eniger tyd weens wangedrag uit ’n vertrouensamp ontslaan is; [of]’’; 5 (b) deur in subartikel (1) paragraaf (g) deur die volgende paragraaf te vervang: ‘‘(g) enige direkte of indirekte belang het wat in stryd met die bedryf van die Maatskappy is; of’’; (c) deur die volgende paragraaf by te voeg: ‘‘(h) nie geskik en gepas is om die amp van ’n lid van die Raad van ’n bankinstelling, soos in die Bankwet beoog, te beklee nie.’’; en 10 (d) deur in subartikel (3)(a) die woorde wat subparagraaf (i) voorafgaan deur die volgende woorde te vervang: ‘‘ ’n Persoon wat vir aanstelling as ’n lid van die Raad benoem is moet, voor aanstelling [en op versoek van die Minister], ’n skriftelike verklaring aan die Minister voorlê wat—’’. 15 Wysiging van artikel 14 van Wet 9 van 2010 - 7 Verify source ↗
Artikel 14 van die Hoofwet word hierby gewysig—
AI-assisted research summary: This section amends Article 14 of the principal Act to change how names are requested and to add bank experience as a criterion.
7. Artikel 14 van die Hoofwet word hierby gewysig— (a) deur in subartikel (1) paragrawe (a) en (b) onderskeidelik deur die volgende paragrawe te vervang: ‘‘(a) by kennisgewing in ten minste twee nasionale koerante en in die Staatskoerant belanghebbendes vra om, binne die tydperk en op die wyse in die kennisgewing bepaal, die name voor te lê van persone in artikel 12(1)(a) beoog [wat geskikte en gepaste persone is om die amp van ’n lid van die Raad van ’n bankinstelling te beklee, soos in die Bankwet beoog]; en (b) die Poskantoor skriftelik vra om[, met die instemming van die Registrateur van Banke,] die name van persone in artikel 12(1)(b) beoog voor te lê [wat geskikte en gepaste persone is om die amp van ’n lid van die Raad van ’n bankinstelling te beklee, soos in die Bankwet beoog].’’; (b) deur in subartikel (4)(a) na subparagraaf (v) die woord ‘‘en’’ in te voeg; (c) deur die volgende subparagraaf in subartikel (4)(a) in te voeg: ‘‘(vi) bankervaring,’’; en (d) deur in subartikel (4) paragraaf (d) te skrap. Wysiging van artikel 15 van Wet 9 van 2010 - 8 Verify source ↗
Artikel 15 van die Hoofwet word hierby gewysig—
AI-assisted research summary: This section amends Article 15 of the principal Act by inserting “or” after paragraph (d) in subarticle (2) and deleting paragraph (e).
8. Artikel 15 van die Hoofwet word hierby gewysig— (a) deur in subartikel (2) na paragraaf (d) die volgende woord by te voeg: ‘‘of’’; en (b) deur paragraaf (e) in subartikel (2) te skrap. Wysiging van artikel 18 van Wet 9 van 2010 - 9 Verify source ↗
Artikel 18 van die Hoofwet word hierby gewysig deur in subartikel (3) paragraaf
AI-assisted research summary: This section amends article 18(3)(a) of the principal Act to require a bank chief executive officer to have qualifications or experience relevant to the company’s work and to be fit and proper for the office.
9. Artikel 18 van die Hoofwet word hierby gewysig deur in subartikel (3) paragraaf (a) deur die volgende paragraaf te vervang: ‘‘(a) moet kwalifikasies of ervaring hê wat van toepassing is op die werksaamhede van die Maatskappy en moet geskik en gepas wees om die amp van ’n hoof- uitvoerende beampte van ’n bankinstelling soos in die Bankwet beoog, te beklee;’’. Wysiging van artikel 25 van Wet 9 van 2010 - 10 Verify source ↗
Artikel 25 van die Hoofwet word hierby gewysig—
AI-assisted research summary: The Minister may direct the Company to do actions chosen by the Minister, with the Minister of Finance’s consent, until the Company is registered as a bank institution.
10. Artikel 25 van die Hoofwet word hierby gewysig— (a) deur subartikel (1) deur die volgende subartikel te vervang: ‘‘(1) Die Minister kan, [met die instemming van die Minister van Finansies] totdat die Maatskappy ingevolge die Bankwet as ’n bankinstelling geregistreer word, die Maatskappy gelas om enige aksie deur die Minister bepaal, uit te voer indien die Maatskappy— 20 25 30 35 40 45 50 6 No. 37270 Act No. 44 of 2013 GOVERNMENT GAZETTE, 27 January 2014 South African Postbank Limited Amendment Act, 2013 4 Amendment of section 25 of Act 9 of 2010 - 10 Verify source ↗
Section 25 of the principal Act is hereby amended—
AI-assisted research summary: The Minister may direct the Company to take specified action in certain cases, and may replace the Board or appoint an administrator if the Company does not fix the problem in time.
10. Section 25 of the principal Act is hereby amended— (a) by the substitution for subsection (1) of the following subsection: ‘‘(1) The Minister may, [with the concurrence of the Minister of Finance] until such time as the Company is registered as a banking institution in terms of the Banks Act, direct the Company to take any action specified by the Minister if the Company— (a) (b) (c) has acted unfairly or in a discriminatory or inequitable way towards is being mismanaged; fails to perform its functions effectively or efficiently; a person to whom it owes a duty under this Act; or (d) has failed to comply with any law or any policy envisaged in this Act.’’; and (b) by the substitution for subsection (3) of the following subsection: ‘‘(3) If the Company fails to remedy the situation within the stated period, the Minister may[, with the concurrence of the Minister of Finance]— (a) after having afforded the Company a reasonable opportunity to be 5 10 15 heard; and (b) after having afforded the Company a hearing on any submissions 20 received, replace the members of the Board in the same manner as the departing members have been appointed or, where circumstances so require, appoint a person as an administrator to take over the relevant function of the Company.’’. 25 Amendment of section 26 of Act 9 of 2010 - 11 Verify source ↗
Section 26 of the principal Act is hereby amended by the deletion of subsections
AI-assisted research summary: This section amends Section 26 of the principal Act by deleting subsections (2) and (3), and notes the insertion of section 26A of Act 9 of 2010.
11. Section 26 of the principal Act is hereby amended by the deletion of subsections (2) and (3). Insertion of section 26A of Act 9 of 2010 - 12 Verify source ↗
The following section is hereby inserted in the principal Act, after section 26:
AI-assisted research summary: This provision inserts a new section into the principal Act after section 26, titled “Application of Banks Act,” but the text is cut off.
12. The following section is hereby inserted in the principal Act, after section 26: 30 ‘‘Application of Banks Act - 26A Verify source ↗
In the event of any conflict between the provisions of the Banks Act
AI-assisted research summary: If the Banks Act and this Act conflict, the Banks Act takes priority.
26A. In the event of any conflict between the provisions of the Banks Act and this Act, the provisions of the Banks Act prevail.’’. Substitution of section 30 of Act 9 of 2010 - 13 Verify source ↗
The following section is hereby substituted for section 30 of the principal Act:
AI-assisted research summary: The former Postbank must keep operating without interruption until the Company is registered as a bank and the transfer happens; existing Banks Act exemptions continue for the Company until it is registered as a banking institution.
13. The following section is hereby substituted for section 30 of the principal Act: 35 ‘‘Transitional provisions 30. (1) Notwithstanding the repeal of sections 51(1), (3) and (4), 52, 53, 55 and 58 of the Postal Services Act by section 31, until the [Company is registered as a bank as contemplated in section [4(2),] former Postbank is transferred as contemplated in section 7, the former Postbank continues to function without any interruption, as if those sections have not been repealed. (2) Any exemption under the Banks Act applicable to the former Postbank immediately prior to the transfer date, continues to apply to the Company until such time as the Company is registered as a banking institution in terms of the Banks Act.’’. 40 45 Short title - 14 Verify source ↗
This Act is called the South African Postbank Limited Amendment Act, 2013.
AI-assisted research summary: If the Company does not fix the situation within the stated period, the Minister may replace the Board members or appoint an administrator.
14. This Act is called the South African Postbank Limited Amendment Act, 2013. STAATSKOERANT, 27 Januarie 2014 Wysigingswet op die Suid-Afrikaanse Posbank Beperk, 2013 No. 37270 7 Wet No 44 van 2013 4 (a) wanbestuur word; (b) versuim om sy werksaamhede doeltreffend of effektief te verrig; (c) onbillik of op ’n diskriminerende of onregverdige wyse opgetree het teenoor ’n persoon teenoor wie die Maatskappy kragtens hierdie Wet ’n verpligting het; of (d) versuim het om te voldoen aan enige wet of enige beleid in hierdie Wet beoog.’’; en (b) deur subartikel (3) deur die volgende subartikel te vervang: ‘‘(3) Indien die Maatskappy versuim om die situasie binne die gestelde tydperk reg te stel, kan die Minister[, met die instemming van die Minister van Finansies]— (a) nadat die Maatskappy ’n redelike geleentheid gegun is om sy saak te stel; en (b) nadat die Maatskappy ’n verhoor toegestaan is oor enige voor- leggings wat ontvang is, die lede van die Raad vervang op dieselfde wyse as wat daardie vertrekkende lede van die Raad aangestel is of, waar omstandighede dit vereis, ’n persoon aanstel as administrateur om die betrokke werksaam- heid van die Maatskappy oor te neem.’’. Wysiging van artikel 26 van Wet 9 van 2010 - 11 Verify source ↗
Artikel 26 van die Hoofwet word hierby gewysig deur subartikels (2) en (3) te
AI-assisted research summary: This provision amends Article 26 of the Principal Act by deleting subsections (2) and (3).
11. Artikel 26 van die Hoofwet word hierby gewysig deur subartikels (2) en (3) te skrap. Invoeging van artikel 26A van Wet 9 van 2010 - 12 Verify source ↗
Die volgende artikel word hierby na artikel 26 van die Hoofwet ingevoeg:
AI-assisted research summary: This provision introduces a new article titled “Application of the Bank Act.”
12. Die volgende artikel word hierby na artikel 26 van die Hoofwet ingevoeg: ‘‘Toepassing van Bankwet - 26A Verify source ↗
In die geval van enige onbestaanbaarheid tussen die bepalings van
AI-assisted research summary: If the Bank Act conflicts with this Act, the Bank Act prevails.
26A. In die geval van enige onbestaanbaarheid tussen die bepalings van die Bankwet en hierdie Wet, geld die bepalings van die Bankwet.’’. Vervanging van artikel 30 van Wet 9 van 2010 - 13 Verify source ↗
Artikel 30 van die Hoofwet word hierby deur die volgende artikel vervang:
AI-assisted research summary: The former Postbank keeps operating without interruption until it is transferred, and any Bank Act exemption that applied before transfer continues for the Company until it is registered as a bank.
13. Artikel 30 van die Hoofwet word hierby deur die volgende artikel vervang: ‘‘Oorgangsbepalings 30. (1) Ondanks die herroeping van artikels 51(1), (3) en (4), 52, 53, 55 en 58 van die Posdienstewet deur artikel 31, gaan die voormalige Posbank voort om sonder enige onderbreking te funksioneer asof daardie artikels nie herroep is nie, totdat die [Maatskappy as ’n bank geregistreer is soos in artikel 4(2) beoog] voormalige Posbank soos in artikel 7 beoog oorgedra word. (2) Enige vrystelling kragtens die Bankwet onmiddellik voor die oordragdatum op die voormalige Posbank van toepassing is steeds op die Maatskappy van toepassing totdat die Maatskappy ingevolge die Bankwet as ’n bankinstelling geregistreer word.’’. Kort titel - 14 Verify source ↗
Hierdie Wet heet die Wysigingswet op die Suid-Afrikaanse Posbank Beperk,
AI-assisted research summary: This section states the title of the Act: the Wysigingswet op die Suid-Afrikaanse Posbank Beperk, 2013.
14. Hierdie Wet heet die Wysigingswet op die Suid-Afrikaanse Posbank Beperk, 2013. 5 10 15 20 25 30 35 40
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