South Africa Act or statute

Parliament of the Republic of South Africa

Public Investment Commissioners Amendment Act, 1999

The commissioners must invest deposits on behalf of depositors in the specified kinds of investments, and may invest certain deposits in the manner the depositor is legally entitled to use. This s…

commissioners' investment powersdeposit investment

Jurisdiction: South Africa
Structure: 2 provisions
Citation: Act 7 of 1999
Dates: updated 21 Apr 1999

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Dates: updated 21 Apr 1999

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“The commissioners must invest deposits on behalf of depositors in the specified kinds of investments, and may invest certain deposits in the manner the depositor is legally entitled to use.”

The commissioners must invest deposits on behalf of depositors in the specified kinds of investments, and may invest certain deposits in the manner the depositor is legally entitled to use. This section states the Act’s short title: the Public Investment Commissioners Amendment Act, 1999.

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Section 6 of the Public Investment Commissioners Act, 1984, is hereby amended—

The commissioners must invest deposits on behalf of depositors in the specified kinds of investments, and may invest certain deposits in the manner the depositor is legally entitled to use.

Section 1

This Act is c~ed the Public Investment Commissioners Amendment Act. 1999.

This section states the Act’s short title: the Public Investment Commissioners Amendment Act, 1999.

Section 2

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Source record from www.parliament.gov.za · updated 21 Apr 1999

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Short title 2

§ 1Section 6 of the Public Investment Commissioners Act, 1984, is hereby amended—Short title

The commissioners must invest deposits on behalf of depositors in the specified kinds of investments, and may invest certain deposits in the manner the depositor is legally entitled to use.

1. Section 6 of the Public Investment Commissioners Act, 1984, is hereby amended— by the substitution in subsection (1) for the words preceding paragraph (a) of the following words: “Subject to the provisions of subsections (2), (3), (4), (5) and (6), the commissioners shall invest every deposit or portions of a deposit, regard being had to the period, if any, after the expiration of which such a deposit or portions of such a deposit may again become necessary for use, on behalf of the depositor concerned in any or dl of the following stock, bonds, debentures, securities, [or] financial instruments or other investments, namely-”; by the addition to subsection (1) of the following paragraph: “(h) any investment which promotes social responsibility and infrastructure development: Provided that the amounts of money so invested shall not exceed 3,5 per cent of the value of the assets as reflected from time to time in the audited financial statements of the commissioners.”; and (b) (c) by the addition to subsection (6) of the following paagraph, the existing subsection becoming paragraph (a): “(b) Notwithstanding anything to the contrary in this Act, any deposit received from a depositor who is entitled by law to invest in any particular manner, may likewise be invested by the commissioners in that manner on behalf of a depositor.”. Short title

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§ 2This Act is c~ed the Public Investment Commissioners Amendment Act. 1999.Short title

This section states the Act’s short title: the Public Investment Commissioners Amendment Act, 1999.

2. This Act is c~ed the Public Investment Commissioners Amendment Act. 1999. 5 10 15 20 25

Section 2Verify source

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1 referenced instrument

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1 instrument

Public Investment Commissioners Act, 1984
Section 1

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