POSTBANK AMENDMENT BILL PASSED BY PARLIAMENT

POSTBANK AMENDMENT BILL PASSED BY PARLIAMENT

• 21 June 2023
• Parliament
• SA Legal Academy

A ‘B’ version of the South African Postbank Ltd Amendment Bill has been endorsed by the NCOP and sent to the President for signature.

Once in force, it will:

• ‘adjust … shareholding arrangements for the Postbank through the creation of a new banking controlling company’, and
• ‘facilitate its establishment and registration’ in terms of the Banks Act, 1990.

According to a memorandum on the Bill’s objects, the amendments concerned are expected meet the requirements of section 43 of the Banks Act – enabling the Postbank to apply as a national state-owned entity for registration as a banking controlling company incorporated in terms of the Companies Act, 2008.

The submission of a Banks Act section 43 application to the South African Reserve Bank is the final step in the Postbank’s banking licence application process.

• Bill’s ‘B’ version
• parliamentary papers confirming that the Bill has been passed (page 2)
• Parliament’s media statement on the Bill

Published by SA Legal Academy Policy Watch

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