POSTBANK LTD AMENDMENT ACT IN FORCE SOON

POSTBANK LTD AMENDMENT ACT IN FORCE SOON

• 15 February 2024
• Communications & Digital Technologies
• SA Legal Academy

The South African Postbank Ltd Amendment Act, 2023, will come into force on 19 February 2024, according to a recently gazetted presidential proclamation.

The amendments concerned provide for:

• the transfer in shareholding from the South African Post Office SOC Ltd to government
• the creation of a bank controlling company for the Postbank SOC Ltd, as required by the Banks Act, 1990, and
• the appointment of a chief executive officer and chief financial officer.

This is noting that – for the Postbank’s bank controlling company to operate as a national state-owned entity exercising control over the bank – in terms of section 43 of the Banks Act, it must be registered for incorporation under the Companies Act, 2008.

• presidential proclamation
• amendment Act

Published by SA Legal Academy Policy Watch

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