Mutual Banks Act, 1993 (Act No. 124 of 1993)RegulationsRegulations relating to Mutual BanksChapter VI : Definitions and General Provisions45. Definitions |
In these Regulations, "the Act" means the Mutual Banks Act, 1993 (Act No. 124 of 1993), and any word or expression to which a meaning has been assigned in the Act shall bear the meaning so assigned thereto and, unless the context otherwise indicates—
means a company that is provisionally or finally registered as a bank in terms of the Banks Act 1990, Act No. 94 of 1990.
for the purposes of these Regulations, means each day of the week except Saturday, Sunday or a public holiday;
means an agreement between a mutual bank and such of its clients as are members of the same group of companies in respect of which group annual financial statements are required to be made out in terms of section 288(1) of the Companies Act, which agreement provides for transfers of balances between such clients' accounts kept in the accounting records of the mutual bank, and which transfers are made in order to minimise the interest expense or to maximize the interest income of such clients;
means all—
| (a) | government departments; |
| (b) | agencies of the central government, social security funds and government enterprises as contemplated in the Institutional Sector Classification Guide; |
| (c) | the four provincial administrations; and |
| (d) | the governments of the self-governing territories; |
means—
| (a) | a short-term secured or unsecured promissory note with a fixed or floating maturity; |
| (b) | call bonds; and |
| (c) | any other secured or unsecured written acknowledgement of debt, issued to acquire working capital; and |
| (d) | debentures or any interest-bearing written acknowledgement of debt issued for a fixed term in accordance with the provisions of the Companies Act, 1973, |
but does not include bankers' acceptances;
means any amount repayable on demand, and includes—
| (a) | all balances due on current account, without deduction of debits in transit or addition of credits in transit; |
| (b) | call monies; and |
| (c) | any other amounts due that are immediately withdrawable; |
means—
| (a) | the local sale proceeds of South African assets owned by a person resident outside the Republic; and |
| (b) | funds designated as financial rand by the Treasury, or a person authorised thereto by the Treasury; |
means any asset (excluding a claim) situated outside the Republic, and any asset consisting of a claim by the reporting mutual bank on a non-resident;
means a currency other than the reporting currency of a mutual bank;
means any provision created to absorb future losses on debts that may prove to be wholly or partly irrecoverable and which losses have not been separately identified but which can reasonably be expected to exist or develop;
means any country the territory of which formerly formed part of the Republic;
means a transaction in terms of which—
| (a) | movable goods are sold by the seller to the purchaser against payment by the purchaser to the seller of a stated or determinable sum of money at a stated or determinable future date or, in whole or in part, in instalments over a period in the future; and |
| (b) | the purchaser does not become the owner of those goods merely by virtue of the delivery to or the use, possession or enjoyment by him thereof; or |
| (c) | the seller is entitled to the return of those goods if the purchaser fails to comply with any term of that transaction; |
means the Institutional Sector Classification Guide for South Africa, issued from time to time by the Economics Department of the South African Reserve Bank;
means a transaction in terms of which a lessor leases movable goods to a lessee against payment by the lessee to the lessor of a stated or determinable sum of money at a stated or determinable future date or in whole or in part in instalments over a period in the future, but does not include a transaction by which it is agreed at the time of the conclusion thereof that the debtor or any person on his behalf shall at any stage during or after the expiry of the lease or after the termination of that transaction become the owner of those goods or after such expiry or termination retain the possession or use or enjoyment of those goods;
means any claim of a non-resident on a South African mutual bank;
means all liabilities of a reporting mutual bank, whether domestic or foreign, arising from the operations of the reporting mutual bank in connection with its banking business in the Republic, as set out in more detail in form DI 100;
in relation to any date, means a liability (including a loan from or a deposit by another bank or mutual bank) that is payable after the expiration of more than six calendar months as from that date or which on that date is subject to notice that makes it payable after the expiration of more than six calendar months as from that date;
in relation to any date, means a liability (including a loan from or a deposit by another bank) that is payable on or after the thirty-second day as from that date but not later than the day on that a period of six calendar months as from that date expires, or that on that date is subject to notice which makes it payable on or after the thirty-second day as from that date but not later than the day on which a period of six calendar months as from that date expires;
means a juristic person that is provisionally or finally registered as a mutual bank in terms of the Mutual Bank Act; 1993, Act No. 124 of 1993.
means investments in shares in respect of which no dividends have been received during the twelve months preceding the date of a return that is to be submitted in accordance with these Regulations;
means discounts, loans or advances in respect of which it is no longer prudent to credit interest receivable to the income statement;
means a person who is not a resident;
means all local authorities, regional services councils, regional water service corporations, public enterprises, public sector institutions and agricultural control boards, as contemplated in the Institutional Sector Classification Guide;
includes—
| (a) | two or more persons, whether natural or juristic, who, unless proven to the contrary, constitute a single risk because of the fact that one of them has directly or indirectly control over the other or others; or |
| (b) | two or-more persons, whether natural or juristic, between whom there is no relationship or control as referred to in (a) above, but who are to be regarded as constituting a single risk, because of the fact that they are so interconnected that should one of them experience financial difficulties, the other or all of them would be likely to encounter repayment difficulties; |
means the central government and other public-sector bodies, as hereinbefore in this regulation defined;
means the obtaining of money (which money shall for the purposes of these Regulations be deemed to have been so obtained by way of a loan) through the sale of an asset to any other person subject to an agreement in terms of which the seller undertakes to purchase from the buyer at a future date the asset so sold or any other asset issued by the issuer of, and which has been so issued subject to the same conditions regarding term, interest rate and price as, the asset so sold;
means the provision of money (which money shall for the purposes of these Regulations be deemed to have been so provided in the form of a loan) through the purchase of an asset from any other person subject to an agreement in terms of which the buyer undertakes to sell to the seller at a future date the asset so purchased or any other asset issued by the issuer of, and which has been so issued subject to the same conditions regarding term, interest rate and price as, the asset so purchased;
means—
| (a) | a person staying or intending to stay or making his headquarters in the Republic for a period of 12 consecutive months or longer; |
| (b) | an organization operating in the Republic; or |
| (c) | a South African citizen attached to an embassy or consulate in a foreign country, |
but does not include any citizen of another country attached to a foreign diplomatic or military mission or representative office in the Republic;
means an area declared under section 26 of the National States Constitution Act, 1971 (Act No. 21 of 1971), to be a self-governing territory within the Republic of South Africa;
in relation to any date, means a liability (including a loan from or a deposit by another bank or mutual bank) that is payable on or before the thirty-first day as from that date, or that on that date is subject to notice that makes it payable on or before the thirty-first day as from that date;
means any provision made against losses on a debt that has been specifically identified as bad or doubtful, and any provision made against groups of debts on the basis of their age;
means any provision made in respect of the anticipated or actual diminution in the value of securities or equities held by the reporting bank;
means a sale subject to a suspensive condition.