Banks Amendment Bill Tabled

Parliament

The Banks Amendment Bill, a private members bill drawn up by Floyd Shivambu, an Economic Freedom Fighters member of parliament, has been tabled in parliament.

Comment on the draft bill was invited at the beginning of May 2018.

The bill seeks to:

•    amend the Banks Act, 1990 so as amend and insert certain definitions;
•    enable a state-owned company to register and conduct the business of a bank in terms of the Banks Act;
•    allow a state-owned company to register an appropriate memorandum of incorporation with the Commissioner appointed in terms of the Companies Act;
•    enable a state-owned company to exercise control over a bank;
•    allow a state-owned company to be eligible to apply for registration as a controlling company; and
•    provide for matters connected therewith.

The standing committee on finance will process the bill.

Sabinet Cape Town Office

Related legislation: