Republic of South Africa: Co-operative Banks Act 2007

Publication Date: 2008
Published by: The Republic of South Africa
Document Type: Other (PDF)

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This Act presents regulations governing the formation and operation of cooperative banks in South Africa.

This Act establishes a regulatory and supervisory framework for cooperative banks in South Africa. The Act aims to:

• Promote and advance the social and economic welfare of all South Africans by enhancing access to banking services under sustainable conditions;
• Promote the development of sustainable and responsible co-operative banks;
• Establish an appropriate regulatory framework and regulatory institutions for co-operative banks that protect the members;
• Provide for the registration of deposit-taking financial services co-operatives as co-operative banks;
• Provide for the regulation and supervision of co-operative banks;
• Provide for the establishment of supervisors and a development agency for co-operative banks.

The Act covers the following topics:

• Registration;
• Management;
• Prudential requirements;
• Deposit insurance;
• Amalgamation, division, and dissolution;
• Representative bodies and support organizations.

The President of South Africa signed the Act in early 2008 and it will go into effect on a date designated by the Minister through publication in the Gazette.