This is the version of this Act as it was from 3 December 2010 to 26 January 2014. Read the latest available version.
Taxonomies
- Subject areas > Business, Trade and Industry
- Subject areas > Communications and Media
- Subject areas > Finance and Money
- Subject areas > Public administration
Related documents
- Is amended by South African Postbank Limited Amendment Act, 2013
- Is amended by South African Post Bank Limited Amendment Act, 2023
- Amends Postal Services Act, 1998
South Africa
South African Postbank Limited Act, 2010
Act 9 of 2010
- Published in Government Gazette 33835 on 3 December 2010
- Assented to on 1 December 2010
- Commenced on 22 July 2011 by South African Postbank Limited Act, 2010: Commencement
- [This is the version of this document as it was from 3 December 2010 to 26 January 2014.]
Chapter I
Interpretation and object of Act
1. Definitions
In this Act, unless the context indicates otherwise, any word or expression to which a meaning has been ascribed in section 1 of the Public Finance Management Act, bears the meaning so ascribed, and—“Banks Act” means the Banks Act, 1990 (Act No. 94 of 1990);“Board” means the board of directors of the Company;“Companies Act” means the Companies Act, 1973 (Act No. 61 of 1973);“Company” means South African Postbank Limited contemplated in section 3;“family member” in relation to any person, means his or her parent, sibling, child, including an adopted child or a step-child, or spouse (whether by statutory, customary or religious law), and including a life partner who is a person living with that person as if they were married to each other;“former Postbank” means the Postbank referred to in section 51 of the Postal Services Act, 1998 (Act No. 124 of 1998), as it existed as a division of the Post Office immediately prior to the repeal of that section;“member” means a member of the Board;“Minister” means the Minister of Communications;“Post Office” means South African Post Office Limited established in terms of the Post Office Act;“Post Office Act” means the Post Office Act, 1958 (Act No. 44 of 1958);“Postal Services Act” means the Postal Services Act, 1998 (Act No. 124 of 1998);“Public Finance Management Act” means the Public Finance Management Act, 1999 (Act No. 1 of 1999);“Registrar of Banks” means the Registrar of Banks designated as such under section 4 of the Banks Act;“Republic” means the Republic of South Africa;“the business of a bank” has the meaning ascribed to it in the Banks Act;“the business of the former Postbank” means the rights, obligations, assets and liabilities of the former Postbank contemplated in section 5(1);“this Act” includes any regulation made under section 26;“transfer date” means the date determined by the Minister in terms of section 6.2. Object of Act
The object of this Act is to provide for the incorporation of the Postbank Division of the Post Office as a legal person with the aim of—Chapter II
Incorporation and transfer of enterprise
3. Incorporation
4. Registration as Bank
5. Determination of extent of business to be transferred
6. Determination of transfer date of enterprise
As soon as possible after a certificate to commence business has been issued to the Company, as contemplated in section 3, the Minister must by notice in the Gazette determine the transfer date of the enterprise of the former Postbank to the Company.7. Transfer of enterprise of former Postbank to Company, vesting and consequence thereof
On the transfer date—8. Exemption from tax liability
The transfer of the business of the former Postbank, referred to in section 7, attracts no tax liability of whatever nature.Chapter III
Powers and duties of Company
9. Powers and duties of Company
Chapter IV
Control and management of Company
10. Control of Company by Board
11. Functions of Board
The Board—12. Composition of Board
13. Disclosure and disqualification from membership of Board
14. Appointment of members of Board
15. Resignation, removal from office and vacating of office
16. Disclosure and fiduciary duties of Board members
17. Procedures at meetings, and committees of Board
18. Appointment of managing director
19. Conditions of appointment of managing director
20. Personnel of Company
Chapter V
Funds and financial accounts of company
21. Annual report
22. Funds of Company
The funds of the Company consist of—23. Inspection of financial accounts and documents of Company
The Minister or any officer in the public service authorised by the Minister in writing has full access to all the financial accounts and documents of the Company, and the Board must at all times furnish to the Minister or to such officer, as the case may be, all such information as may reasonably be required.24. Application of Public Finance Management Act
The Company is subject to the Public Finance Management Act.Chapter VI
General and miscellaneous
25. Intervention by Minister
26. Regulations and policy
27. Non-application of provision of Companies Act
A provision of the Companies Act does not apply to the Company if—28. Certain provisions of Companies Act may be declared inapplicable to Company
29. Offences
30. Transitional provisions
Notwithstanding the repeal of sections 51(1), (3) and (4), 52, 53, 55 and 58 of the Postal Services Act by section 31, until the Company is registered as a bank as contemplated in section 4(2), the former Postbank continues to function without any interruption, as if those sections have not been repealed.31. Repeal of laws
The laws mentioned in Schedule 1 are hereby repealed to the extent set out in the third column of that Schedule.32. Short title and commencement
This Act is called the South African Postbank Limited Act, 2010, and takes effect on a date determined by the President by notice in the Gazette.History of this document
19 February 2024
27 January 2014
22 July 2011
03 December 2010 this version
01 December 2010
Assented to
Subsidiary legislation
Title | Numbered title |
---|---|
Determination of the transfer date of the Postbank enterprise, 2019 | General Notice 151 of 2019 |
Cited documents 9
Legislation 9
Documents citing this one 31
Gazette 30
- KwaZulu-Natal Provincial Gazette dated 2012-06-14 number 760
- KwaZulu-Natal Provincial Gazette dated 2012-06-29 number 770
- KwaZulu-Natal Provincial Gazette dated 2012-10-05 number 829
- KwaZulu-Natal Provincial Gazette dated 2015-07-06 number 1401
- KwaZulu-Natal Provincial Gazette dated 2015-12-23 number 1572
- KwaZulu-Natal Provincial Gazette dated 2016-12-22 number 1776
- KwaZulu-Natal Provincial Gazette dated 2017-10-12 number 1886
- KwaZulu-Natal Provincial Gazette dated 2017-11-09 number 1898
- KwaZulu-Natal Provincial Gazette dated 2020-01-01 number 2152
- KwaZulu-Natal Provincial Gazette dated 2020-01-24 number 2159
- KwaZulu-Natal Provincial Gazette dated 2021-11-29 number 2345
- KwaZulu-Natal Provincial Gazette dated 2022-01-07 number 2358
- South Africa Government Gazette Regulation Gazette dated 2011-03-04 number 34070
- South Africa Government Gazette Regulation Gazette dated 2017-03-31 number 40758
- South Africa Government Gazette Regulation Gazette dated 2020-11-20 number 43914
- South Africa Government Gazette Regulation Gazette dated 2021-12-17 number 45645 part 1
- South Africa Government Gazette dated 2011-10-12 number 34676
- South Africa Government Gazette dated 2011-12-19 number 34879
- South Africa Government Gazette dated 2012-10-31 number 35843
- South Africa Government Gazette dated 2014-07-15 number 37839
- South Africa Government Gazette dated 2016-04-22 number 39943 part 1
- South Africa Government Gazette dated 2016-04-29 number 39960
- South Africa Government Gazette dated 2019-08-23 number 42657 part 1
- South Africa Government Gazette dated 2019-09-06 number 42684 part 1
- South Africa Government Gazette dated 2020-10-30 number 43855
- South Africa Government Gazette dated 2021-03-12 number 44266
- South Africa Government Gazette dated 2022-10-28 number 47373 part 1
- South Africa Government Gazette dated 2022-11-29 number 47596
- South Africa Government Gazette dated 2023-09-20 number 49324
- South Africa Government Gazette dated 2023-09-27 number 49374