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 Post Bank Limited Amendment Act, 2023
- Is amended by South African Postbank Limited Amendment Act, 2013
- Amends Postal Services Act, 1998
South Africa
South African Postbank SOC 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 from 19 February 2024.]
- [Amended by South African Postbank Limited Amendment Act, 2013 (Act 44 of 2013) on 27 January 2014]
- [Amended by South African Post Bank Limited Amendment Act, 2023 (Act 10 of 2023) on 19 February 2024]
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—"banking services" means the services rendered in the course of the business of a bank as contemplated in the Banks Act;[definition of "banking services" inserted by section 1(a) of Act 10 of 2023]“Banks Act” means the Banks Act, 1990 (Act No. 94 of 1990);"bank controlling company" means the controlling company of The Postbank SOC Limited and has the meaning ascribed to it in section 1(1) of the Banks Act;[definition of "bank controlling company" inserted by section 1(b) of Act 10 of 2023]“Board” means the board of directors of the Company;"chief executive officer" means the chief executive officer appointed in terms of section 18;[definition of "chief executive officer" inserted by section 1(c) of Act 10 of 2023]"chief financial officer" means the chief financial officer appointed in terms of section 18;[definition of "chief financial officer" inserted by section 1(c) of Act 10 of 2023]"Commissioner" means the Commissioner as defined in section 1 of the Companies Act;[definition of "Commissioner" inserted by section 1(c) of Act 10 of 2023]“Companies Act” means the Companies Act, 2008 (Act No. 71 of 2008);[definition of “Companies Act” substituted by section 1(d) of Act 10 of 2023]“Company” means The Postbank SOC Limited;[definition of “Company” substituted by section 1(e) of Act 10 of 2023]“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;"financial services" has the meaning ascribed to it in section 3 of the Financial Sector Regulation Act, 2017 (Act No. 9 of 2017);[definition of "financial services" inserted by section 1(f) of Act 10 of 2023]“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 responsible for communications;[definition of "Minister" substituted by section 1(a) of Act 44 of 2013]"person" means a juristic or natural person;[definition of "person" inserted by section 1(g) of Act 10 of 2023]“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"[definition of "Registrar of Banks" deleted by section 1(b) of Act 44 of 2013]“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 Company and bank controlling company, with the aim of the Company—Chapter II
Incorporation and transfer of enterprise
3. Incorporation
4. ***
[section 4 repealed by section 3 of Act 44 of 2013]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. ***
[section 8 repealed by section 4 of Act 44 of 2013]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
15A. Functions of bank controlling company
16. Disclosure and fiduciary duties of Board members
17. Procedures at meetings, and committees of Board
18. Appointment of chief executive officer and chief financial officer
[heading substituted by section 9(a) of Act 10 of 2023]19. Conditions of appointment of chief executive officer and chief financial officer
[heading substituted by section 10(a) of Act 10 of 2023]20. Personnel of Company
20A. Bank controlling company's organisational structure
Chapter V
Funds and financial accounts of company
21. Annual report
22. Funds of Company and bank controlling company
[heading substituted by section 13(a) of Act 10 of 2023]The funds of the Company and bank controlling company consist of—23. Inspection of financial accounts and documents of Company and bank controlling 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 of the bank controlling 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.[section 23 substituted by section 14 of Act 10 of 2023]24. Application of Public Finance Management Act
The Company and the bank controlling company are subject to the Public Finance Management Act.[section 24 substituted by section 15 of Act 10 of 2023]Chapter VI
General and miscellaneous
25. Intervention by Minister
26. Regulations and policy
26A. Application of Banks Act
In the event of any conflict between the provisions of the Banks Act and this Act, the provisions of the Banks Act prevail.[section 26A inserted by section 12 of Act 44 of 2013]27. Non-application of provision of Companies Act
A provision of the Companies Act does not apply to the Company if—28. Exemption from certain provisions of Companies Act
[heading substituted by section 16(a) of Act 10 of 2023]29. Offences
30. Transitional provisions
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 SOC Limited Act, 2010, and takes effect on a date determined by the President in the Gazette.[section 32 substituted by section 19 of Act 10 of 2023]History of this document
19 February 2024 this version
27 January 2014
22 July 2011
03 December 2010
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
1. | Constitution of the Republic of South Africa, 1996 | 4595 citations |
2. | Public Finance Management Act, 1999 | 2190 citations |
3. | Labour Relations Act, 1995 | 2087 citations |
4. | Companies Act, 2008 | 1842 citations |
5. | Banks Act, 1990 | 858 citations |
6. | Post Office Act, 1958 | 437 citations |
7. | Prevention and Combating of Corrupt Activities Act, 2004 | 363 citations |
8. | Postal Services Act, 1998 | 122 citations |
9. | Financial Sector Regulation Act, 2017 | 118 citations |
Documents citing this one 32
Gazette 30
Legislation 2
1. | Financial Intelligence Centre Act, 2001 | 966 citations |
2. | South African Post Office SOC Ltd Act, 2011 | 18 citations |