Parliament of South Africa - South African Reserve Bank Act, No. 90 of 1989, as Amended up to February 28, 2014

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The Parliament of South Africa's South African Reserve Bank (SARB) Act aims to achieve a sound, efficient banking system in the interest of stability, which includes price stability, financial stability and the stability of the banking system, and balanced and sustainable economic growth in the country. The act achieves these ends by the SARB's supervision and regulation of the financial institutions through such measures as issuing licenses to banking institutions and monitoring their activities, as well developing and deploying monetary policies for South Africa.The act is divided into several sections, and sets forth provisions on the following topics:

1. South African Reserve Bank A Juristic Person
2. Primary Objectives of Bank
3. Board of Directors
4. Functions and Powers of Board
5. Tenure and Conditions of Office of Directors
6. Casual Vacancies
7. Procedure and Quorum
8. Delegation of Powers
9. Validity of Board's Decisions and Acts
10. Powers and Duties of Bank
11. Maintenance by Banks of Minimum Reserve Balances in Accounts with Bank
12. Appointment of Inspectors
13. Inspection of Affairs of Person, Partnership, Close Corporation, Company or Other Juristic Person Not Registered as Bank or Mutual Bank
14. Prohibited Business
15. Issue of Bank Notes and Coins
16. Monetary Unit
17. Denominations, Material, Standard Mass and Standard Fineness of Coins
18. Legal Tender
19. References to Amounts in Terms of Coins Issued Under Coinage Act, 1922
20. Powers of Minister in Respect of Coins
21. Bank Exempt from Tax On Bank Notes
22. Share Capital of Bank
23. Restriction of Right to Hold or Acquire Shares in Bank
24. Votes
25. Allocation of Surplus
26. Statutory Price of Gold and Gold Price Adjustment Account
27. Foreign Exchange Adjustment Account
28. Forward Exchange Contracts Adjustment Account
29. Gold and Foreign Exchange Contingency Reserve Account
30. Returns in Connection with and Auditing of Certain Accounts
31. Audit and Inspection
32. Report by Governor
33. Furnishing of Information to Department of Finance and to Parliament
34. Preservation of Secrecy
35. Offenses and Penalties
36. Rules by Board
37. Regulations
38. Proceedings by Minister in Case of Non-Compliance with Act or Regulations by Bank
39. Liquidation
40. Repeal of Laws and Savings

Document Details

Document Type: 
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Doument Author (Entity): 
Authoring Country: 
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Issue Status: 
Year of Document: 
2014
Date of Document: 
Friday, February 28, 2014
Document Authors: 
Parliament of South Africa
Language (This Document): 
English

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