72. Registration of foreign building societies

(1) A building society incorporated outside Botswana the rules of which-

(a) contain the several matters which in the case of building societies to be incorporated in Botswana, are required by section 7 to be provided for; and

(b) expressly authorize the society to carry on business in Botswana or generally outside the country in which it is incorporated,

may apply for registration under this Act.

(2) Every application by a building society incorporated outside Botswana shall be in the prescribed form and shall be accompanied by-

(a) a copy of its rules and a copy of the certificate of incorporation, each certified in such manner as may be prescribed, and if the same are not written in the English language, certified translations thereof;

(b) a statement of the situation and postal address of its principal office in the country of its incorporation;

(c) a statement of the situation and postal address of its principal office in Botswana;

(d) a copy of its latest annual statement and account;

(e) a statement of the name and address of its principal officer in Botswana and the names and addresses of the directors and members of any local boards or committees.

(3) The Registrar may in his discretion allow or refuse an application under subsection (1):

Provided that any society aggrieved by the refusal of the Registrar to register a building society under subsection (1) may within one month or such extended period as the President may allow from the date of such refusal appeal against that refusal to the President whose decision shall be final.

(4) Where an application under this section is allowed the Registrar shall register the society as a building society incorporated outside Botswana and shall issue the society with a certificate of registration.

(5) A building society registered in terms of this section shall not be entitled to carry on any type of business which a building society registered in terms of section 10 would not be entitled to carry on.

73. Provisions of this Act to apply

(1) The provisions of this Act relating to building societies incorporated in Botswana shall apply to a building society registered under the provisions of section 72 unless the Registrar is satisfied that the law under which such building society is incorporated is no less stringent in its requirements concerning the financial solvency and viability of the building society than the relevant provisions of this Act, in which case the provisions of this Act, with the exception of those contained in this Part and in sections 14, 19 and 69, shall not apply to such building society:

Provided that where a building society has for two months after notice failed to furnish statements of account as required by subsection (2) the Registrar may appoint one or more inspectors to investigate its affairs and the provisions of sections 58 to 63 of this Act shall apply to such building society.

(2) Every building society registered under the provisions of section 72-

(a) shall furnish to the Registrar annually audited statements of account showing the total net amounts of funds received from depositors and shareholders in Botswana and of loans made in Botswana;

(b) shall lodge with the Registrar notice in writing of any change in the name and address of its principal office in Botswana and in the names and addresses of the directors and members of any local board or committee within 14 days thereof; and

(c) except with the prior approval of the Registrar, shall not transfer from Botswana any amount of money which exceeds the amount of any money which it may have brought into Botswana.