South African Postbank Limited Act 9 of 2010
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Government Gazette
REPUBLIC OF SOUTH AFRICA
Vol. 546 Cape Town 3 December 2010 No. 33835
THE PRESIDENCY No. 1153 3 December 2010
It is hereby notified that the President has assented to the following Act, which is hereby published for general information:–
No. 9 of 2010: South African Postbank Limited Act, 2010.
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Act No.9 of 2010
GOVERNMENT GAZETTE, 3 DECEMBER 2UIO
SOUTH AFRICAN POSTBANK LIMITED ACT, 2010
(English text signed by the President.) (Assented to 1 December 2010.)
ACT To provide for the incorporation of the Posthank Division of the South African Post Office; to provide for the transfer of the enterprise of that Division to the posthank company; to provide for the governance aud functious of the posthank company; and to provide for matters connected therewith.
BElT ENACTED by the Parliamenl of Ihe Republic of South Africa, as follows:-
ARRANGEMENTS OF SECTIONS
Sections
CHAPTER I
INTERPRETATION AND OBJECT OF ACT
I. Definitions 2. Objecl of Act
CHAPTER II
5
INCORPORATION AND TRANSFER OF ENTERPRISE 10
3. Incorporation 4. Registration as Bank 5. Determination of extent of business to be transferred 6. Detennination of transfer date of enterprise 7. Transfer of enterprise of fanner Postbank to Company, vesting and CUDse- 15
quence thereof 8, Exemption from tax liability
CHAPTER III
POWERS AND DUTIES OF COMPANY
9. Powers and duties of Company 20
CHAPTER IV
CONTROL AND MANAGEMENT OF COMPANY
10, Control of Company by Board II. Functions of Board 12. Composition of Board 25 13. Disclosure and disqualification from membership of Board 14. Appointment of members of Board
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15. Resignation, removal from office and vacating of office 16. Disclosure and fiduciary duties of Board members 17. Committees of Board 18. Appointment of managing director 19. Conditions of appointment of managing director 20. Personnel of Company
CHAPTER V
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5
FUNDS AND FINANCIAL ACCOUNTS OF COMPANY
21. Annual report 22. Funds of Company 23. Inspection of accounts and documents of Company by Minister 24. Application of Public Finance Management Act
CHAPTER VI
GENERAL AND MISCELLANEOUS
10
25. Intervention by Minister 15 26. Regulations and policy 27. Non-application of provision of Companies Act 28. Certain provisions of Companies Act may be declared inapplicable to
Company 29. Offences 20 30. Transitional provisions 31. Repeal of laws 32. Short title and commencement
SCHEDULE 1
Definitions
CHAPTER I
INTERPRETATION AND OBJECT OF ACT
25
1. 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- 30
"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, 35 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 40 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; 45 "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); "PnbIic 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 50 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;
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"the business of the fonner Postbank" means the rights, obligations, assets and liabilities of the former Postbank contemplated in section 5( I); "this Act" includes any regulation made under section 26; "transfer date" means the date detennined by the Minister in terms of section 6.
Object of Act 5
2. The object of this Act is to provide for the incorporation of the Postbank Division of the Post Office a, a legal person with the aim of-
(a) conducting the business of a bank that will encourage and attract savings amongst the people of the Republic;
(b) rendering transactional services and lending facilities through, amongst 10 others, existing infrastructure of the Post Office;
(e) expanding the range of banking services and developing into a bank of first choice, in particular to the rural and lower income markets as well as communities that have little or no access to commercial banking services or facilities; 15
(d) promoting universal and affordable access to banking services; (e) ensuring that the rates and charges of the Company take into consideration the
needs of the people in the lower income market; and (f) ensuring lending to rural and lower income markets.
CHAPTER II
INCORPORATION AND TRANSFER OF ENTERPRISE
Incorporation
20
3. (I) The Minister must take the necessary action for the formation and incorporation of a public company with a share capital and for a certificate to commence business to be issued to the Company in terms of the Companies Act. 25
(2) Notwithstanding section 32 of the Companies Act and section 37 of the Banks Act, the Post Office shall, upon incorporation of the Company, be the sole member and shareholder of the Company.
(3) The name of the Company is the "South African Postbank Limited" and no person may carry on any business or be registered with that name or with a name that is similar 30 to "Postbank".
(4) The Minister must, on behalf of the Post Office, sign the memorandum and articles of association and all other documents necessary for the formation and incorporation of the Company.
(5) The Registrar of Companies must- 35 (a) register the memorandum and articles of association as signed in terms of
subsection (4); (b) incorporate the Company as a public company under the name "South African
Postbank Limited"; and (e) with the concurrence of the Minister, issue to the Company a certificate to 40
commence business. (6) No fee is payable in respect of the incorporation of the Company.
Registration as Bank
4. (I) Notwithstanding section 15 of the Banks Act. the Company must be regarded as having been authorised to form a company in terms of the Companies Act. 45
(2) The Company must be registered as a bank atter it has satisfied the requirements of the Banks Act.
(3) Notwithstanding section 43 of the Banks Act, the Post Office is not required to register as a controlling company of the Company, and the appointment of the Board of the Post Office is not subject to the approval of the Registrar of Banks. 50
(4) The Company shall not expand the scope of its banking and investment activities which exist when this Act takes effect until it is registered as a bank in terms of the Banks Act, and any such additional business activity is approved by the Registrar of Banks.
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(5) In approving any additional business activity as contemplated in subsection (4), the Regislnlr of Banks shall take imo accounI Ihe objecls of this Act and any policy made by Ihe Minister in Ierms of seclion 26(2).
Determination of extent of business to be transferred
5, (I) The righls and obligations, assets and liabiliIies of the former Postbank, 5 including all deposits and investmenls held by the former Postbank or held with other financial institutions and all rights flowing from financial instruments held by the former Postbank, must be transferred to the Company.
(2) (a) The extent of the business of the former Postbank must be determined by the Post Office and audited by an auditor registered as such in terms of the Auditing 10 Professions Act, 2005 (Act No. 26 of 2005), and appointed by the Minister.
(h) The auditor may not be associated with either the Post Office or the Company. (3) The auditor must, upon the audit comemplated in subsection (2)(a)-
(a) attach a monetary value to the business of the former Postbank; and (h) report the value thus determined to the Minister. 15
Determination of transfer date of enterprise
6. 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.
Transfer of enterprise of former Postbank to Company, vesting and consequence 20 thereof
7, On the transfer date- (a) the management, control and operation of the former Postbank are transferred
to the Company; (h) the business of the former Postbank vests in the Company; 25 (e) subject to compliance with the Labour Relations Act, 1995 (Act No. 66 of
1995), personnel of the former Postbank is transferred to the Company; (d) anything done by or on behalf of the former Postbank must be regarded as
having been done by the Company.
Exemption from tax liability 30
8, 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
Powers and duties of Company 35
9, (I) Subjectto sections 4(4) and 26(2) and (3), and subsecIion (3), the Company has the powers to enable it to realise the object referred to in section 2, which include the power to--
(a) purchase or acquire any movable and immovable property; (h) manage, insure, sell, lease, mortgage, dispose of, give in exchange, work, 40
develop, build on, improve, tum to account or in any way deal with all of its assets;
(c) operate its business, products or services as set out in the articles; (d) raise funds; (e) conclude joint ventures and other commercial agreements with third parties in 45
order to promote and advance its business; (j) render any or all of its services through the physical assets, systems,
employees and general infrastructure of the Post Office; (g) invest money in accordance with an investment policy made by the Minister,
with the concurrence of the Minister of Finance; 50
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(h) borrow money, other than for temporary interbank borrowing, in accordance with a borrowing policy made by the Minister with the concurrence of the Minister of Finance; and
(i) lend money in accordance with a lending policy made by the Minister, with the concurrence of the Minister of Finance. 5
(2) (a) The Company and the Post Office must, with the concurrence of the Minister and the Minister of Finance, conclude an agreement which governs cooperation between the Company and the Post Office.
(b) Such agreement must include, amongst others, terms and conditions relating to the utilisation by the Company of infrastructure of the Post Office, envisaged in section 2. 10
(3) (a) The Company must comply with policy made by the Minister in terms of section 26(2).
(b) Any decision taken by the Board which is in conflict with a policy contemplatcd in paragraph la) is of no force and effect.
CHAPTER IV
CONTROL AND MANAGEMENT OF COMPANY
Control of Company by Board
15
10. (I) The Company is controlled by a board of directors. (2) The members of the Board are appointed or reappointed by the Minister, with the
concurrence of the Minister of Finance and the Post Office. 20
Functions of Board
11. The Board- la) must give effect to the corporate plan of the Company as contemplated in
section 52 of the Public Finance Management Act in order to achieve the objectives of the Company; 25
(b) is the accounting authority of the Company; Ie) provides guidance to the managing director and personnel of the Company
concerning the exercise of the functions of the Company; (d) must notify the Minister immediately of any matter that may prevent or
materially affect the achievement of the objects or financial targets of the 30 Company; and
Ie) generally, must refer to the Minister any matter that may adversely affect the functioning of the Company.
Composition of Board
12, (1) The Board is made up 01'- 35 (a) seven non-executive members appointed from among the persons nominated
in terms of section 14( 1)1a); (b) two other non-executive members appointed from among the persons
nominated by the Post Ollice in terms of section 14(l)(b); and (c) the managing director, who is an executive member of the Board. 40
(2) The members of the Board must be persons who- (a) are committed to fairness, openness and accountability; and (b) when viewed collectively-
(i) are representative of a broad cross-section of the population of the Republic; and 45
(ii) possess suitable qualifications, expertise and experience in the field of banking, floance and economics, or any other relevant qualifications, expertise and experience.
(3) (a) The non-executive members of the Board must be appointed for a period not exceeding five years. 50
(b) The non-executive members of the Board may be re-appointed for one further term not exceeding five years.
Ie) The Minister must appoint at least five non-executive members of the first Board of the Company for a period not exceeding three years.
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(4) The Minister must appoint a Chairperson from amongst the members of the Board, (5) The Board may designate any other non-executive member to act as Chairperson
if the Chairperson is absent or unable to perf01111 any function.
Disclosure and disqualification from membership of Board
13, (I) No person may be appointed as a Board member or remain a member of the 5 Board if he or she-
(a) is a member of Parliament, any provincial legislature or any municipal council;
(b) is an unrehabilitated insolvent; (e) has been declared by a court to be mentally ill or disordered; 10 (d) has at any time been convicted, whether in the Republic or elsewhere, of-
(i) theft, fraud, forgery or uttering a forged document, perjury, an offence in terms of the Prevention and Combating of Corrupt Activities Act, 2004 (Act No, 12 of 2(04), or any other offence involving dishonesty; or
(ii) an offence under this Act; 15 (e) has been sentenced, after the commencement of the Constitution of the
Republic of South Africa, 1993 (Act No, 200 of 1993), to a period of imprisonment of not less than one year without the option of a fine;
(f) has at any time been removed from an office of trust on account of misconduct; or 20
(g) has any direct or indirect interest in conflict with the business of the Company, (2) A person who is subject to a disqualification contemplated in subsection (1)(a),
(I)(b) or (1)(g) may be nominated for appointment as a Board member, but may only be appointed if at the time of such appointment he or she is no longer subject to that disqualification, 25
(3) (a) A person nominated for appointment as a member of the Board must, before appointment and upon a request from the Minister, submit to the Minister a written statement containing-
(i) a full disclosure of all his or hcr financial interests; and (ii) a declaration that he or she has no direct or indirect interests that are in conflict 30
with the business of the Company as contemplated in subsection (l)(g), (b) If, after appointment, a member of the Board acquires any-
(i) further financial interest contemplated in paragraph (a)(i), the member must immediately in writing declare that fact to the Minister and the Board; or
(ii) dircct or indirect interest contemplated in subsection (1)(g), the member must 35 immediately declare that fact to the Minister and the Board,
Appointment of members of Board
14, (I) For the purpose of appointing the non-executive members of the Board, thc Minister must-
(a) by notice in at least two national ncwspapers and in the Gazette, invite 40 interested persons, within the period and in the manner determined in the notice, to submit the names of persons envisaged in section 12(1)(a) that are fit and proper persons to hold the office of a member of the Board of a banking institution, as contemplated in the Banks Act; and
(b) in writing invite the Post Office, acting with the concurrence of the Registrar 45 of Banks, to submit the names of persons envisaged in section 12(1)(b) that are fit and proper persons to hold the office of a member of the Board of a banking institution, as contemplated in the Banks Act.
(2) The Minister must appoint a nomination committee to make recommendations to the Minister for the appointment of the non-executive members of the Board 50 contemplated in subsection (I )(a),
(3) In establishing a nomination committee, the Minister must ensure that the committee broadly reflects the race and gender composition of the Republic.
(4) The nomination committee, in making a recommendation to the Minister, must eonsider- 55
(a) the proven skills, knowledge and experience of a candidate in areas 01'- (i) financial management;
(ii) project management; (iii) governance compliance;
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(iv) risk management; (v) transformation and diversity equity;
(h) the need for representation of historically disadvantaged persons; (c) generally, whether the persons nominated represent a sufficient spread of
qualifications, expertise and experience to ensure the efficient and effective 5 functioning of the Company;
(d) with the concurrence ofthe Registrar of Banks, whether a candidate is a fit and proper person to hold the office of a member of the Board of a banking institution, as contemplated in the Banks Act; and
(e) whether a candidate has any direct or indirect interest in conftict with the 10 business of the Company as contemplated in section 13(1)(g).
(5)(a) Nominations of suitable persons as contemplated in subsections (1)(h) or (4) must include at least one and a halftimes the number of Board members to be appointed.
(h) If a suitable person or the required number of suitable persons are not nominated as contemplated in subsections (1)(h) or (4), the Minister may, with the concurrence of 15 the Minister of Finance and the Post Office, identify and appoint the required number of further members.
(6) (a) The Minister must, within 30 days after consensus has been reached with the Minister of Finance and the Post Office regarding the appointment of members as contemplated in section 10(2)- 20
(i) designate the non-executive members of the Board from suitable persons nominated by the Post Office as contemplated in subsection (l)(h); and
(ii) appoint the other non-executive members of the Board from suitable persons nominated as contemplated in subsection (4).
(h) The Minister must cause the names of the members appointed and the date of 25 commencement of their terms of office to be published by notice in the Gazette.
(?) A non-executive member of the Board- (a) is appointed according to the terms and conditions detennined by the
Minister; (h) must be paid from the revenue of the Company such remuneration and 30
allowances as the Minister detennines, taking into consideration any prescriptions or guidelines issued by the Minister for the Public Service and Administration and the National Treasury; and
(e) is appointed on a part-time basis. (8) (a) Any vacancy occurring in the Board must be filled in the same way as the 35
departing member was appointed to the Board. (h) Any member appointed under this subsection holds office for the rest of the period
of the predecessor's term of office, unless the Minister directs that such member holds office for a longer period which may not exceed one subsequent term of up to five years.
Resignation, removal from office and vacating of office 40
15. (I) A member of the Board may resign by giving to the Minister- (a) one month's written notice; or (h) less than one month's written notice, with the approval of the Minister.
(2) The Minister may, after having afforded the member of the Board concerned a reasonable opportunity to be heard, remove the member from office if that member- 45
(a) acted in conflict with this Act; (h) refuses or fails to make a declaration contemplated in section 13(3)(h) or
refuses or fails to make disclosure as contemplated in section 16(2); (c) after having been appointed, acquires any direct or indirect interest
contemplated in section 13(3)(h)(ii), read with section 13(1)(g); 50 (d) neglected to properly perform the functions of his or her office; (e) in accordance with the Banks Act and after the Registrar of Banks has
informed the Minister, is no longer a fit and proper person to hold that appointment; or
(f) is absent from three consecutive Board meetings without prior leave of the 55 Chairperson.
(3) A member of the Board must vacate the office if he or she becomes disqualified from membership of the Board in terms of section 13.
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Disclosure and fiduciary duties of Board members
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16. (1) In addition to any other applicable legislation, the following shall apply to members of the Board:
(aJ A member of the Board may not be present, or take part in, the discussion of or the taking of a decision on any matter before the Board in which that 5 member or his or her family member, business partner or associate has a direct or indirect interest.
(b) A member of the Board or his or her family member, business partner or associate, or an organisation or enterprise in which a member of the Board or his or her family member, business partner or associate has a direct or indirect 10 interest, may oot- (i) offer goods or services to the Company or conclude any business with the
Company; or (ii) make improper use, in any manner whatsoever, of the position of a Board
member or of any information acquired by a Board member by virtue of 15 his or her position as a Board member.
(c) a member of the Board must perform his or her functions at all times with the utmost good faith, honesty and integrity, care and diligence and, in furtherance of his or her functions, without limiting their scope, must- (i) take reasonable steps to inform himself or herself about the Company, its 20
business and activities and the circumstances in which it operates; (ii) take reasonable steps, through the processes of the Board, to obtain
sufficient information and advice about all matters to be decided by the Board to enable him or her to make conscientious and informed decisions; 25
(iii) regularly attend Board meetings; (iv) exercise an active and independent discretion with respect to all matters
to be decided by the Board; (v) exercise due diligence in the performance of his or her functions as a
member; 30 (vi) comply with any internal code of conduct that the Company may
establish for Board members; (vii) not engage in any activity that may undermine the integrity of the
Company; (viii) not make improper use of his or her position as a member or of 35
information acquired by virtue of his or her position as a member; (ix) treat any confidential matters relating to the Company, obtained in his or
her capacity as a Board member, as strictly confidential and not divulge them to anyone without the authority of the Company or as required as part of that person's official functions as a member of the Board. 40
(2) A member of the Board must make full and immediate disclosure to the Board of any direct or indirect interest contemplated in subsection (1).
Procedures at meetings, and committees of Board
17. (I) (a) The Board detennines its procedures at meetings, (b) Seventy percent of serving members constitutes a quorum at any meeting of the 45
Board, (c) A decision taken by the Board or an act performed under that decision is not
invalid merely by reason of- (i) any irregularity in the appointment of a member;
(ii) a vacancy in the Board; or 50 (iii) the fact that any person not entitled to sit as a member sat as such at the time
when the decision was taken, provided such decision was taken by a majority of the members present at the time and entitled so to sit, and those members at the time constituted a quorum.
(2) The Board may establish one or more committees to assist it in the performance 55 of its functions.
(3) The Board must- (a) assign members of the Board to serve on a committee, based on their
knowledge and skills; and (b) detennine the- 60
(i) terms of reference of a committee; Oi) composition of a committee;
(iii) tenure of members on a committee; (iv) reporting mechanisms of a committee; and (v) method and reasons for removal of a member from a committee. 65
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(4) The Board may appoint any person with particular knowledge, expertise or qualifications to assist a committee in the pcrfonnance of ils functions.
(5) Unless specially delegated by the Board, a committee has no decision-making powers and can only make recommendations to the Board.
(6) A committee must meet as often as is necessary in order to carry out its functions 5 and may determine its own procedures.
(7) Each committee must be chaired by a non-cxecutive member of the Board.
Appointment of managing director
18. (I) The Board must, with the approval of the Minister, appoint a managing director who must perform any work incidental to the functions of the Company and 10 ensure that the Company meets its objects,
(2) The Board must invite applications for the posts of managing director by publishing advertisements in the mcdia.
(3) A person appointed as managing director- (al must have the qualifications or experience relevant to the functions of the 15
Company; (hi must not be disqualified as contemplated in section 13; and (cI is a member of the Board by virtuc of the officc,
Conditions of appointment of managing director
19. (1) (al The appointment of the managing director is subjcct to thc conclusion of 20 a performance contract entered into between the Board and the managing director,
(hi Thc performance contract must be reviewed annually, (2) The managing director holds office on the terms and conditions determined by the
Board, with the concurrence of lbe Minister. (3) The managing director is entitled to a remuneration package determined by the 25
Board with the concurrence of the Minister and the Minister of Finance. (4) The managing director is accountable to the Board,
Personnel of Company
20. (I) The work relating to the functions of the Company is performed by- (al persons transferred to the Company as provided for in scction 7(cl; and 30 (hi such persons as the managing director may, with lbe concurrence of the
Board, appoint. (2) The Board must determine the structure or organogram of the Company and the
conditions of service. remuneration and service benefits of the personnel of the Company after consultation with the managing director and with the concurrence of the 35 Minister and the Minister of Finance.
CHAPTER V
FUNDS AND FINANCIAL ACCOUNTS OF COMPANY
Annual report
21. (I) The Company must annually, not later than five months after the end of its 40 financial year, submit to the Minister a report on all its activities during the previous year.
(2) The annual report must be tabled in Parliament within 30 days aftcr it was received by the Minister, if Parliament is then in session, or, if Parliament is not then in session, within 30 days after the commencement of its next ensuing session. 45
Funds of Company
22. The funds of the Company consist of- (al capital vested in the Company by virtue of scction 7; (hi funds derived from its operating activities; (cl money appropriated by Parliament; and (d) moneys lawfully received from any other source.
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Inspection of financial accounts and documents of Company
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23. 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 reasonahly be required. 5
Application of Public Finance Management Act
24. The Company is subject to the Public Finance Management Act.
CHAPTER VI
GENERAL AND MISCELLANEOUS
Intervention by Minister 10
25. (I) The Minister may, with the concurrence of the Minister of Finance, direct the Company to take any action specified by the Minister if the Company-
(a) is being mismanaged; (h) fails to perform its functions effectively or efficiently; (c) has acted unfairly or in a discriminatory or inequitable way towards a person 15
to whom it owes a duty under this Act; or (d) has failed to comply with any law or any policy envisaged in this Act.
(2) A directive contemplated in subsection (I) must state- (a) the nature of the deficiency; (h) the stcps which must be taken to remedy the situation; and 20 (c) a reasonable period within which the steps contemplated in paragraph (h)
must be taken. (3) !fthe Company fails to remedy the situation within the stated period, the Minister
may, with the concurrence of the Minister of Finance- (a) after having afforded the Company a reasonable opportunity to be heard; and 25 (h) after having afforded the Company a hearing on any submissions received,
replace the members of the Board in the same manner as the departing members have been appointed or, where circumstances so require, appoint a person as an administrator to take over the relevant function of the Company.
(4) !f the Minister appoints an administrator in terms of subsection (3)- 30 (a) the administrator may do anything which the Board might otherwise be
empowered or required to do by or under this Act, to the exclusion of the Board;
(h) the Board may not, while the administrator is responsible for the relevant function, exercise any of its powers or perfonn any of its duties relating to that 35 function;
(e) an employee or a contractor of the Company must comply with a directive given by the administrator.
(5) The Minister must- (a) review the performance of the Company regularly whilst it is under 40
administration; and (h) within six months of appointing the administrator, table a report on his or her
findings in the National Assembly. (6) Once the Minister is satisfied that the Company is able to perform its functions
effectively, the Minister must terminate the appointment of the administrator. 45 (7) (a) Notwithstanding this section, the Minister may dissolve the Board if the
Minister, on good cause shown, loses confidence in the ability of the Board to perform its functions effectively and efficiently.
(h) The Minister may exercise the power only- (i) after having afforded the Board a reasonable opportunity to be heard; and 50
(ii) after having afforded the Board a hearing on any submissions received. (e) If the Minister dissolves the Board, the Minister-
(i) may appoint an administrator to take over the functions of the Board and to do anything which the Board might otherwise be empowered or required to do by or under this Act, subject to such conditions as the Minister may 55 determine; and
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(ii) must, as soon as it is feasible but nol laler than six monlhs after the dissolution of Ihe Board, replace Ihc members of Ihe Board in the same way a, thcy were appointed,
(8) (a) The cosls associaled with the appointment of an administrator shall be for the account of the Company. 5
(b)The appointment of Ihe adminislrator lerminates when the Board membcrs have been rcplaccd in terms of subseclion (7)(c)(ii).
(9) Notwithstanding Ihis section, the Minister retains Ihe righI aI any lime to approach a competent court for relief in any matter he or she considers appropriate in furtherance of this Act. 10
Regulations and policy
26, (I) The Minister may, after consultalion wilh thc Minister of Finance, make regulalions regarding-
(a) any matter relating to Ihe functioning of the Board that it is necessary to ensure the efficiency and effectiveness in the performance of its functions; and 15
(b) any ancillary or incidental administrative or procedural matter that it is necessary to prescribe for the proper implementation or administration of this Act.
(2) The Ministcr must make policies on matters referred to in section 9(1)(g), (h) and (i) within six months after the commencement of this Act, and may makc any additional 20 policies on matters of national policy applicable to the Company, consistcnt with the objects of this Act, and may at any timc thercafter amend any such policies made.
(3) When making or amending a policy under subsection (2) the Minister must- (a) obtain the concurrence of Ihe Ministcr of Finance; (b) obtain Cabinet approval; 25 (c) table the policy in the National Assembly at least 30 days before publishing
the final version of the policy in tcrms of paragraph (ti); and (ti) publish the final version of thc policy in the Gazette.
Non-application of provision of Companies Act
27, A provision of the Companies Act does not apply to the Company if- 30 (a) because of any special or contrary arrangement made by this Act, such a
provision is clearly inappropriate or inapplicable; or (b) the Minister of Trade and Industry has issued a declaration under section 28.
Certain provisions of Companies Act may be declared inapplicable to Company
28, (I) (a) The Minister may request the Minislcr of Tradc and InduSiry to declare any 35 provision of Ihe Companies Acllo be inapplicablc to thc Company.
(b) The request must be fully motivated by the Company. (2) (a) The Registrar ofCompanies must publish particulars about the request and the
motivatian contemplated in subsection (1) by notice in the Gazette. (b) In such notice, the Registrar must invite interested persons to submit 40
representations to a person named in the notice within a period stipulated in that notice. (3) (a) After having considered the representations contemplated in subsection (2), if
any, the Minister of Trade and Industry may, by notice in the Gazette, declare the whole or any part of the provision concerned to be inapplicable to the Company with effect from the date stipulated in that notice. 45
(b) The Minister of Trade and Industry may only issue thc dcclaration if satislied on reasonable grounds that the inapplicability of that provision to the Company-
(i) will contribute to the Company's efficiency; (ii) will not reduce or limit the Company's accountability as a public entity or
reduce the transparency of its functioning and operations; and 50 (iii) will not be prejudicial to the rights, interests or claims of the Company's
creditors or cmployccs or to the rights or intcrcsts of any othcr pcrson. (4) This section applies with the changes required by the context to the former
Postbank functioning as contemplated in section 30.
STAATSKOERANT, 3 DESEMBER 2010
SOUTH AFRICAN POSTBANK LIMITED ACT, 2010
Offences
Nr. 33835 13
Wet Nr. 9 van 2010
29. (1) Any member who fails 10 comply with section 13(3)(b)(i) or (ii) or 16(2), or who contravenes section 16(1)(c)(vii) or (viii), or any former member who failed to comply with or contravened any of those sections while being a member, commits an offence and is liable on conviction to a tine or to imprisonment not exceeding five years 5 or to both a fine and such imprisonment.
(2) Any person referred to in section 16( I )(b) who contravenes that section, or any former member who contravened that section while being a member, or any person, other than a member of the Board, referred to in section 16(1)(b) who contravened that section during the tenure of a former member, commits an offence and is liable on 10 conviction to a fine or to imprisonment not exceeding five years or to both a fine and such imprisonment.
Transitional provisions
30, 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 IS contemplated in section 4(2), the former Postbank continues to function without any interruption, as if those sections have not been repealed.
Repeal of laws
31. The laws mentioned in Schedule I arc hereby repealed to the extent set out in the third column of that Schedule. 20
Short title and commencement
32. This Act is called the South African Postbank Limited Act, 20 I0, and takes effect on a date determined by the President by notice in the Gazette.
14 No. 33835 GOVERNMENT GAZETTE, 3 DECEMBER 2010
Act No. 9 of 2010 SOUTH AFRICAN POSTBANK LIMITED ACT, 2010
SCHEDULE 1
(Section 31)
REPEAL OF LAWS
No. and year of Law Short title Extent of repeal Act No. 124 of 1998 Postal Services Act, 1998 Sections 51(1), (3) and (4),
52, 53, 55 and 58
. 1Rl:'i
t . f
) 2
I I I , 10
tion 3
r i l ) (4),
, 8
5
