Banks Amendment Bill:adoption

Meeting report

FINANCE PORTFOLIO & SELECT COMMITTEES: JOINT MEETING
2 April 2003
BANKS AMENDMENT BILL: ADOPTION

Chairperson: Ms Hogan (ANC)

Documents handed out:
Banks Amendment Bill [B15-2003]

SUMMARY
The Committee, at the request of the South African Reserve Bank, made one amendment to the Banks Amendment Bill dealing with the rotation of auditors. It then adopted the Bill.

MINUTES
Ms Hogan enquired if anyone had any questions or comments on the Bill.

Adv Blackbeard (SARB) stated that they would like to propose an amendment. The Reserve Bank felt that the object of the rotation of auditors was not made clear enough in Clause 42 (amending Section 61 of the Act). They proposed deleting the proposed 61(1)(b) and replacing it with: "any person contemplated in paragraph (a) shall be appointed for such period and under such conditions as prescribed."

The Bill was agreed to by the Committee with this amendment.

and the meeting adjourned.