|
 Co-operative Banks
Development Agency
|
|
|
|
|
|
|
Co-operative Banks Development Agency : Supervision Unit
|
|
|
Introduction |
|
The Co-operative Banks Act, No 40 of 2007 (the Act) defines a co-operative bank as a co-operative registered as a
co-operative bank in terms of the Act whose members –
- are of similar occupation or profession or who are employed by a common employer or who are employed within the same business district; or
- have common membership in an association or organisation, including a business, religious, social, co-operative, labour or educational group; or
- reside within the same defined community or geographical area.
The Act seeks to create a development strategy and a regulatory environment for deposit taking financial co-operative
institutions. The supervisor within the Co-operative Banks Development Agency has the authority to exercise the powers
and perform the functions conferred on the supervisor by or in terms of the Act in respect of primary co-operative banks
that hold deposits of less than R20 million and more than R1 million and has 200 or more members.
|
|
|
|
|