Post Office Amendment Act

This section amends the Post Office Act by replacing the definition of “Bank.”

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Jurisdiction: South Africa
Instrument: Act or statute
Citation: Act 35 of 1995
Version: Undated source snapshot
Language: en
Updated: 21 Jul 1995
Official source: View official record ↗

account opening accounts amendment banking definitions issuance of financial instruments overdraft control

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This section amends the Post Office Act by replacing the definition of “Bank.” This section says a new version will replace section 12P of the principal Act, titled “Opening of bank accounts.” An account may not be opened for the department without the Postmaster General’s written approval, and the Bank must not allow the account to be overdrawn, subject to section 12M. Financial instruments covered by subsection (1) may be issued only with the Minister’s approval. This section states the Act’s short title: the Post Office Amendment Act, 1995.

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Provisions of Post Office Amendment Act

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1
Section 1 of the Post Office Act, 1958 (hereinafter referred to as the principal
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AI-assisted research summary: This section amends the Post Office Act by replacing the definition of “Bank.”

1. Section 1 of the Post Office Act, 1958 (hereinafter referred to as the principal Act), is hereby amended by the substitution for the definition of "Bank" of the · following definition: " 'Bank' means the South African Reserve Bank referred to in the definition of 10 'Bank' in section 1 of the South African Reserve Bank Act, 1989 (Act No. 90 of 1989), or any other bank as defined in section 1 of the Banks Act, 1990 (Act No. 94 of 1990);". Substitution of section 12P of Act 44 of 1958, as inserted by section 5 of Act 113 of 1976 . 15
2
The following section is hereby substituted for section 12P of the principal
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AI-assisted research summary: This section says a new version will replace section 12P of the principal Act, titled “Opening of bank accounts.”

2. The following section is hereby substituted for section 12P of the principal Act: "OpeniJ:lg of bank accounts ·
12P
No account shall be opened on behalf of the department at the
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AI-assisted research summary: An account may not be opened for the department without the Postmaster General’s written approval, and the Bank must not allow the account to be overdrawn, subject to section 12M.

12P. No account shall be opened on behalf of the department at the Bank. [or: any other bank] without. the. written· approval of· the , 20 Postmaster General, and, subject to the provisions of section 12M, the Bank [or the bank concerned, as the case may be] shall not allow such an account to be overdrawn.". 4 No. 16557 Act No. 35, 1995 GOVERNMENT GAZETTE, 21 JULY 1995 POST OFFICE AMENDMENT ACT, 1995 Amendment of section 12W of Act 44 of 1958, as inserted by section 10 of Act 101 ofl992 ' .
3
Section 12W of the principal Act is hereby amended by the substitution for
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AI-assisted research summary: Financial instruments covered by subsection (1) may be issued only with the Minister’s approval.

3. Section 12W of the principal Act is hereby amended by the substitution for . subsection (2) of the following subsection: . . . ... "(2) Financial instruments referred to in subsection (1) shall only be 5 issued with the approval of the Minister [with the concurrence of the Minister of Finance, and after a guarantee in terms of section 35 of the Exchequer Act, 1975 (Act No. 66 of 1975), has been obtained in respect thereof].". · · Short title 10
4
This Act shall be called the Post Office Amendment Act, 1995.
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AI-assisted research summary: This section states the Act’s short title: the Post Office Amendment Act, 1995.

4. This Act shall be called the Post Office Amendment Act, 1995.

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Post Office Amendment Act

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