{"id":240899,"date":"2018-04-26T08:29:33","date_gmt":"2018-04-26T06:29:33","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=240899"},"modified":"2018-04-26T08:35:50","modified_gmt":"2018-04-26T06:35:50","slug":"eff-reveals-plans-to-create-state-owned-banks-in-south-africa","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/banking\/240899\/eff-reveals-plans-to-create-state-owned-banks-in-south-africa\/","title":{"rendered":"EFF reveals plans to create state-owned banks in South Africa"},"content":{"rendered":"<p>The EFF&#8217;s Floyd Shivambu will <strong><a href=\"http:\/\/legalbrief.co.za\/media\/filestore\/2018\/04\/41595_25-4_Parliament.pdf\" target=\"_blank\" rel=\"noopener\">introduce<\/a> <\/strong>a private members bill to parliament which will pave the way for state-owned banks in South Africa.<\/p>\n<p>&#8220;The requirements imposed by the Banks Act before a person may conduct the business of a bank, and register as such, makes it impossible for a state-owned company registered in terms of the Companies Act to conduct the business of a bank,&#8221; the bill states.<\/p>\n<p>&#8220;The bill seeks to amend the Banks Act to make it possible for state owned companies to register in terms of that Act and to conduct the business of a bank.&#8221;<\/p>\n<p>Other amendments proposed by the bill include:<\/p>\n<ul>\n<li>For a state-owned company to be able to exercise control over a bank.<\/li>\n<li>For a state-owned company to be eligible to apply for registration as a controlling company.<\/li>\n<li>For a state-owned company registered as a bank or as a controlling company to be able to continue to be a company in terms of the Companies Act.<\/li>\n<\/ul>\n<p>According to legal commentator for\u00a0<strong><a href=\"http:\/\/legalbrief.co.za\/diary\/legalbrief-today\/policy-watch\/legislation-eff-bill-paves-way-for-state-owned-bank\/\" target=\"_blank\" rel=\"noopener\">Legalbrief<\/a><\/strong>, Pam Saxby, the bill may run into issues as the time-frame for submitting new bills passed on 31 March, and it still needs to be &#8216;certified&#8217;\u00a0by the office of the chief parliamentary legal adviser.<\/p>\n<p>&#8220;It will apparently be posted on the EFF\u2019s website, which is regularly offline and the notice heading begins: \u2018Civil Union Amendment Bill 2018\u2019,&#8221; Saxby said &#8211; indicating that the private bill may need to be ironed out before it could actually pass legal muster.<\/p>\n<hr \/>\n<p><strong>Read:\u00a0<a href=\"https:\/\/businesstech.co.za\/news\/banking\/240125\/capitec-breaks-down-the-loan-granting-strategy-which-has-helped-make-it-so-successful\/\" target=\"_blank\" rel=\"noopener\">Capitec breaks down the loan-granting strategy which has helped make it so successful<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The EFF&#8217;s Floyd Shivambu has outlined plans for a state-owned bank in South Africa.<\/p>\n","protected":false},"author":10,"featured_media":85335,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[961],"tags":[26],"class_list":["post-240899","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-headline"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/240899","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=240899"}],"version-history":[{"count":9,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/240899\/revisions"}],"predecessor-version":[{"id":240919,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/240899\/revisions\/240919"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/85335"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=240899"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=240899"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=240899"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}