Regulatory Alerts2014-10-28
Mutual Banks Act Circular 1/2014
The Office of the Registrar of Banks issued this circular to clarify the interpretation of Section 37(7) and Section 1(2) of the Mutual Banks Act regarding the mandatory assessment of directors and executive officers as fit and proper persons. Mutual banks must submit Form DI 020 at least thirty days before any appointment becomes effective and ensure their articles of association strictly enforce these fitness standards. The Registrar retains enforcement authority to direct alterations to non-compliant articles or apply to court for the suspension or cancellation of a bank’s registration if appointments fail to meet regulatory requirements.
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