Regulatory Alerts1993-12-14
Designation of Industrial Development Corporation of South Africa Limited under Banks Act 1990
Minister of Finance Christo Ferro Liebenberg designated the Industrial Development Corporation of South Africa Limited as an institution exempt from specific provisions of the Banks Act, 1990. This exemption, effective from 1 January 1995, relieves the corporation from requirements regarding banking business authorization and conduct. The designation is subject to the condition that the institution's borrowed amounts must not exceed its issued share capital and reserves as shown in its most recent audited balance sheet.
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