(d) that director or every principal officer, as far as can reasonably be ascertained, is a fit and proper person to hold the office as such director or principal officer, and that every such director or principal officer has sufficient knowledge and experience to manage the affairs of the applicant in its capacity of a controlling company; (e) that the applicant is in a financially sound condition; (f) that no interest which any person has in the applicant is inconsistent with this Act; and (g) that the application complies with the requirements of this Act. (2) No applicant which has applied for registration as a controlling company in the circumstances referred to in section 12(A)(1)(b) may be registered as such controlling company, unless the company in respect of which it made such application is an authorized banking institution. (3) After having considered an application made in terms of section 12A, the Bank may - (a) refuse the application; (b) grant the application; or (c) grant the application subject to such conditions as the Bank may impose, and must, subject to further provisions of this Act, in writing inform the applicant of its decision. (4) If the Bank under subsection (3) grants an application for registration of a controlling company, the Bank must, against payment of the non-refundable prescribed registration fee, register the applicant as a controlling company in respect of the banking institution concerned and issue to the applicant a certificate of registration as a controlling company. (5) A certificate referred to in subsection (4) must - (a) be in the form; (b) contain the particulars; and (c) be issued and signed by a person, determined by the Bank. (6) A company which, on the date of commencement of this Amendment Act, is a controlling company in respect of a banking institution, is, with effect from that date, deemed to be a controlling company registered as such in terms of this section in respect of the banking institution concerned. [section 12B inserted by Act 14 of 2010, which is the Act” referred to in subsection (6)] “Amendment Cancellation by Bank of registration of controlling company
(d) that director or every principal officer, as far as can reasonably be ascertained, is a fit and proper person to hold the office as such director or principal officer, and that every such director or principal officer has sufficient knowledge and experience to manage the affairs of the applicant in its capacity of a controlling company; (e) that the applicant is in a financially sound condition; (f) that no interest which any person has in the applicant is inconsistent with this Act; and (g) that the application complies with the requirements of this Act. (2) No applicant which has applied for registration as a controlling company in the circumstances referred to in section 12(A)(1)(b) may be registered as such controlling company, unless the company in respect of which it made such application is an authorized banking institution. (3) After having considered an application made in terms of section 12A, the Bank may - (a) refuse the application; (b) grant the application; or (c) grant the application subject to such conditions as the Bank may impose, and must, subject to further provisions of this Act, in writing inform the applicant of its decision. (4) If the Bank under subsection (3) grants an application for registration of a controlling company, the Bank must, against payment of the non-refundable prescribed registration fee, register the applicant as a controlling company in respect of the banking institution concerned and issue to the applicant a certificate of registration as a controlling company. (5) A certificate referred to in subsection (4) must - (a) be in the form; (b) contain the particulars; and (c) be issued and signed by a person, determined by the Bank. (6) A company which, on the date of commencement of this Amendment Act, is a controlling company in respect of a banking institution, is, with effect from that date, deemed to be a controlling company registered as such in terms of this section in respect of the banking institution concerned. [section 12B inserted by Act 14 of 2010, which is the “Amendment Act” referred to in subsection (6)] Cancellation by Bank of registration of controlling company