9. (1) A person who contravenes any provision of this Act or fails to comply with any provision thereof with which it is his duty to comply, is guilty of an offence and liable on conviction to a fine not exceeding R10 000 or to imprisonment for a period not exceeding 10 years or to both that fine and that imprisonment, and is in addition liable to the financial institution, trust, beneficiary or principal concerned for any profit made by him and for any damage suffered by the institution, trust, beneficiary or principal as a result of the contravention or failure. (2) A court which convicts a director of a financial institution of an offence in terms of subsection (1) may, in addition to any penalty it may impose, order that the director shall not serve as a director of any financial institution for such period as the court may in the circumstances deem fit. Application to South West Africa 10. This Act and any amendment thereof also apply in the territory of South West Africa, including the Eastern Caprivi Zipfel. Repeal of laws 11. (1) Subject to the provisions of subsection (2) the laws mentioned in the Schedule are hereby repealed to the extent set out in the third column thereof. (2) Anything done or deemed to have been done under any provision of a law repealed by subsection (1) and which could be done under a provision of this Act is deemed to have been done under the last-mentioned provision. Short title 12. This Act is called the Financial Institutions (Investment of Funds) Act, 1984. Schedule Number and year of law Short title Extent of repeal Act No. 56 of 1964 . . . . . . . Financial Institutions (Investment of Funds) Act, 1964 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . The whole Act No. 36 of 1981 . . . . . . . Financial Institutions Amendment Act, 1981 . . . Section 22
9. (1) A person who contravenes any provision of this Act or fails to comply with any provision thereof with which it is his duty to comply, is guilty of an offence and liable on conviction to a fine not exceeding R10 000 or to imprisonment for a period not exceeding 10 years or to both that fine and that imprisonment, and is in addition liable to the financial institution, trust, beneficiary or principal concerned for any profit made by him and for any damage suffered by the institution, trust, beneficiary or principal as a result of the contravention or failure. (2) A court which convicts a director of a financial institution of an offence in terms of subsection (1) may, in addition to any penalty it may impose, order that the director shall not serve as a director of any financial institution for such period as the court may in the circumstances deem fit. Application to South West Africa 10. This Act and any amendment thereof also apply in the territory of South West Africa, including the Eastern Caprivi Zipfel. Repeal of laws 11. (1) Subject to the provisions of subsection (2) the laws mentioned in the Schedule are hereby repealed to the extent set out in the third column thereof. (2) Anything done or deemed to have been done under any provision of a law repealed by subsection (1) and which could be done under a provision of this Act is deemed to have been done under the last-mentioned provision. Short title 12. This Act is called the Financial Institutions (Investment of Funds) Act, 1984. Schedule Number and year of law Short title Extent of repeal Act No. 56 of 1964 . . . . . . . Financial Institutions (Investment of Funds) Act, 1964 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . The whole Act No. 36 of 1981 . . . . . . . Financial Institutions Amendment Act, 1981 . . . Section 22
Financial%20Institutions%20(Investment%20of%20Funds)%20Act%2039%20of%201984.docx