BE IT ENACTED by the National Assembly, as follows:- [Act 25 of 1990 the following substitutions throughout the Act: * Bank” for Bank”; and “Central “Reserve * for “Minister” “Cabinet”.] CHAPTER I INTRODUCTORY Definitions 1. In this Act, unless the context otherwise indicates - includes one or more advances on the security of one property or of two or more “advance” properties jointly; means a representative of a society with express authority in regard to the acceptance of “agent” money in respect of deposits or shares or repayments of advances or loans or the receipt of applications in respect of advances or loans on behalf of that society; stocks” means stocks issued under section 27(1)(bb) of the State Finance Act, 1982 “approved (Act 1 of 1982), and such other stocks as the Treasury may approve; [The State Finance Act 1 of 1982 has been replaced by the State Finance Act 31 of 1991.] or means a banking institution registered otherwise than provisionally under “bank” “banker” the Banks Act, 1965 (Act 23 of 1965); [The Banks Act 23 of 1965 has been replaced by the Banking Institutions Act 2 of 1998.] in relation to any society, means the board of directors or the body managing the business of the society, by whatever name it may be called; society” means an association of persons the principal object of which is the making, “building out of funds derived from the issue of shares to and the acceptance of deposits from the public or from subscriptions by members, of advances for the purpose of erecting, acquiring and improving dwelling houses upon the security of the mortgage of urban immovable property; Bank” means the Bank of Namibia established by section 2 of the Bank of Namibia “Central Act, 1990 (Act 8 of 1990); [definition of Bank” inserted by Act 25 of 1990] “Central in relation to a society, and without prejudice to the jurisdiction of any magistrate’s “court”, court in relation to any offence in terms of this Act, means the Supreme Court of South West Africa; includes an alternate director and any person occupying a position on the board of a “director” society, by whatever name he may be called; house” means an institution registered or deemed to be registered as a discount house “discount under the Banks Act, 1965 (Act 23 of 1965); [The Banks Act 23 of 1965 has been replaced by the Banking Institutions Act 2 of 1998.]
BE IT ENACTED by the National Assembly, as follows:- [Act 25 of 1990 the following substitutions throughout the Act: * “Central Bank” for “Reserve Bank”; and * “Minister” for “Cabinet”.] CHAPTER I INTRODUCTORY Definitions 1. In this Act, unless the context otherwise indicates - “advance” includes one or more advances on the security of one property or of two or more properties jointly; “agent” means a representative of a society with express authority in regard to the acceptance of money in respect of deposits or shares or repayments of advances or loans or the receipt of applications in respect of advances or loans on behalf of that society; “approved stocks” means stocks issued under section 27(1)(bb) of the State Finance Act, 1982 (Act 1 of 1982), and such other stocks as the Treasury may approve; [The State Finance Act 1 of 1982 has been replaced by the State Finance Act 31 of 1991.] “bank” or “banker” means a banking institution registered otherwise than provisionally under the Banks Act, 1965 (Act 23 of 1965); [The Banks Act 23 of 1965 has been replaced by the Banking Institutions Act 2 of 1998.] in relation to any society, means the board of directors or the body managing the business of the society, by whatever name it may be called; “building society” means an association of persons the principal object of which is the making, out of funds derived from the issue of shares to and the acceptance of deposits from the public or from subscriptions by members, of advances for the purpose of erecting, acquiring and improving dwelling houses upon the security of the mortgage of urban immovable property; “Central Bank” means the Bank of Namibia established by section 2 of the Bank of Namibia Act, 1990 (Act 8 of 1990); [definition of “Central Bank” inserted by Act 25 of 1990] “court”, in relation to a society, and without prejudice to the jurisdiction of any magistrate’s court in relation to any offence in terms of this Act, means the Supreme Court of South West Africa; “director” includes an alternate director and any person occupying a position on the board of a society, by whatever name he may be called; “discount house” means an institution registered or deemed to be registered as a discount house under the Banks Act, 1965 (Act 23 of 1965); [The Banks Act 23 of 1965 has been replaced by the Banking Institutions Act 2 of 1998.]
Building%20Societies%20Act%202%20of%201986.docx