Amendments to Banks Act

With effect from 29 June 2015, the Banks Act has been amended.

The amendments to the Banks Act enable the provisions in the Companies Act on arrangements and compromises to apply to banks under curatorship and to expand the basis on which a curator of a bank may dispose of all or part of the business of a bank.

The amendments also make provision for any administrative action taken by the curator to be subject to the provisions of the Promotion of Administrative Justice Act. Some of these amendments have been necessitated by the challenges of disposing of assets faced during African Bank’s curatorship.