Related documents
- Is amended by Financial Institutions Amendment Act, 1987
- Is amended by Financial Institutions Amendment Act, 1988

Financial Institutions (Investment of Funds) Act, 1984
Act 39 of 1984
- Published in South African Government Gazette no. 9156 on 11 April 1984
- Assented to on 20 March 1984
- Commenced on 11 April 1984
- [This is the version of this document from 20 May 1988 and includes any amendments published up to 6 October 2022.]
- [Amended by Financial Institutions Amendment Act, 1987 (Act 6 of 1987) on 24 April 1987]
- [Amended by Financial Institutions Amendment Act, 1988 (Act 51 of 1988) on 20 May 1988]
1. Definitions
In this Act, unless the context indicates otherwise “company” includes a close corporation referred to in the Close Corporations Act, 1984 (Act No. 69 of 1984);[The definition of “company” is inserted by Act 51 of 1988. Close corporations in Namibia are currently governed by the Close Corporations Act 26 of 1988.]“financial institution” means -(a)an insurer registered in terms of the Insurance Act, 1943 (Act No. 27 of 1943);[The Insurance Act 27 of 1943 has been replaced by the Short-term Insurance Act 4 of 1998 and the Long-term Insurance Act 5 of 1998.](b)a pension fund organization registered in terms of the Pension Funds Act, 1956 (Act No. 24 of 1956);(c)a friendly society registered in terms of the Friendly Societies Act, 1956 (Act No. 25 of 1956);(d)a banking institution registered in terms of the Banks Act, 1965 (Act No. 23 of 1965);[The Banks Act 23 of 1965 has been replaced by the Banking Institutions Act 2 of 1998.](e)a mutual building society registered in terms of the Mutual Building Societies Act, 1965 (Act No. 24 of 1965), or a building society registered in terms of the Building Societies Act, 1986 (Act No. 82 of 1986);[paragraph (e) substituted by Act 6 of 1987](f)a unit trust scheme as defined in the Unit Trusts Control Act, 1981 (Act No. 54 of 1981);(g)a board of executors or a trust company or any other company which invests, keeps in safe custody, controls or administers any trust property;(h)a manager who in terms of the provisions of the Participation Bonds Act, 1981 (Act No. 55 of 1981), controls or administers a scheme;“principal” means an’ person or body of persons, corporate or unincorporate, for whom or for which a financial institution invests, keeps in safe custody, controls or administers trust property under power of attorney or in terms of a verbal or other agreement;“registered”, in relation to a financial institution which requires registration under an Act of Parliament, includes provisionally registered;“registrar” means the registrar appointed under the Acts referred to in paragraph (a), (b), (c), (d), (e) or (f), as the case may be, of the definition of “financial institution”;[definition of “registrar” inserted by Act 6 of 1987]“trust property” means any asset held or administered by or on behalf of a financial institution in its capacity as an administrator, trustee or curator by virtue of a will, deed of settlement or order of court or as an agent for any such an administrator, trustee or curator or other principal.2. Duties of persons dealing with funds of, and with trust property controlled by, financial institutions
A director, official, employee or agent of a financial institution or of a nominee company controlled by a financial institution who invests, keeps in safe custody or otherwise controls or administers any funds of the institution or any trust property held by or on behalf of the institution for any beneficiary or principal -3. Declaration of interest
4. Investment of trust property
5. Powers of inspection
6. Appointment of curator
7. Records and entries in account books admissible in evidence
The records of a financial institution and of a nominee company or trust controlled or administered by that institution and the books of account of the institution, company or trust are, in any proceedings under this Act, admissible as prima facie evidence of the matters, transactions and accounts therein recorded, on the production of a document purporting to be an affidavit by one of the directors, officials, employees or agents of the institution or company or by an inspector appointed under the Inspection of Financial Institutions Act, 1984, or section 8A of the South African Reserve Bank Act, 1944 (Act No. 29 of 1944) or of other sufficient evidence, to the effect that those records or books of account are or have been the ordinary records and books of account of the institution, company or trust and that those records have been kept or those entries have been made in the books of account in the ordinary course of business.[Section 7 is amended by Act 6 of 1987. The South Africa Reserve Bank Act 29 of 1944 was replaced by the South African Reserve Bank Act 90 of 1989. That Act was repealed by the Bank of Namibia Act 8 of 1990, which was repealed in turn by the Bank of Namibia Act 15 of 1997.]8. Provisions relating to alienation of assets of a financial institution or trust property in certain cases
If a director, official, employee or agent of a financial institution or of a nominee company controlled by such an institution purports to alienate any funds or other assets of the institution or any trust property to another person in contravention of or without complying with the provisions of this Act, the alienation is invalid unless that other person proves that at the time of the acquisition he was not aware of and had no reason to suspect the contravention or non-compliance and that he acquired the funds, assets or trust property, as the case may be, for valuable consideration.9. Offences
10. Application to South West Africa
This Act and any amendment thereof also apply in the territory of South West Africa, including the Eastern Caprivi Zipfel.11. Repeal of laws
12. Short title
This Act is called the Financial Institutions (Investment of Funds) Act, 1984.History of this document
20 May 1988 this version
Amended by
Financial Institutions Amendment Act, 1988
24 April 1987
Amended by
Financial Institutions Amendment Act, 1987
11 April 1984
Published in
South African Government Gazette number 9156
Commences.
20 March 1984
Assented to.
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