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4248223-5act18of2019financialmattersamendmentact.pdf | 177.31 KB |
18 of 2019
The Financial Matters Amendment Act 18 of 2019 intends to amend:
- the Insolvency Act, 1936, so as to provide for a process when a creditor realizes his or her security in terms of a master agreement and for a power for the Master to deal with disputes raised by the trustee and other creditors regarding preference of that secured creditor;
- the Military Pensions Act, 1976, so as:
- to provide for all categories of spouses and for life partners of members by amending, inserting and deleting certain definitions; and
- by providing for both genders throughout the Act and regulating the registration of a spouse to qualify for benefits upon the death of a member;
- the Banks Act, 1990, so as:
- to regard national state-owned companies as public companies for purposes of the application of the Banks Act;
- to determine prerequisites for these companies and their holding companies to qualify to apply for establishment as a bank; and
- to provide for inconsistencies between the Banks Act and certain other legislation with respect to state-owned companies; and
- the Â鶹ÃÛÌÒAVEmployees Pension Law, 1996, so as:
- to replace the divorce debt approach with a pensionable service reduction approach to adjust the benefit of a member of the Â鶹ÃÛÌÒAVEmployees Pension Fund following a pension interest assigned to a former spouse of the member as result of a decree of divorce or for the dissoluti on of a customary marriage; and to provide for a transitional measure.
Commencement
23 May 2019