Reserve Bank Act No. 90 of 1989

South Africa

(amended through 2003)

The Reserve bank Act No. 90 of 1989 consolidates the laws relating to the South African Reserve Bank and the monetary system of South Africa, and provides for matters connected

This act is organized as follows:

  1. Definitions;
  2. South African Reserve Bank a Juristic Person;
  3. Primary Objective of Bank;
  4. Board of Directors;
  5. Tenure and Conditions of Office of Directors;
  6. Casual Vacancies;
  7. Procedure and Quorum;
  8. Delegation of Powers;
  9. Validity of Boards Decisions and Acts;
  10. Powers and Duties of Bank;
  11. A Maintenance by Banks of Minimum Reserve Balances in Accounts with Bank;
  12. Appointment of Inspectors;
  13. Inspection of Affairs of Person, Partnership, Close Corporation, Company or Other Juristic Person not Registered as Bank or Mutual Bank;
  14. Prohibited Business;
  15. Issue of Banknotes and Coins;
  16. Monetary Unit;
  17. Denominations, Material, Standard Mass and Standard Fineness of Coins;
  18. Legal Tender;
  19. References to Amounts in Terms of Coins Issued Under Coinage Act, 1922;
  20. Powers of Minister in Respect of Coins;
  21. Bank Exempt from Tax on Banknotes;
  22. Share Capital of Bank;
  23. Restriction of Right to Hold or Acquire Shares in Bank;
  24. Votes;
  25. Allocation of Surplus;
  26. Statutory Price of Gold and Gold Price Adjustment Account;
  27. Foreign Exchange Adjustment Account;
  28. Forward Exchange Contracts Adjustment Account;
  29. Gold and Foreign Exchange Contingency Reserve Account;
  30. Returns in Connection With and Auditing of Certain Accounts;
  31. Audit and Inspection;
  32. Report by Governor;
  33. Furnishing of Information to Department of Finance and to Parliament;
  34. Preservation of Secrecy;
  35. Offences and Penalties;
  36. Rules by Board;
  37. Regulations;
  38. Proceedings by Minister in Case of Non-compliance with Act or Regulations by Bank;
  39. Liquidation;
  40. [repealed]
  41. Repeal of Laws, and Savings; and
  42. Short Title and Commencement.