Banks Amendment Act (No. 19 of 2003)

1st January 2003

To amend the Banks Act, 1990, so as to rectify gender insensitive provisions; toamend certain definitions and insert certain new definitions; to allow the Registrarto give information to banks by means of a circular; to clarify certain provisions inline with their practical application; to provide for the use of anamethat includesthe word "bank"; to update references to legislation and institutions; to substituteor delete obsolete provisions and references; to provide for the establishment of acompliance function and to require banks to establish and maintain an adequateprocess of corporate governance; to make further provision regarding theappointment of auditors by a bank; to make further provision regarding thefiduciary duty and a duty of care and skill resting on directors and to extend suchduties to chief executive officers and executive officers of banks and bankcontrolling companies; to grant certain powers relating to the institution of actionfor breach of the fiduciary duties to the Registrar; to provide for the formation ofcertain committees and to determine their functions; to provide for new offencesand the increase of penalties for existing offences; and to provide for mattersconnected therewith.