National Payment System Act, 1998 (Act No. 78 of 1998)NoticesRevocation of the Designation of the South African Post Office Limited, a Postal Company contemplated in Section 3(1) of the Post Office Act 44 of 1958, which previously conducted the business of a Bank through its Postbank Division, as a Designated Clearing System Participant1. Introduction |
| 1.1. | The South African Reserve Bank (SARB) is empowered to vary and revoke any designation of a clearing system participant in terms of the National Payment System Act 78 of 1998, as amended (NPS Act). In terms of section 6(3)(b) of the NPS Act, the SARB may vary or revoke any designation; |
| (a) | by amending or revoking any condition to which the designation is subject; or |
| (b) | by making the designation subject to a new condition or new conditions. |
| 1.2. | Section 6(3)(c) provides that, in determining whether or not to vary or revoke a designation, the SARB may have regard to any or all of the following: |
| (a) | any failure to comply with any condition to which the designation is subject; |
| (b) | whether or not the designated clearing system participant has knowingly furnished information or documents which are false or misleading in any material respect to the SARB in connection with the designation; |
| (c) | whether or not it is in the public interest to revoke the designation; and |
| (d) | any other matters that the SARB considers appropriate. |