The text emphasizes the need to explore and integrate indigenous legal principles related to stokvel activities with formal South African banking law. By cross-applying these principles, it aims to address challenges in both legal frameworks and promote a more inclusive South African banking law that recognizes and accommodates diverse types of contracts. This integration could enhance the understanding and effectiveness of banking regulations in South Africa.
summarise:
Those indigenous legal principles pertaining to stokvel activities that resemble banking ought to be explained, developed, and cross-applied to the ‘formal’ South African banking law. [161] Such cross-application and exchange of principles between indigenous banking law, on the one hand, and the ‘formal’ South African banking law, on the other, may provide guidelines not only in problem areas of the ‘formal’ South African banking law, but also in indigenous South African banking law. [162] Such cross-application of principles will result in the development and enlargement of a South African banking law which takes cognisance of, and provides for, all types of contract.
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