Statistics Act, 1999
R 385
Development Bank of Southern Africa Act, 1997 (Act No. 13 of 1997)7. Board of directors |
| (1) | The Board of Directors of the Bank shall consist of not fewer than ten and not more than fifteen directors: Provided that if at any time the number of directors holding office at any time falls below ten, the remaining directors shall manage the affairs of the Bank, until the vacancy or vacancies can be filled by the appointments by the Minister or the relevant shareholders, as the case may be. |
| (2) | The directors of the Bank shall be appointed, in the manner determined in the regulations, by the Minister and the shareholders, as follows: |
| (a) | The Minister shall be entitled to appoint the same proportion of the total number of directors as the number of shares held by the Government bears to the total number of shares issued; and |
| (b) | the institutional or other shareholders shall be entitled to appoint the remaining number of directors, each in proportion to its holding in shares. |
| (3) | Directors shall be appointed on the grounds of their ability and experience in relation to socio-economic development, development finance, business, finance, banking and administration, including in any sphere of government. |
[Subsection 7(3) substituted by section 4 of Act No. 41 of 2014]
| (4) | The chief executive officer, any executive manager or member of the staff of the Bank may be appointed as a director. |
| (5) | The board shall, with the consent of the shareholders, elect one of its number as the chairperson of the board. The person so elected shall act as chairperson for as long as the board determines. |
| (6) | No decision or act of the board, or act performed under the authority of the board, shall be invalid by reason only of the fact that a person who participated in the proceedings at the meetings in question was elected as a director by the institutional shareholders without the provisions of the regulations having been observed. |
