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Financial Sector Regulation Act, 2017 (Act No. 9 of 2017)

Chapter 12A : Resolution of Designated Institutions

Part 6 : Corporation for Deposit Insurance - establishment, functions and governance

166AJ. Functions of Board

 

The Board of directors must—

(a) generally oversee the management and administration of the Corporation to ensure that it is efficient and effective; and
(b) act for the Corporation in the following matters:
(i) Authorising the Chief Executive Officer of the Corporation to sign, on behalf of the Corporation, memoranda of understanding and amendments to memoranda of understanding;
(ii) appointing members of committees contemplated in this Part and giving directions regarding the conduct of the work of a committee;
(iii) determining, in relation to a bank in resolution, how to apply the Fund as contemplated by section 166AA;
(iv) making determinations of the deposit insurance levy for the purposes of the legislation that imposes the levy; and
(v) any other matter assigned in terms of a financial sector law to the Board of directors.

 

[Section 166AJ inserted by section 51 of the Financial Sector Laws Amendment Act, 2021 (Act No. 23 of 2021), Notice No. 789, GG45825, dated 28 January 2022- effective 24 March 2023 per (a) of Commencement Notice No. 3202, GG48294, dated 24 March 2023]