Statistics Act, 1999
R 385
Financial Sector Regulation Act, 2017 (Act No. 9 of 2017)Chapter 12A : Resolution of Designated InstitutionsPart 6 : Corporation for Deposit Insurance - establishment, functions and governance166AK. Meetings of Board and decisions |
| (1) | Meetings of the Board must be held at such times as the Board or the chairperson of the Board may determine. |
| (2) | An audio or audio-visual conference among a majority of the directors of the Board, which enables each participating director of the Board to hear and be heard by each of the other participating directors of the Board, must be regarded as a meeting of the Board, and each participating director of the Board must be regarded as being present at such a meeting. |
| (3) | Except where subsection (2) applies, meetings of the Board are held at places determined by the chairperson of the Board. |
| (4) | The chairperson of the Board presides at all meetings of the Board at which he or she is present. |
| (5) | If the chairperson of the Board is absent or is unable to act as chairperson, the vice-chairperson must act as chairperson. |
| (6) | If both the chairperson of the Board and the vice-chairperson of the Board are absent from a meeting of the Board, the directors of the Board present must elect one of the directors present to act as the chairperson. |
| (7) | A quorum for a Board meeting is a majority of the directors of the Board, which must include the person appointed in terms of section 166AI(2)(a) or his or her alternate and a Deputy-Governor appointed by the Governor or his or her alternate. |
(8)
| (a) | A decision of a majority of the directors of the Board present and voting at a Board meeting, is taken to be a decision of the Board. |
| (b) | If the votes are equal, the person presiding at the meeting has a casting vote in addition to a deliberative vote. |
| (9) | A decision of the Board or an act performed under the authority of the Board is not invalid merely because there is a vacancy on the Board. |
| (10) | The Board must cause a record to be kept of the proceedings at the meetings of the Board. |
| (11) | The Board may make rules in relation to the holding of, and procedure at, meetings of the Board. |
| (12) | Despite subsection (8), the Board may take a decision by means of the signing by a majority of the directors of the Board, without their being present at any meeting of the Board, of a document containing such a decision, and that decision must be noted in the records of the next ensuing meeting of the Board. |
[Section 166AK 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]
