Gas Regulator Levies Act, 2002
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 governance166AN. Removal of Chief Executive Officer of Corporation |
| (1) | The Board must, subject to due process, remove the Chief Executive Officer of the Corporation from office if the Chief Executive Officer becomes a disqualified person. |
| (2) | The Board may remove the Chief Executive Officer of the Corporation from office on the grounds that the Chief Executive Officer— |
| (a) | is unable to perform the duties of office for health or other reasons; |
| (b) | has failed in a material way to achieve the level of performance against the performance measures agreed to in terms of section 166AL(2); |
| (c) | has failed in a material way to discharge any of the responsibilities of office, including any responsibilities entrusted in terms of legislation; or |
| (d) | has acted in a way that is inconsistent with continuing to hold the office. |
| (3) | Without limiting subsection (2)(c), the Chief Executive Officer of the Corporation must be taken to have failed in a material way to discharge the responsibilities of office if he or she is absent from two consecutive meetings of the Board without the leave of the Board. |
[Section 166AN 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]
