Older Persons Act, 2006
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 governance166AP. Duties of directors of Board and members of committees |
A director of the Board, and a member of a committee established in terms of section 166AO must—
| (a) | act honestly in all matters relating to the Corporation; and |
| (b) | perform the functions of office as a director or member— |
| (i) | in good faith; |
| (ii) | for a proper purpose; and |
| (iii) | with the degree of care and diligence that a reasonable person in the director’s or member’s position would exercise. |
[Section 166AP 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]
