Acts Online
GT Shield

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

Chapter 3 : Prudential Authority

Part 2 : Governance

43. Meetings of Prudential Committee

 

(1)

(a) The Prudential Committee must meet as often as necessary for the performance of its functions.
(b) An audio or audio-visual conference among a majority of the members of the Prudential Committee, which enables each participating member to hear and be heard by each of the other participating members, must be regarded as a meeting of the Prudential Committee, and each participating member must be regarded as being present at such a meeting.

 

(2) Meetings of the Prudential Committee are held at times and, except where subsection (1)(b) applies, at places determined by the Governor.

 

(3) A quorum for a meeting of the Prudential Committee is a majority of its members.

 

(4)

(a) The Governor chairs meetings of the Prudential Committee at which the Governor is present.
(b) If the Governor is not present at a meeting, a Deputy Governor other than the Chief Executive Officer, who is nominated by the Governor, or selected in accordance with a procedure determined by the Governor, chairs the meeting.

 

(5) The Governor or the Deputy Governor chairing a meeting of the Prudential Committee may invite or allow any other person, including a representative of the Financial Sector Conduct Authority or the National Credit Regulator, to attend a meeting of the Prudential Committee, but a person who is invited has no right to vote at the meeting.

 

(6) The members may regulate proceedings at Prudential Committee meetings as they consider appropriate.

 

(7) The Chief Executive Officer must ensure that minutes of each meeting of the Prudential Committee are kept in a manner determined by the Chief Executive Officer.