| (1) |
The duties of a board shall be to— |
| (a) |
ensure that proper registers, books and records of the operations of the fund are kept, inclusive of proper minutes of all resolutions passed by the board; |
| (b) |
ensure that proper control systems are employed by or on behalf of the board; |
| (c) |
ensure that adequate and appropriate information is communicated to the members and beneficiaries of the fund informing them of their rights, benefits and duties in terms of the rules of the fund, subject to such disclosure requirements as may be prescribed; |
[Section 7D(1)(c) inserted by section 10(a) of Act No. 45 of 2013]
| (d) |
take all reasonable steps to ensure that contributions are paid timeously to the fund in accordance with this Act; |
| (e) |
obtain expert advice on matters where board members may lack sufficient expertise; |
| (f) |
ensure that the rules and the operation and administration of the fund comply with this Act, the Financial Institutions (Protection of Funds) Act, 2001 (Act No. 28 of 2001), and all other applicable laws. |
| (g) |
comply with any other prescribed requirements. |
[Section 7D(1)(g) inserted by section 10(b) of Act No. 45 of 2013]
(2)
| (a) |
The board may, in writing and in accordance with a system of delegation set out in the rules, delegate any of its functions under this Act to a person or group of persons, or a committee of the board, subject to conditions that the board must determine. |
| (b) |
The board is not divested or relieved of a function delegated under paragraph (a) and may withdraw the delegation at any time. |
[Section 7D(2) inserted by section 10(c) of Act No. 45 of 2013]
Older Persons Act, 2006
