| (a) |
The principal officer of a registered fund shall be an individual who is resident in the Republic, and if the principal officer is absent from the Republic or unable for any reason to discharge any duty imposed upon the principal officer by any provision of this Act, the fund shall, in the manner directed by its rules, appoint another person to be its principal officer within such period as may be prescribed by the registrar, after the commencement of a continuing absence or inability to discharge any duty by the principal officer. |
| (b) |
A registered fund may appoint a deputy principal officer. |
| (c) |
The principal officer may, in writing and in accordance with a system of delegation set out in the rules, delegate any of the principal officer's functions under this Act and the rules of the fund to the deputy principal officer, subject to conditions that the principal officer must determine. |
| (d) |
The principal officer is not divested or relieved of a function delegated under paragraph (c) and the principal officer may withdraw the delegation at any time. |
| (e) |
If a fund has appointed a deputy principal officer, the deputy principal officer acts as principal officer when the principal officer is absent from the Republic or unable for any reason to discharge any duty of the principal officer in terms of this Act, until the fund formally in the manner directed in its rules appoints a new principal officer. |
| (3) |
Every fund must within 30 days after the registration of a fund or within 30 days after the appointment of a principal officer give the registrar written notice of the appointment by furnishing the registrar with the prescribed information in respect of the appointee. |
| (4) |
Despite anything to the contrary in any law or in any agreement, the appointment by a fund of a principal officer is subject to the condition that the appointment may be terminated under subsection (5)(b) and the fund must make any appointment subject to this condition. |
| (a) |
The registrar, subject to the Promotion of Administrative Justice Act, 2000 (Act No. 3 of 2000), may, if the registrar reasonably believes that a principal officer is not, or is no longer, a fit and proper person to hold that office, or if it is not in the public interest that the principal officer holds or continues to hold such office, object to the appointment of a principal officer, stating the grounds for the objection, and provide such to the chairperson of the board and to the appointee. |
| (b) |
If the registrar objects to an appointment in terms of paragraph (a), the board must terminate the appointment within 30 days of the registrar informing the board of the finalisation of the processes and procedures provided for in the Promotion of Administrative Justice Act, 2000 (Act No 3 of 2000). |
| (c) |
The registrar may for purposes of assessing if a principal officer is not, or is no longer, a fit and proper person in accordance with paragraph (a), have regard to— |
| (i) |
the competence and soundness of judgment of the person for the fulfilment of the responsibilities of the particular office and type of fund; |
| (ii) |
the diligence with which the person concerned is likely to fulfil those responsibilities; |
| (iii) |
previous conduct and activities of the person in business or financial matters; and |
| (iv) |
any evidence that the person— |
| (aa) |
after 27 April 1994 has been convicted in the Republic or elsewhere of theft, fraud, forgery or uttering a forged document, perjury, an offence under the Prevention and Combating of Corrupt Activities Act, 2004 (Act No. 12 of 2004), an offence under the Prevention of Organised Crime Act, 1998 (Act No. 121 of 1998), or any offence involving dishonesty; |
| (bb) |
has been convicted of an offence committed after the Constitution of the Republic of South Africa, 1993 (Act No. 200 of 1993), took effect, and sentenced to imprisonment without the option of a fine; |
| (cc) |
has contravened the provisions of any law the object of which is the protection of the public against financial loss; |
| (dd) |
is a former principal officer of a fund and whose actions contributed to that fund's inability to pay its debts or caused financial loss to its members; |
| (ee) |
has taken part in any business practices that, in the opinion of the registrar, were deceitful, prejudicial, or otherwise improper (whether unlawful or not) or which otherwise brought discredit to that person's methods of conducting business; or |
| (ff) |
has taken part in or been associated with any other business practices, or conduct that casts doubt on his or her competence and soundness of judgement. |
| (d) |
The registrar may request any person to assist him or her in assessing whether a person is fit and proper to act as a principal officer of a fund. |
| (6) |
A principal officer of a fund must— |
| (a) |
within 21 days of his or her appointment being terminated, other than in accordance with the condition referred to in subsection (5)(b), submit a written report to the registrar detailing the principal officer's perceived reasons for the termination; and |
| (b) |
on becoming aware of any matter relating to the affairs of the pension fund which, in the opinion of the principal officer, may prejudice the fund or its members, inform the registrar thereof in writing. |
[Section 8 amended by section 12 of Act No. 45 of 2013]
Special Investigating Units and Special Tribunals Act, 1996
