| (1) |
The Board shall, subject to the powers of the Minister, exercise overall authority and control over the financial position, operation and management of the Fund, and may inter alia— |
| (a) |
make recommendations to the Minister in respect of— |
| (i) |
the annual budget of the Fund; |
| (iii) |
the entering into an agreement with any institution referred to in section 9; |
| (iv) |
[Section 11(1)(a)(iv) deleted by the Road Accident Fund Amendment Act, 2005 (Act No. 19 of 2005)];
|
| (v) |
any regulation to be made under this Act; |
| (b) |
terminate the appointment of any agent and determine the conditions on which such appointment is effected or terminated; |
| (c) |
approve the appointment, determination of conditions of employment and dismissal by the Chief Executive Officer of staff of the Fund on management level; |
| (d) |
approve internal rules and directions in respect of the management of the Fund; |
| (e) |
approve loans made or given by the Fund; |
| (f) |
approve donations for research in connection with any matter regarding injuries sustained in motor vehicle accidents; |
| (g) |
determine guidelines in relation to the investment of the money of the Fund; and |
| (h) |
delegate or assign to the Chief Executive Officer and any member of the staff of the Fund any power or duty of the Board as it may deem fit, but shall not be divested of any power or duty so delegated or assigned, and may amend or withdraw any decision made by virtue of such delegation or assignment. |
| (2) |
The Board may as often as it deems necessary, but shall at least once during a financial year, or when requested by the Minister to do so, report to the Minister regarding matters dealt with during that year or as requested by the Minister. |
| (3) |
A quorum for any meeting of the Board shall be a majority of its voting members. |
| (4) |
The Board shall meet as often as the business of the Fund may require. |
| (a) |
The member of the Board referred to in section 10(1)(a) shall be reimbursed by the Fund for all reasonable expenses incurred in attending meetings of the Board. |
| (b) |
Members of the Board referred to in section 10(1)(b) shall be remunerated by the Fund for services rendered as such members and reimbursed for all reasonable expenses incurred in attending meetings of the Board: |
Provided that the Chairperson of the Board may receive such higher remuneration than that of the other members, as may be determined by the Board.
| (a) |
Resolutions of the Board shall, whenever practicable, be taken on the basis of consensus. |
| (b) |
If consensus cannot be reached and except where otherwise expressly provided, all matters before the Board shall be decided by a majority of the votes cast. |
Gas Regulator Levies Act, 2002
