Banks Act, 1990 (Act No. 94 of 1990)Chapter II : Administration of Act5. Delegation of powers and assignment of functions by Authority |
[Section 5 heading substituted by section 290, item 15 in Schedule 4, of Act No. 9 of 2017]
| (1) | The Authority may with the approval of the Reserve Bank— |
| (a) | delegate to any officer or employee of the Reserve Bank or another financial sector regulator any power conferred upon the Authority by or under this Act; or |
[Section 5(1)(a) substituted by section 3 of Act No. 22 of 2013]
| (b) | authorise any such officer or employee to perform any duty assigned to the Authority by or under this Act. |
| (2) | Any delegation under subsection (1)(a) shall not prevent the exercise of the relevant power by the Authority. |
[Section 5(2) substituted by section 290, item 5 in Schedule 4, of Act No. 853 of 2017]