"executive officer"

in relation to any institution—

(a)	that is not a bank, includes any manager, the compliance officer, the secretary of the company and any director who is also an employee of such an institution;

(b)	that is a bank, includes any employee who is a director or who is in charge of a risk management function of the bank, the compliance officer, secretary of the company or any manager of the bank who is responsible, or reports, directly to the chief executive officer of the bank;

[Definition substituted by section 1(e) of Act No. 19 of 2003]