Banks Act, 1990 (Act No. 94 of 1990)RegulationsRegulations relating to BanksChapter III : Corporate Governance41. Composition of the board of directors of a bank or controlling company |
| (1) | The chairperson of the board of directors of a bank shall not be an employee of— |
| (a) | the bank; |
| (b) | any of the subsidiaries of the bank; |
| (c) | the controlling company of the bank; or |
| (d) | any subsidiary of the controlling company. |
| (2) | The chairperson of the board of directors of a bank shall not be a member of the audit committee of— |
| (a) | the bank; or |
| (b) | the controlling company of the bank. |
| (3) | The chairperson of the board of directors of a controlling company shall not be an employee of— |
| (a) | the controlling company; or |
| (b) | any bank in respect of which that company is registered as a controlling company. |
| (4) | The chairperson of the board of directors of a controlling company shall not be a member of the audit committee of |
| (a) | the controlling company; or |
| (b) | any bank in respect of which that company is registered as a controlling company. |
| (5) | Except when the Registrar, in view of special circumstances pertaining to a particular bank, grants consent to a deviation from the provisions of this regulation in respect of that particular bank, at least two of the members of the board of directors of a bank shall be persons who are employees of that bank. |