Co-operative Banks Act, 2007 (Act No. 40 of 2007)

Chapter IX : Co-operative Banks Development Agency

Part 2 : Governance of Agency

58. Appointment of board members of Agency

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(1)The board of the Agency consists of the Managing Director and not less than six but not more than 10 non-executive members appointed by the Minister.

[Section 58(1) amended by section 253 of Act No. 45 of 2013]

 

(2)The Minister must appoint competent persons to effectively manage and guide the activities of the Agency based on their knowledge and experience.

 

(3)When making the appointments, the Minister must take into consideration, amongst other factors—
(a)the need for transparency and representivity within the broader demographics of the South African population;
(b)any nominations received in terms of subsection (4); and
(c)the availability of persons to serve as members of the Agency.

 

(4)
(a)Before the Minister makes the appointments, the Agency must, by notice in the Gazette and in any national newspaper, invite nominations from members of the public.
(b)The Minister must invite nominations from members of the public for the appointment of the first board of the Agency following the commencement of this Act.

 

(5)
(a)The Minister may appoint an alternate member for every member of the Agency, and an alternate member may attend and take part in the proceedings at any meeting of the Agency whenever the member for whom he or she has been appointed as an alternate is absent from that meeting.
(b)The provisions of sections 59 and 60 apply, with the necessary changes, to alternate members.