Co-operative Banks Act, 2007 (Act No. 40 of 2007)Chapter IX : Co-operative Banks Development AgencyPart 2 : Governance of Agency66. Delegations |
| (1) | The Agency must develop a system of delegation that will maximize administrative and operational efficiency and provide for adequate checks and balances, and, in accordance with that system, may— |
| (a) | in writing delegate appropriate powers, excluding the power to prescribe rules, to a committee, the managing director, an employee or any member of the Agency; and |
| (b) | assign any committee, the managing director, any employee or member of the Agency to perform any of its duties. |
| (2) | A delegation or assignment in terms of subsection (1)— |
| (a) | is subject to such limitations and conditions as the Agency may impose; |
| (b) | may authorise sub-delegation; and |
| (c) | does not divest the Agency of the delegated power or the performance of the assigned duty. |
| (3) | The Agency may confirm, vary or revoke any decision taken by a committee, the managing director, a member of the Agency or an employee as a result of a delegation or assignment in terms of subsection (1). |