Co-operative Banks Act, 2007 (Act No. 40 of 2007)RegulationsRegulations in terms of Section 86Part 9 : Code of conduct [Section 86(1)(a)] |
| 9. | A member of a board of directors of a co-operative bank, in the performance of his or her functions, must adhere to the following code of conduct— |
| (a) | a member must act in accordance with the highest standards of honesty and ethical conduct; |
| (b) | a member must protect and safeguard the assets and resources of the co-operative bank against loss, theft, misuse and misapplication; |
| (c) | a member must ensure effective communication with and provision of accurate information relating to financial and operational matters to the members of the co-operative bank; |
| (d) | a member must ensure full, accurate, sensible, timely and meaningful disclosures in reports submitted to the supervisor and other regulatory authorities; |
| (e) | a member must treat information obtained in the performance of his or her functions with the necessary confidentiality; and |
| (f) | a member must ensure compliance with all applicable legislation and report any non-compliance or unlawful behaviour to the supervisor and other relevant regulatory authorities. |