Credit Rating Services Act, 2012 (Act No. 24 of 2012)Chapter 3 : Duties of Registered Credit Rating Agency8. Appointment of directors |
| (1) | A registered credit rating agency must, within 14 days after the appointment of a director, inform the registrar of the appointment and furnish the registrar with such information on the appointment as the registrar may require. |
| (2) | The provisions of subsection (1) may not be construed as rendering the appointment of a director of a registered credit rating agency subject to the approval of the registrar. |
| (3) | If the registrar is of the opinion that a director does not meet the prescribed fit and proper requirements contemplated in section 5(1)(d), the registrar may instruct a registered credit rating agency to remove that director from the board of the registered credit rating agency, and if so instructed, the registered credit rating agency must remove the director. |
| (4) | The registrar must, before instructing a registered credit rating agency to remove a director from its board, give notice to the registered credit rating agency concerned, and, unless it is impracticable to do so, also notify the director concerned. |
| (5) | The registrar must consider any representations received from the registered credit rating agency or director, as the case may be, regarding the instructions to remove such director. |
| (6) | The registered credit rating agency must ensure that the director concerned does not in any way, directly or indirectly, take part in the management of the registered credit rating agency, pending the final outcome of any action under section 33. |