Development Bank of Southern Africa Act, 1997 (Act No. 13 of 1997)5. Management of affairs of Bank |
| (1) | Subject to the provisions of this Act— |
| (a) | the shareholders shall exercise the overall authority but may delegate to the board all their powers, except the power to— |
| (i) | issue or transfer shares; |
| (ii) | appoint directors, as provided in section 7; and |
| (iii) | approve the payment of dividends; |
| (b) | the board shall control the business of the Bank and shall direct the operations of the Bank and may exercise all such powers of the Bank as are not in terms of this Act required to be exercised by the shareholders of the Bank at a meeting of shareholders; and |
| (c) | the chief executive officer shall be the executive officer and legal representative of the Bank and shall be responsible for the management of the operations of the Bank. |
| (2) | The powers of the board may be delegated to the chief executive officer who in turn may delegate such powers to the staff, committees or other structures of the Bank. |