Development Bank of Southern Africa Act, 1997 (Act No. 13 of 1997)

Regulations

Regulations made under Section 17

Borrowing powers

46. Delegation of power to make calls
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If any uncalled capital of the Bank is included in or charged by any mortgage bond or other security, the directors may delegate to any person as trustee for the person or persons in whose favour the mortgage bond or security is executed the power—

(a) to make calls on members in respect of such uncalled capital; and
(b) to sue in the name of the Bank or otherwise for the recovery of the moneys becoming due in respect of calls so made and to give valid receipts for such moneys.

 

The power so delegated shall subsist during the continuance of the mortgage bond or security, notwithstanding any change in the directors, and shall be assignable if expressed so to be.