Financial Institutions (Protection of Funds) Act, 2001 (Act No. 28 of 2001)Board NoticesGuidelines on the Conduct of Curators7. Reporting to the registrar |
| (1) | A curator must regularly report, and in writing, to the registrar, including upon the registrar's request, on all curatorship activities, in particular— |
| (a) | the initiation, defence or settlement of legal proceedings, indicating in respect of each matter— |
| (i) | who the attorneys of record for the parties are or were; |
| (ii) | the fees incurred in respect of the curator's attorneys of record; |
| (iii) | the legal disbursements incurred in respect of counsel and other service providers; |
| (iv) | whether or not litigation has been concluded; |
| (v) | in the case of concluded litigation, the outcome of the litigation; |
| (vi) | the amount recovered on taxation of legal costs; |
| (b) | the conclusion of a significant agreement, including an agreement relating to the disposal of assets done in accordance with the terms of the Court Order or the letter of appointment; |
| (c) | the continued adherence, or otherwise, by the institution to any statutory requirements; |
| (d) | any significant obstacles encountered in performing the curator's functions; |
| (e) | factors causing delays in progressing the curatorship; |
| (f) | any irregularity uncovered that may require regulatory action or the referral of a matter for criminal prosecution; |
| (g) | an overview of assets disposed of or alienated and how the proceeds will be distributed; |
| (h) | any matter which may require relief or sanction from the court; |
| (i) | the costs of the curatorship in accordance with paragraph 10 of these Guidelines; and |
| (j) | any recommendation as to how the continuation of the curatorship should be dealt with further. |
| (2) | A curator must provide the report contemplated in subparagraph (1) at intervals and in the manner determined by the registrar if not determined by the order of court (where applicable). |