Financial Markets Control Act, 1989 (Act No. 55 of 1989)18. Board for Hearing Appeals |
| (1) | There is hereby established a board for the hearing of appeals under section 19. |
| (2) | The board shall consist of a judge who has been discharged from active service in terms of section 3 of the Judges' Remuneration and Conditions of Employment Act, 1989 (Act No. 88 of 1989), or an advocate of senior counsel status of one of the divisions of the Supreme Court of the Republic of not less than 10 years' standing, who shall be the chairperson of the board, an accountant in public practice registered as an accountant and auditor, under the Public Accountants' and Auditors' Act, 1991 (Act No. 80 of 1991), of not less than 10 years' standing, and a person appointed by virtue of his knowledge of financial markets in the Republic. |
[Subsection (2) substituted by section 15 of Act 55 of 1995]
| (3) | The Minister shall appoint a member of the board for such period and upon such conditions as he may determine in respect of the member. |
| (4) | The Minister may, subject to subsection (2), likewise appoint an alternate member in respect of any member so appointed by him. |
| (5) | If any member or alternate member of the board is for any reason unable to act, the Minister may, subject to subsection (2), appoint another person to act in his stead. |
| (6) | Meetings of the board shall be held at such times and places as the chairman may determine. |
| (7) | The decision of the majority of the members of the board shall be the decision of the board, but the chairperson alone shall decide any question of law, and whether any matter constitutes a question of law or a question of fact. |
[Subsection (7) added by section 9 of Act 73 of 1996]