Financial Sector Regulation Act, 2017 (Act No. 9 of 2017)

Chapter 12A : Resolution of Designated Institutions

Part 6 : Corporation for Deposit Insurance - establishment, functions and governance

166AJ. Functions of Board
Purchase cart Previous page Return to chapter overview Next page

 

The Board of directors must—

(a) generally oversee the management and administration of the Corporation to ensure that it is efficient and effective; and
(b) act for the Corporation in the following matters:
(i) Authorising the Chief Executive Officer of the Corporation to sign, on behalf of the Corporation, memoranda of understanding and amendments to memoranda of understanding;
(ii) appointing members of committees contemplated in this Part and giving directions regarding the conduct of the work of a committee;
(iii) determining, in relation to a bank in resolution, how to apply the Fund as contemplated by section 166AA;
(iv) making determinations of the deposit insurance levy for the purposes of the legislation that imposes the levy; and
(v) any other matter assigned in terms of a financial sector law to the Board of directors.

 

[Section 166AJ inserted by section 51 of the Financial Sector Laws Amendment Act, 2021 (Act No. 23 of 2021), Notice No. 789, GG45825, dated 28 January 2022- effective 24 March 2023 per (a) of Commencement Notice No. 3202, GG48294, dated 24 March 2023]