Financial Sector Regulation Act, 2017 (Act No. 9 of 2017)Chapter 12A : Resolution of Designated InstitutionsPart 6 : Corporation for Deposit Insurance - establishment, functions and governance166AO. Committees |
| (1) | The Board may establish committees as it considers necessary. |
| (2) | The Board must, at least, establish an investment committee to review the investment portfolio of the Fund, which committee must make recommendations to the Board regarding the investment of the Fund. |
| (3) | A committee established in terms of this section consists of such directors as the Board may select and, if the Board so decides, such staff members of the Corporation as the Board may select. |
| (4) | A committee established in terms of this section must be chaired by a director of the Board, other than the Chief Executive Officer of the Corporation. |
| (5) | The functions, procedures and membership of a committee established in terms of this section are determined by the Board. |
| (6) | The chairperson of each committee established in terms of this section must ensure that minutes of each meeting of that committee are kept in a manner determined by the Board. |
[Section 166AO 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]