Financial Services Board Act, 1990 (Act No. 97 of 1990)10. Committees of board |
| (1) | The board may, subject to subsection (2), establish committees to assist it in the performance of its functions and it may at any time dissolve or reconstitute such committees. |
| (2) |
| (a) | A committee consists of as many persons as the board considers necessary. |
| (b) | The board may, subject to section 6B(1)(a) of the Financial Institutions (Protection of Funds) Act, 2001 (Act No. 28 of 2001), appoint any person, who would not be disqualified under section 5 from becoming a board member, as a member of a committee. |
| (c) | A member of a committee is appointed on the terms and conditions as the board may determine. |
| (3) | [Section 10(3) repealed by section 290, item 1 in Schedule 4, of Act No. 9 of 2017 - effective 1 April 2018 (paragraph (h) of Notice 169 of 2018)] |
| (4) | The board may terminate the membership of a member of a committee if— |
| (a) | the performance by the member of the powers and functions assigned to the member of that committee is unsatisfactory; |
| (b) | the member is unable to perform the functions of the committee effectively; |
| (c) | the member has failed to comply with or breached any applicable code of conduct; or |
| (d) | the conduct of the member negatively impacts on the integrity of the board or relevant committee. |
| (5) | If the board does not designate a chairperson for a committee, the committee may elect a chairperson from amongst its members. |
| (6) | The board must provide funding to its committees to enable them to perform their functions effectively. |