Financial Services Board Act, 1990 (Act No. 97 of 1990)

5. Persons disqualified from being members of board
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No person shall be appointed as a member or an alternate member of the board—

(a)unless he is a citizen of, and permanently resident in, the Republic;
(b)if, in the opinion of the Minister, he or she is actually engaged in the business of a financial institution or actually engaged in the rendering of a financial service: Provided that the Minister may, in consultation with the recognised association or organisation of the relevant financial institution or financial service in which such person is actually engaged, appoint a person who would otherwise be disqualified in terms of this paragraph from being a member of the board;

[Section 5(b) substituted by section 4 of Act No. 12 of 2000]

(c)if he is an unrehabilitated insolvent;
(d)if he or she has at any time been convicted (whether in the Republic or elsewhere) of theft, fraud, forgery or uttering a forged document, perjury, any offence under the Prevention of Corruption Act, 1958 (Act No. 6 of 1958), the Corruption Act, 1992 (Act No. 94 of 1992), Part 1 to 4, or section 17, 20 or 21 (in so far as it relates to the aforementioned offences) of Chapter 2 of the Prevention and Combating of Corrupt Activities Act, 2004, or any offence involving dishonesty, and has been sentenced therefor to imprisonment without the option of a fine or to a fine exceeding R100; or

[Section 5(d) substituted by section 36 of Act No. 12 of 2004]

(e)if he is of unsound mind.