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

8. Meetings and decisions of board
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(1)The first meeting of the board shall be held at a time and place determined by the chairman, and thereafter the board shall meet at such times and places as the board may from time to time determine.

 

(2)The chairman may at any time convene an extraordinary meeting of the board to be held at a time and place determined by him.

 

(3)The quorum for a meeting of the board shall be a majority of its members.

 

(4)If both the chairman and the deputy chairman are absent from any meeting of the board, the members present shall from among themselves elect a person to preside at such meeting.

 

(5)The decision of a majority of the members present at a meeting of the board shall constitute a decision of the board, and in the event of an equality of votes on any matter the person presiding at the meeting in question shall have a casting vote in addition to his deliberative vote.

 

(6)No decision taken by or act performed under the authority of the board, shall be invalid by reason only of a casual vacancy on the board or of the fact that any person not entitled to sit as a member of the board sat as such a member at the time when the decision was taken or the act was authorized, if the decision was taken or the act was authorized by the majority of the members of the board who were present at the time and entitled to sit as members.

 

(7)For the purposes of this section "member" shall include an alternate member present at a particular meeting of the board during the absence, or vacancy in the office, of the member for whom he has been appointed as alternate member.