Financial Services Board Act, 1990 (Act No. 97 of 1990)9. Executive |
| (1) | There shall be an executive, which shall, during the periods between meetings of the board, perform the functions of the board in accordance with the policy and instructions of the board. |
| (2) | The executive shall not be competent, except in so far as the board may otherwise direct, to set aside or vary a decision of the board. |
| (3) | The board may set aside or vary any decision of the executive, except a decision in consequence of which a payment has been made or any other right has been granted to any person. |
| (4) | The executive shall consist of the executive officer, the deputy executive officers, the chief actuary and such other officers or employees of the board as the board may from time to time appoint to the executive, on such conditions as it deems fit. |
[Section 9(4) substituted by section 7 of Act No. 12 of 2000]
| (5) | The decision of a majority of the members of the executive shall constitute a decision of the executive, and in the event of an equality of votes the executive officer shall have a casting vote in addition to his deliberative vote. |
[Section 9(5) substituted by section 2 of Act No. 41 of 1992]