National Empowerment Fund Act, 1998 (Act No. 105 of 1998)9. Term of office of trustees |
(1) The chairperson must hold office for three years.
(2)
(a) Subject to paragraphs (c) and (d), the trustees, appointed in terms of section 8(1) must hold office for three years.
(b) Four of the trustees appointed in terms of section 8(1), must vacate office every two years.
(c) The remaining trustees appointed in terms of section 8(1) must vacate office two years later.
| (d) | The term of office of additional trustees will run concurrently with their term of employment, which term of office will be prescribed by regulations. |
| (3) | A trustee may at any time, resign from office after giving at least three months’ written notice to the Chairperson of the Board, or in his or her absence, to an acting Chairperson. |
| (4) | Despite subsection (1) and (2)(a), the trustees may remain in office after expiry of their term of office until the commencement of the term of office of their successors but such increased term of office must not exceed 45 days. |
| (5) | The Chairperson or a trustee may at the expiry of his or her term of office be eligible for reappointment for not more than one additional term of office. |
| (6) | The trustees appointed in terms of section 8(1) are engaged on a non-executive basis and the trustees appointed in terms of section 8(4) are engaged on an executive basis for the daily management of the office of the Trust. |