| (1) | The Minister must, after consultation with the board, appoint a person with suitable qualifications as chief executive officer of the Regulator. |
| (2) | A person is disqualified from being appointed or remaining as chief executive officer if he or she is disqualified in terms of section 8(8). |
| (a) | A chief executive officer holds office for the period specified in the letter of appointment and that period may not exceed five years. |
| (b) | Such chief executive officer may be reappointed upon expiry of the term of his or her office. |
| (c) | The terms and conditions of service of the chief executive officer are determined by the board after consultation with the Minister. |
[Subsection (3)(c) substituted by section 6(a) of Act No. 69 of 2008]
| (4) | The Minister may, at any time, discharge the chief executive officer from office— |
| (a) | if the chief executive officer repeatedly fails to perform the duties of office efficiently; |
| (b) | if, due to any physical or mental illness or disability, the chief executive officer becomes incapable of performing the functions of that office or performs them inefficiently; or |
| (5) | The chief executive officer must— |
| (a) | ensure that the functions of the Regulator in terms of this Act are performed; |
| (b) | report to the board on the proper functioning of the Regulator; |
| (d) | complete a report on the activities of the Regulator for each financial year in accordance with the Public Finance Management Act, 1999 (Act No. 1 of 1999), and submit the report to the board for approval; and |
| (e) | each financial year, after consultation with the board and with the approval of the Minister, publish and distribute a plan of action for the activities of the Regulator. |
| (6) | The board must forward the report referred to in subsection (5)(d), approved by it, to the Minister within five months after the end of the financial year concerned. |
[Subsection (6) substituted by section 6(b) of Act No. 69 of 2008]
| (7) | The chief executive officer is the accounting officer of the Regulator charged with the responsibility of accounting for all money received and payments made by, and the assets of. the Regulator. |
| (8) | The chief executive officer must exercise all the powers and perform all the duties conferred or imposed upon the accounting officer by— |
| (b) | the Public Finance Management Act, 1999; or |
| (9) | If the chief executive officer is for any reason unable to perform any of his or her functions. the chairperson of the board must appoint an employee of the Regulator to act as chief executive officer until the chief executive officer is able to resume those functions. |
| (10) | An acting chief executive officer may exercise all the powers and must perform all the duties of the chief executive officer. |
