Pension Funds Act, 1956 (Act No. 24 of 1956)Chapter III : Manner of Administration and Powers of Registered Funds7A. Board of fund |
| (1) | Notwithstanding the rules of a fund, every fund shall have a board consisting of at least four board members, at least 50% of whom the members of the fund shall have the right to elect. |
| (1A) | The composition of the board shall at all times comply with the requirements of the rules of the fund and any vacancy on such board shall be filled within such period as prescribed. |
[Section 7A(1A) inserted by section 8(a) of Act No. 45 of 2013]
| (2) | Subject to subsection (1), the constitution of a board, the election procedure of the members mentioned in that subsection, the appointment and terms of office of the members, the procedures at meetings, the voting rights of members, the quorum for a meeting, the breaking of deadlocks and the powers of the board shall be set out in the rules of the fund: Provided that if a board consists of four members or less, all the members shall constitute a quorum at a meeting. |
| (3) |
| (a) | A board member appointed or elected in accordance with subsection (1), must attain such levels of skills and training as may be prescribed by the registrar by notice in the Gazette, within six months from the date of the board member's appointment. |
| (b) | A board member must retain the prescribed levels of skills and training referred to in paragraph (a), throughout that board member's term of appointment. |
[Section 7A(3) inserted by section 8(b) of Act No. 45 of 2013]
| (4) | A board member must— |
| (a) | within 21 days of removal as board member for reasons other than the expiration of that board member's term of appointment or voluntary resignation, submit a written report to the registrar detailing the board member's perceived reasons for the termination; |
| (b) | on becoming aware of any material matter relating to the affairs of the pension fund which, in the opinion of the board member, may seriously prejudice the financial viability of the fund or its members, inform the registrar thereof in writing. |
[Section 7A(4) inserted by section 8(b) of Act No. 45 of 2013]