South African Postbank SOC Limited Act, 2010 (Act No. 9 of 2010)Chapter IV : Control and Management of Company10. Control of Company by Board |
| (1) | The Company is controlled by a board of directors. |
| (2) | The members of the Board are appointed or reappointed by the Minister, with the concurrence of the Minister of Finance, and the concurrence shall be deemed to have been granted, should such a response not be forthcoming within 30 days from the receipt of the request by the Minister of Finance. |
Section 10(2) substituted by section 5(a) of the South African Post Bank Limited Amendment Act, 2023, Notice No. 3746, GG49374, dated 27 September 2023: effective 19 February 2024, Commencement Proclamation 152, GG50126, dated 15 February 2024]
| (3) | The members of the Board of the Company and of the bank controlling company are appointed or reappointed by the Minister in the manner contemplated in section 14 and in accordance with the requirements of the Banks Act. |
| (4) | The Board of the bank controlling company is made up of ten non-executive members, 50 per cent of which are appointed by the Minister from amongst the Board of the Company. |
| (5) | The Minister must determine who the 50 per cent board members, contemplated in subsection (4), are. |
| (6) | Chapter IV of the Act applies mutatis mutandis to the Board of the bank controlling company. |
Section 10(3)(4)(5) and (6) inserted by section 5(b) of the South African Post Bank Limited Amendment Act, 2023, Notice No. 3746, GG49374, dated 27 September 2023: effective 19 February 2024, Commencement Proclamation 152, GG50126, dated 15 February 2024]