| (1) | The Board is made up of— |
| (a) | not less than five and not more than nine non-executive members appointed from among the persons nominated in terms of section 14(1)(a); |
[Section 12(1)(a) substituted by section 6(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]
| (b) | Section 12(1)(b) deleted by section 6(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] |
[Section 12(1)(c) substituted by section 6(c) 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]
| (2) | The members of the Board must be persons who— |
| (a) | are committed to fairness, openness and accountability; and |
| (b) | when viewed collectively— |
| (i) | are representative of a broad cross-section of the population of the Republic; and |
| (ii) | possess suitable qualifications, expertise and experience in the field of banking, finance and economics, or any other relevant qualifications, expertise and experience; and |
| (c) | are determined to be fit and proper persons in terms of section 1(1A) of the Banks Act |
[Section 12(2)(c) inserted by section 6(e) 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]
| (a) | The non-executive members of the Board must be appointed for a period not exceeding five years. |
| (b) | The non-executive members of the Board may be re-appointed for one further term not exceeding five years. |
| (c) | The Minister must appoint at least five non-executive members of the first Board of the Company for a period not exceeding three years. |
| (4) | The Minister must appoint a Chairperson from amongst the members of the Board. |
| (5) | The Board may designate any other non-executive member to act as Chairperson if the Chairperson is absent or unable to perform any function. |
