South African Postbank SOC Limited Act, 2010 (Act No. 9 of 2010)

Chapter IV : Control and Management of Company

15. Resignation, removal from office and vacating of office

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(1)A member of the Board may resign by giving to the Minister—
(a)one month's written notice; or
(b)less than one month's written notice, with the approval of the Minister.

 

(2)The Minister may, after having afforded the member of the Board concerned a reasonable opportunity to be heard, remove the member from office if that member—
(a)acted in conflict with this Act;
(b)refuses or fails to make a declaration contemplated in section 13(3)(b) or refuses or fails to make disclosure as contemplated in section 16(2);
(c)after having been appointed, acquires any direct or indirect interest contemplated in section 13(3)(b)(ii), read with section 13(1)(g);
(d)neglected to properly perform the functions of his or her office; or
(e)[Section 15(2)(e) deleted by section 8(a)(b) of the South African Postbank Limited Amendment Act, 2013, Notice No. 54, GG37270, dated 27 January 2014]
(f)is absent from three consecutive Board meetings without prior leave of the Chairperson.

 

(3)A member of the Board must vacate the office if he or she becomes disqualified from membership of the Board in terms of section 13.