South African Postbank SOC Limited Act, 2010 (Act No. 9 of 2010)Chapter IV : Control and Management of Company18. Appointment of chief executive officer and chief financial officer |
[Section 18 heading substituted by section 9(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]
| (1) |
| (a) | The Board must, with the approval of the Minister, appoint a chief executive officer who shall have the overall responsibility for implementation of the Board's strategy for the Company and management of the day-to-day affairs of the Company and any other functions as delegated by the Board from time to time. |
| (b) | The Board, with the concurrence of the Minister, shall appoint the chief financial officer who shall assist the chief executive officer and the Board with discharging their responsibilities over the financial affairs of the Company and any other functions as may be delegated from time to time. |
| (c) | The chief executive officer and the chief financial officer shall be appointed for a term not exceeding five years, which appointment may, with the approval of the Minister, be renewed for another term based on performance. |
[Section 18(1) substituted by section 9(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]
| (2) | The Board must invite applications for the posts of chief executive officer and chief financial officer by publishing advertisements in the media or the selection process approved by the Board with the concurrence of the Minister, and this may include as a head hunting process in accordance with the relevant prescripts. |
[Section 18(2) substituted by section 9(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]
| (3) | A person appointed as chief executive officer or chief financial officer— |
[Words preceding section 18(3)(a) substituted by section 9(d) 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) | must have the qualifications or experience relevant to the functions of the Company and must be fit and proper to hold the office of a chief executive officer of a banking institution as contemplated in the Banks Act; |
[Section 18(3)(a) substituted by section 9 of the South African Postbank Limited Amendment Act, 2013, Notice No. 54, GG37270, dated 27 January 2014]
| (b) | must not be disqualified as contemplated in section 13; and |
| (c) | is a member of the Board by virtue of the office. |