South African Postbank SOC Limited Act, 2010 (Act No. 9 of 2010)Chapter IV : Control and Management of Company19. Conditions of appointment of chief executive officer and chief financial officer |
[Section 19 heading substituted by section 10(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 appointment of the chief executive officer and chief financial officer is subject to the conclusion of a performance contract entered into between the Board and the chief executive officer and the Board and the chief financial officer, respectively. |
| (b) | The performance contract must be reviewed annually. |
[Section 19(1)(a) substituted by section 10(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 chief executive officer and chief financial officer hold office on the terms and conditions determined by the Board, with the concurrence of the Minister. |
[Section 19(2) substituted by section 10(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) | The chief executive officer and chief financial officer are entitled to a remuneration package determined by the Board, with the concurrence of the Minister and 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 19(3) substituted by section 10(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]
| (4) | The chief executive officer and chief financial officer are accountable to the Board. |
[Section 19(4) substituted by section 10(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]
| (5) | The Board may in writing appoint any senior employee of the Company to act as chief executive officer or chief financial officer when the holder of that office— |
| (a) | is temporarily unable to perform the duties connected with that office; |
| (b) | has been suspended from office; or |
| (c) | has vacated or has been removed from that office and a new chief executive officer or chief financial officer, as the case may be, has not yet been appointed. |
[Section 19(5) inserted by section 10(f)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]
| (6) | In the case of a vacancy contemplated in subsection (5), the Board must fill the vacancy within a reasonable period of time, which may not exceed 120 days. |
[Section 19(6) inserted by section 10(f) 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]
| (7) | An acting chief executive officer or acting chief financial officer may exercise all the powers and must perform all the duties of the chief executive officer or chief financial officer for a period not exceeding 120 days or as determined by the Board with the concurrence of the Minister. |
[Section 19(7) inserted by section 10(f) 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]
| (8) | Executives of Postbank are required to undergo a fit and proper assessment exercise to determine whether they have the requisite skills, knowledge and expertise to occupy those positions critical for the bank in terms of section 13(2)(fA) and (g) of the Banks Act. |
[Section 19(8) inserted by section 10(f) 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]