| (1) | The Minister may, until such time as the Company is registered as a banking institution in terms of the Banks Act, direct the Company to take any action specified by the Minister if the Company— |
[Section 25(1) substituted by section 10(a) of the South African Postbank Limited Amendment Act, 2013, Notice No. 54, GG37270, dated 27 January 2014]
| (b) | fails to perform its functions effectively or efficiently; |
| (c) | has acted unfairly or in a discriminatory or inequitable way towards a person to whom it owes a duty under this Act; or |
| (d) | has failed to comply with any law or any policy envisaged in this Act. |
| (2) | A directive contemplated in subsection (1) must state— |
| (a) | the nature of the deficiency; |
| (b) | the steps which must be taken to remedy the situation; and |
| (c) | a reasonable period within which the steps contemplated in paragraph (b) must be taken. |
| (3) | If the Company fails to remedy the situation within the stated period, the Minister may— |
[Section 25(3) substituted by section 10(b) of the South African Postbank Limited Amendment Act, 2013, Notice No. 54, GG37270, dated 27 January 2014]
| (a) | after having afforded the Company a reasonable opportunity to be heard; and |
| (b) | after having afforded the Company a hearing on any submissions received, |
replace the members of the Board in the same manner as the departing members have been appointed or, where circumstances so require, appoint a person as an administrator to take over the relevant function of the Company.
| (4) | If the Minister appoints an administrator in terms of subsection (3)— |
| (a) | the administrator may do anything which the Board might otherwise be empowered or required to do by or under this Act, to the exclusion of the Board; |
| (b) | the Board may not, while the administrator is responsible for the relevant function, exercise any of its powers or perform any of its duties relating to that function; |
| (c) | an employee or a contractor of the Company must comply with a directive given by the administrator. |
| (a) | review the performance of the Company regularly whilst it is under administration; and |
| (b) | within six months of appointing the administrator, table a report on his or her findings in the National Assembly. |
| (6) | Once the Minister is satisfied that the Company is able to perform its functions effectively, the Minister must terminate the appointment of the administrator. |
| (a) | Notwithstanding this section, the Minister may dissolve the Board if the Minister, on good cause shown, loses confidence in the ability of the Board to perform its functions effectively and efficiently. |
| (b) | The Minister may exercise the power only— |
| (i) | after having afforded the Board a reasonable opportunity to be heard; and |
| (ii) | after having afforded the Board a hearing on any submissions received. |
| (c) | If the Minister dissolves the Board, the Minister— |
| (i) | may appoint an administrator to take over the functions of the Board and to do anything which the Board might otherwise be empowered or required to do by or under this Act, subject to such conditions as the Minister may determine; and |
| (ii) | must, as soon as it is feasible but not later than six months after the dissolution of the Board, replace the members of the Board in the same way as they were appointed. |
(8)
| (a) | The costs associated with the appointment of an administrator shall be for the account of the Company. |
| (b) | The appointment of the administrator terminates when the Board members have been replaced in terms of subsection (7)(c)(ii). |
| (9) | Notwithstanding this section, the Minister retains the right at any time to approach a competent court for relief in any matter he or she considers appropriate in furtherance of this Act. |
