South African Reserve Bank Act, 1989 (Act No. 90 of 1989)

5. Tenure and conditions of office of directors
Purchase cart Previous page Return to chapter overview Next page

 

(1)The terms of office of directors of the Bank shall be as follows:
(a)The Governor and Deputy Governors shall hold office for a period of five years: Provided that the President of the Republic may, after consultation with the Minister and the Board, on any re-appointment of a Governor or Deputy Governor at the end of his or her term of office, appoint such officer for a term not exceeding five years.
(b)The directors who are Government representatives shall hold office for a period of three years.
(c)Elected directors shall hold office for a period commencing on the first day after the date of their election as such at an ordinary general meeting of shareholders held during a specific calendar year and terminating on the date of the ordinary general meeting of the shareholders held during the third calendar year following upon the ordinary general meeting at which the director was elected.

[Section 5(1) amended by section 4(a) of the South African Reserve Bank Amendment Act, 2010]

 

(1A)[Section 5(1A) deleted by section 4(b) of the South African Reserve Bank Amendment Act, 2010]

 

(1B)[Section 5(1B) deleted by section 4(c) of the South African Reserve Bank Amendment Act, 2010]

 

(2)A director shall be eligible for re-appointment or re-election, as the case may be, after the expiration of his or her term of office: Provided that in the case of an elected director, such person has been confirmed by the Panel as a candidate as contemplated in this Act.

[Section 5(2) amended by section 4(d) of the South African Reserve Bank Amendment Act, 2010]

 

(3)Directors (including the Governor and Deputy Governors) shall hold office upon such conditions as to remuneration (including allowances) as may be determined by the Board, and upon such other conditions as may be prescribed by regulation.

 

(4)The Governor and the Deputy Governors shall devote the whole of their time to the business of the Bank: Provided that the provisions of this subsection shall not be construed as prohibiting the Governor or a Deputy Governor from accepting or holding any office to which he may be appointed by or with the approval of the State President or the Minister.