| (1) | A casual vacancy on the Board shall be filled— |
| (a) | in the case of the Governor or a Deputy Governor through the appointment by the President of the Republic of another person, after consultation with the Minister and the Board, in an acting capacity for a temporary period until such time as the position is filled in accordance with the applicable provisions of section 5; |
| (aA) | in the case of a Government representative, through the appointment by the President of the Republic, after consultation with the Minister, of another person; and |
| (b) | in the case of an elected director, by the election by the shareholders at an ordinary general meeting of shareholders of a person, confirmed by the Panel as a candidate as contemplated in this Act, in the place of the director whose office has become vacant, or by the appointment by the Board, subject to his or her subsequent election by shareholders at the next ordinary general meeting of the shareholders, of a person confirmed by the Panel as a person suitable for possible election to the Board. |
| (2) | Any person appointed or elected under subsection (1) shall hold office— |
| (a) | in the case of a person temporarily acting as Governor or Deputy Governor, for such a term, but not exceeding five years, as the President of the Republic, after consultation with the Minister and the Board, may determine; and |
| (b) | in the case of any other director, in accordance with the applicable provisions of section 5: Provided that the term of office of a director appointed by the Board, and who is not subsequently elected by shareholders at the next ordinary general meeting of shareholders, shall expire on the day of such ordinary general meeting. |
[Section 6 amended by Section 5 of the South African Reserve Bank Amendment Act, 2010]
