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Financial Sector Regulation Act, 2017 (Act No. 9 of 2017)

Chapter 4 : Financial Sector Conduct Authority

Part 2 : Governance

67. Decisions of Executive Committee

 

(1)

(a) A proposal before a meeting of the Executive Committee becomes a decision of the Executive Committee if a majority of the members present, or regarded as being present, and who may participate in the consideration of the proposal, vote for the proposal.
(b) In the event of an equality of votes on a proposal, the person chairing the meeting has a casting vote in addition to a deliberative vote.

 

(2) The Executive Committee may, in accordance with procedures determined by it, make a decision on a proposal outside a meeting of the Executive Committee.

 

(3) A decision of the Executive Committee is not invalid merely because—
(a) there was a vacancy in the office of a member when the decision was taken; or
(b) a person who was not a member participated in the decision, as long as such person did not vote.