(1)        The articles of association of the Company shall provide that—

(a)        the board of directors shall consist of—

(i)        three executive directors; and

(ii)        at least four non-executive directors:

(b)        the three executive directors of the board shall be the persons performing the functions of a chief executive officer, chief operations officer and chief financial officer;

(c)        the Minister shall appoint a non-executive director as chairperson of the board;

(d)        the affairs of the Company shall be managed by an executive committee consisting of the executive directors of the board; and

(e)        the executive committee shall be accountable to the board and shall perform such functions as the board determines.

[Subsection (1) amended by section 2 of Act 44 of 1999].

(2)        The Company shall borrow money only with the approval of the Minister granted with the concurrence of the Minister of Finance.