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

4A. Functions and powers of Board



1) The Board shall be responsible for the corporate governance of the Bank by—
a) ensuring compliance with principles of good corporate governance;
b) adopting rules and determining policies for the sound accounting, administration and functioning of the Bank;
c) approving the—
i) budget of the Bank;
ii) annual reports and financial statements of the Bank required for submission to the meeting of shareholders, the Minister and Parliament;
iii) appointment or the termination of service of a secretary and an assistant secretary of the Bank;
iv) general remuneration policy of the Bank; and
v) allocation of funds to the retirement fund of the Bank for purposes of making good any actuarial shortfall as well as the appointment of any employees' trustee in respect of such fund;
d) authorising—
i) any actions and procedures by the Bank as contemplated in sections 10 (1)(c)(ii), (d), (u) and 24;
ii) the establishment or closing of any branch of the Bank within or outside the Republic; and
iii) the acquisition of any building or the causing of any building to be erected by the Bank;
e) making recommendations to the Minister in respect of regulations as contemplated under section 36 and in connection with any possible liquidation of the Bank in terms of section 38; and
f) performing any other function specifically assigned to the Board in terms of this Act.


2) All other powers and duties of the Bank under this Act shall vest in and be exercised by the Governor and Deputy Governors.


[Section 4A inserted by section 3 of Act No. 4 of 2010]