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

Regulations Relating to the South African Reserve Bank

Chapter IV : Directors

13. Nomination of and election by shareholders



13.1) The Secretary shall from time to time announce vacancies that arise or are about to arise on the Board and where applicable invite nominations to be made in terms of section 4(1A) of the Act.


13.2) A nomination must conform to a format provided by the Bank from time to time and be lodged for attention of the Panel.


13.3) In exercising its powers under section 4(1G) of the Act, the Panel must-
a) consider nominees who fall within a category of knowledge and skill in which a vacancy will arise at the next ordinary general meeting;
b) in respect of each person nominated for a vacancy mentioned in (a), state on record whether it found that person:
i) ineligible in terms of the Act;
ii) eligible for election, but not confirmed by virtue of the restriction imposed by section 4(1A) of the Act;
iii) eligible and confirmed for possible election, and the category of skill and experience in which he or she may be elected;
c) state on record the reasons for finding a nominee to be ineligible.


13.4) A defect in the election or appointment of a director does not invalidate acts subsequently performed in that capacity.