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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

16. Board Meetings



16.1) The Board shall meet on dates determined -
a) by the Board; or
b) in terms of Regulation 16.2 read with 16.3.


16.2) The Governor or any Deputy Governor, or in case of the other directors, any three or more directors acting jointly, may request the Secretary in writing to convene a meeting of the Board, clearly stating the business to be considered: In which case the Secretary shall act on the request within 10 days and give written notice of the meeting to the directors.


16.3) A written notice of a meeting shall state the date, time and place of the meeting and be given to directors -
a) in the case of a date determined by the Board, 20 days before the meeting; or
b) in the case of a meeting convened in terms of Regulation 16.2, as soon as reasonably possible before the meeting.


16.4) As soon as reasonably possible before every meeting the Secretary shall deliver to directors documents pertaining to the business of a meeting and draft minutes of the previous meeting.


16.5) A director who is present at a meeting, or who tenders apologies without noting an objection, shall be deemed to have received proper notice of the meeting.


16.6) The directors may meet and adjourn, or otherwise arrange their meetings as they think fit.


16.7) Where a meeting is reconvened after an adjournment-
a) only the unfinished business of the adjourned meeting shall be considered;
b) notice need not be given of the reconvened meeting.


16.8) A written resolution of the Board, signed by twelve or more of the directors shall be as valid and enforceable as if it were passed at a meeting of the Board, and shall be deemed to have been passed on the date of its last signature, unless the resolution states otherwise: Provided that signatures may be contained on different copies of the same resolution.