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Companies Act, 2008 (Act No. 71 of 2008)

Chapter 8 : Regulatory Agencies and Administration of Act

Part A : Companies and Intellectual Property Commission

192. Constitution of specialist committees

 

 

1) A specialist committee established under section 191 must—
a) perform its functions impartially and without fear, favour or prejudice; and
b) consist of—
i) not more than eight persons who are independent from the Commission and are appointed by the Minister to serve for a period of not more than five years, as determined by the Minister when the person is appointed; and
ii) not more than two senior employees of the Commission designated by the Commissioner.

 

2) To be appointed or designated as a member of a specialist committee in terms of this section, a person must—
a) be a fit and proper person;
b) have appropriate expertise or experience; and
c) have the ability to perform effectively as a member of that committee.

 

3) The members of a specialist committee must not—
a) act in any way that is inconsistent with subsection (1)(a) or expose themselves to any situation in which the risk of a conflict may arise between their responsibilities and any personal financial interest; or
b) use their position or any information entrusted to them to enrich themselves or improperly benefit any other person.

 

4) A member ceases to be a member of a specialist committee if the—
a) person resigns from the committee;
b) Minister terminates the person’s membership because the member no longer complies with subsection (2) or has contravened subsection (3); or
c) member’s term has expired.

 

5) A member of a specialist committee who has a personal or financial interest in any matter on which the committee gives advice must disclose that interest and withdraw from the proceedings of the specialist committee when that matter is discussed.

 

6) The Commission must remunerate and compensate for expenses—
a) a member mentioned in subsection (1)(b)(i), as determined by the Minister; and
b) a member designated as contemplated in (1)(b)(ii), to the extent that the member’s remuneration and expense compensation as an employee of the Commission does not extend to that person’s services as a member of the specialist committee.