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National Payment System Act, 1998 (Act No. 78 of 1998)

2. Powers and duties of Reserve Bank regarding payment system

 

 

1) The Reserve Bank, as contemplated in section 10(1)(c) of the South African Reserve Bank Act, may exercise the powers and must perform the duties conferred and imposed on it by this Act.

 

2) The board of directors of the Reserve Bank may, in writing and on such conditions as the board considers necessary-
a) delegate to any officer of the Reserve Bank any power conferred on the Reserve Bank by this Act; or
b) authorise any such officer to perform any duty imposed on the Reserve Bank by this Act.

 

3) Any delegation of a power or authorisation to perform a duty under subsection (2)-
a) does not prevent the board of directors of the Reserve Bank from exercising that power or performing that duty; and
b) may at any time be withdrawn in writing by the board.