| (1) |
The Board must ensure that its business and affairs are conducted in a manner consistent with this Act, the Companies Act, the Co-operatives Act and the Co-operative Banks Act, and in particular, it must— |
| (a) |
develop the annual corporate plan referred to in section 11(4) in respect of the Agency and any of its subsidiaries; |
| (b) |
prepare and approve an annual budget, including any borrowing plan, if necessary, to give effect to that corporate plan; |
| (c) |
without delay notify the Minister of any adverse events that may affect the ability of the Agency to meet its performance and comply with this Act, and the reasons therefor; |
| (d) |
implement an appropriate procurement and provisioning system which is fair, equitable, transparent, competitive and cost-effective in accordance with section 51 of the Public Finance Management Act; and |
| (e) |
develop a system for properly evaluating all Agency activities, both financial and non-financial. |
| (2) |
Subject to the requirements of this Act, the Board may exercise all its powers under the Companies Act, including the power to borrow money from, issue a guarantee, indemnity or security to, a third party for the purpose of performing its functions and achieving its objectives. |
[Section 14 substituted by section 4 of the National Small Enterprise Amendment Act, 2024 (Act No. 21 of 2024), GG50965, Notice No. 5049, dated 23 July 2024 - effective 1 October 2024 per Commencement Notice 190 of 2024]
Protection of Businesses Act, 1978
