| (1) |
The object of a board shall be to direct, control and oversee the operations of a fund in accordance with the applicable laws and the rules of the fund. |
| (2) |
In pursuing its object the board shall— |
| (a) |
take all reasonable steps to ensure that the interests of members in terms of the rules of the fund and the provisions of this Act are protected at all times, especially in the event of an amalgamation or transfer of any business contemplated in section 14, splitting of a fund, termination or reduction of contributions to a fund by an employer, increase of contributions of members and withdrawal of an employer who participates in a fund; |
| (b) |
act with due care, diligence and good faith; |
| (c) |
avoid conflicts of interest; |
| (d) |
act with impartiality in respect of all members and beneficiaries. |
| (f) |
have a fiduciary duty to members and beneficiaries in respect of accrued benefits or any amount accrued to provide a benefit, as well as a fiduciary duty to the fund, to ensure that the fund is financially sound and is responsibly managed and governed in accordance with the rules and this Act; and |
| (g) |
comply with any other prescribed requirements. |
[Section 7C(2) amended by section 9 of Act No. 45 of 2013]
Stamp Duties Act, 1968 (Act 77 of 1968)
