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Public Finance Management Act, 1999 (Act No. 1 of 1999)

Regulations

Regulations for Accounting Standards Board

11. Quorums and decisions

 

(1) A majority of all the members of the Board constitutes a quorum for a meeting of the Board.

 

(2) Where the number of members present is insufficient to constitute a quorum for a meeting of the Board, the Chairperson may determine that a further meeting be held at a specified time and place. The members then present constitute a quorum for such meeting, provided that a least five members are present.

 

(3) The Board must decide the following matters by the votes of two thirds of all the members present at a Board meeting:
(a) the setting of a standard in terms of section 89(1)(a) of the Act;
(b) any interpretation of such a standard; and
(c) the issuing of a directive or guideline in terms of section 89(1)(b) of the Act.

 

(4) Any other matter before the Board is decided by the votes of the majority of the members present at the meeting, provided that -
(a) the members present constitute a quorum for a meeting of the Board; and
(b) the member presiding at the meeting must exercise a casting vote in addition to that member’s vote as a member, if there is an equality of votes.

 

 


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