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South African Postbank SOC Limited Act, 2010 (Act No. 9 of 2010)

Chapter IV : Control and Management of Company

12. Composition of Board

 

(1) The Board is made up of—
(a) not less than five and not more than nine non-executive members appointed from among the persons nominated in terms of section 14(1)(a);

[Section 12(1)(a) substituted by section 6(a) of the South African Post Bank Limited Amendment Act, 2023, Notice No. 3746, GG49374, dated 27 September 2023: effective 19 February 2024, Commencement Proclamation 152, GG50126, dated 15 February 2024]

(b) Section 12(1)(b) deleted by section 6(b) of the South African Post Bank Limited Amendment Act, 2023, Notice No. 3746, GG49374, dated 27 September 2023: effective 19 February 2024, Commencement Proclamation 152, GG50126, dated 15 February 2024]
(c) the chief executive officer and the chief financial officer, who are executive members of the Board by virtue of office that they hold.

[Section 12(1)(c) substituted by section 6(c) of the South African Post Bank Limited Amendment Act, 2023, Notice No. 3746, GG49374, dated 27 September 2023: effective 19 February 2024, Commencement Proclamation 152, GG50126, dated 15 February 2024]

 

(2) The members of the Board must be persons who—
(a) are committed to fairness, openness and accountability; and
(b) when viewed collectively—
(i) are representative of a broad cross-section of the population of the Republic; and
(ii) possess suitable qualifications, expertise and experience in the field of banking, finance and economics, or any other relevant qualifications, expertise and experience; and
(c) are determined to be fit and proper persons in terms of section 1(1A) of the Banks Act

[Section 12(2)(c) inserted by section 6(e) of the South African Post Bank Limited Amendment Act, 2023, Notice No. 3746, GG49374, dated 27 September 2023: effective 19 February 2024, Commencement Proclamation 152, GG50126, dated 15 February 2024]

 

(3)
(a) The non-executive members of the Board must be appointed for a period not exceeding five years.
(b) The non-executive members of the Board may be re-appointed for one further term not exceeding five years.
(c) The Minister must appoint at least five non-executive members of the first Board of the Company for a period not exceeding three years.

 

(4) The Minister must appoint a Chairperson from amongst the members of the Board.

 

(5) The Board may designate any other non-executive member to act as Chairperson if the Chairperson is absent or unable to perform any function.