Municipal Systems Act, 2000
R 385
South African Reserve Bank Act, 1989 (Act No. 90 of 1989)Regulations Relating to the South African Reserve BankChapter IV : Directors15. Disclosure of interest |
| 15.1) | Any director, relative of a director, or company, organisation or partnership in which the director has a material interest, wishing to contract with the Bank, must prior to entering into the contract, lodge for disclosure to the Board, as applicable - |
| a) | particulars of the proposed agreement; |
| b) | the director's interest in the agreement; |
| c) | the director's interest in or association with the contracting party. |
| 15.2) | A director having an interest or association described in Regulation 15.1 (b) or (c), must disclose that to the Board and may not vote when the Board decides on the matter. |
| 15.3) | Failure to make the disclosure required by Regulation 15.1 shall render the contract voidable at the instance of the Bank. |
