South African Reserve Bank Amendment Act 4 of 2010

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4 of 2010

The South African Reserve Bank Amendment Act 4 of 2010 aims:

  • to amend the South African Reserve Bank Act, 1989, so as:
    • to provide for the amendment of certain definitions, the insertion of new definitions and the deletion of a definition;
    • to provide for the establishment of a Panel for the election of directors to the Board and the functions of the Panel;
    • to reinforce the requirements regarding the limitation on shareholding in the South African Reserve Bank and to prevent the abuse of those provisions;
    • to provide for the nomination of directors by a broader base of the South African public and to broaden representation on the Board of the South African Reserve Bank;
    • to define clear criteria regarding when persons are disqualified from serving on the Board;
    • to provide for the confirmation of Board nominees against "fit and proper" and fiduciary criteria;
    • to clarify the powers and functions of the Board;
    • to provide for the possibility of the Governor and Deputy Governors being re-appointed to serve terms of office of less than five years; and
  • to provide for matters connected therewith.

Commencement

13 September 2010 (Gazette 33551 of 13 September 2010)

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