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South Africa
NATIONAL LEGISLATION OVERVIEWS

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 South African Reserve Bank Amendment Act, No. 4 of 2010

Long title


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.

Table of contents

SECTION TITLE
1. Amendment of section 1 of Act 90 of 1989...
2. Amendment of section 4 of Act 90 of 1989...
3. Insertion of section 4A in Act 90 of 1989
4. Amendment of section 5 of Act 90 of 1989...
5. Amendment of section 6 of Act 90 of 1989...
6. Amendment of section 8 of Act 90 of 1989
7. Amendment of section 22 of Act 90 of 1989...
8. Amendment of section 23 of Act 90 of 1989...
9. Short title and commencement

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