The Ministerof Finance intends tabling the Development Bankof Southern Africa Amendment Bill, 2002 in Parliament during the third Parliamentary term. The Bill is published in accordance with Rule 241(l)(c)of the Rules of the National Assembly. Interested persons and institutions are invited to submit written representation on the Bill to the Secretary to Parliament by no later than 9 September 2002.
You can contact Messrs A Hermans/J Michaels or J Russouw at: Fax: (021) 462 2141 Tel: (021) 403 3776/3806/3743 Email: ahermansBpar/iament.gov.za jmichaels@parliament.gov.za jrussouw@parliament.gov.
c brackets omissionsWords in bold type in square indicate from existing enactments.
Words underlined with asolid line indicate insertionsin existing enactments.
To amend the Development Bank of Southern Africa Act, 1997, so as to provide for an increase in the maximum number of directors; and for the appointment of alternate directors; and to provide for matters connected therewith.
Amendment of section 7 of the Act 13 of 1997 1.
"(1)The board of directors of the Bank shall consist of not fewer than ten and not more than [fifteen] 2directors: Provided that if at any time the number of directors holding office [at any time] falls below ten, the remainingdirectors shall manage the affairs of the Bank, until the 10 vacancy or vacancies can be filled by appointments by the Minister or the relevant shareholders, as the case may be."
the insertion after subsection (1) of the following subsection: (1 A) (a)The Minister may appoint alternate directors in addition to directors that are appointed by virtue of their position in government.
The Development Bank of Southern Africa Act, Act 13 of 1997 ("the principle Act"), has been in operation for four years. An evaluation of the provisions has been performed in order to improve the proper operations of the Bank. On the advice of externalexperts on corporategovernance, the Board of Directors has decided to increasethemaximumnumber of directors from 15 to 18 members to ensure that there is acontinuouspresence of shareholder representative directors, independent directors and executive directors. The expansion in the number of directors would improve the balance of interest and representation on the Board of Directors.
The Development Bank of Southern Africa Amendment Bill 2001 gives effect to the decision of the Board of Directors by providing for the amendment of section 7(1) of the principal Act to increase the maximum number of directors from 15 to 18 mem- bers.