Public Investment Commissioners Amendment Act

1. Section 1 of the Public Investment Commissioners Act, 1984 (hereinafter 5 referred to as the principal Act), is hereby amended by the substitution for the definition of "bank" of the following definition: . "bank" means [the South African Reserve Bank mentioned in section 2 of the South African Reserve Bank Act, 1944 (Act No. 29 of 1944)] any bank as defined in section 1 of the Banks Act, 1990 (Act No. 94 of 1990), which has 10 been admitted to a clearing house;". Amendment of section 2 of Act 45 of 1984, as amended by section 21 of Act 77 of 1986, section 18 of Act 80 of 1989, section 9 of Act 51 of 1991 and section 1 of Act .. 76 of1992

2. Section 2 of the principal Act is hereby amended- (a) by the substitution for subsection (1) of the following subsection: 15 "(1) There shall be not · less than three Public Investment Commissioners, who shall exercise the powers and perform the duties conferred or imposed upon the commissioners by this_ Act or'"' any other law."; . 20 . (b) by the substitution for paragraph (b) of subsection (2) of the following paragraph: "(b) not less than two other persons appointed by the Minister."; (c) by the substitution in subsection (7) for the words preceding the proviso of the following words: . "The [Minister or the person designated under. subsection (2)( a) and one person referred to in · subsection (2)(b)] majority of the commissioners, including the Minister or the person designated .. , . . . . . . . 25 4 No. 16548 GOVERNMENT GAZETTE, 21 JULY 1995 Act No. 22, 1995 PUBLIC INVESTMENT COMMISSIONERS AMENDMENT ACT, 1995 under subsection (2)(a), shall form a quorum for a meeting of the commissioners, and the decision of [two] the majority of the commissioners present at a meeting of the commissioners, shall be a decision of the commissioners". Amendment of section 3 of Act 45 of 1984, as amended by section 19 of Act 80 of 5 . 1989

3. Section 3 of the principal Act is hereby amended- ( a) by the substitution for paragraph (a) of subsection (1} of the following paragraph: " (a) which shall consist of not less than three persons appointed by 10 the commissioners, of whom at least one shall be an officer in the department designated for such purpose by the director general; and"; (b) by the substitution for subsection (6) of the following subsection: · "(6) [Two] The majority of the members of the executive 15 committee shall form a quorum for a meeting of the executive committee."; and (c) by the substitution in subsection (8) for the words preceding the proviso of the following words: . "The decision of [two] the majority of the members of the executive 20 committee present at any meeting thereof, shall be a decision of the executive committee". Amendment of section 5 of Act 45 of 1984, as amended by section 23 of Act 77 of 1986

4. Section 5 of the principal Act is hereby amended by the substitution for 25 subsection (3) of the following subsection: "(3) [Subject to the provisions of the South Mrican Reserve Bank Act, 1944 (Act No. 29 of 1944), the] The commissioners may borrow from a bank by way of overdraft, on such conditions as the commissioners and the bank may by mutual agreement determine, such sums of money as they may deem 30 necessary to meet temporary deficits in the bank account, and any interest on such loans shall be paid from the bank account.".· · · · Short title

5. This Act shall be called the Public Investment Commissioners Amendment Act, 19.95. · 35