N5 – Module 3
envisaged in this chapter, or in national legislation, to Parliament, provincial Legislatures and any other authorities determined by national legislation.
The Commission is independent and subject only to the Constitution and the law, and must be impartial.
The Commission must function in terms of an Act of Parliament and, in performing its functions, must consider all relevant factors including those listed in section 214 (2).
Appointment and Tenure of Members 1. The Commission consists of the following women and men appointed by the President as head of the national executive: (a) A chairperson and a deputy chairperson who are full-time members; (b) nine persons, each of whom is nominated by the Executive Council of a province, with each province nominating only one person;
(c) two persons nominated by organised local government in terms of section 163; and (d) nine other persons.
2. Members of the Commission must have appropriate expertise. 3. Members serve for a term established in terms of national legislation.
During a member’s term of office the President may remove the member from office on grounds of misconduct, incapacity or incompetence.
Reports The Commission must report regularly both to Parliament and to provincial Legislatures.
Central Bank
Establishment The South African Reserve Rank is the central bank of the Republic and is regulated in terms of an Act of Parliament.
Primary Object 1. The primary object of the South African Reserve Rank is to protect the value of the currency in the interest of balanced and sustainable economic growth in the Republic.
2. The South African Reserve Bank, in pursuit of its primary object must perform its functions independently and without fear, favour or prejudice; but there must be regular consultation between the Bank and the Cabinet member responsible for national financial matters.
Powers and Functions The powers and functions of the South African Reserve Bank are those customarily exercised and performed by central banks, which powers and functions must be determined by an Act of Parliament and must be exercised or performed subject to the conditions prescribed in terms of that Act.
Provincial and Local Financial Matters
Provincial Revenue Funds 1. There is a Provincial Revenue Fund for each province into which all money specified by an Act of Parliament and received by the provincial government must be paid.
2. Money may be withdrawn from the Provincial Revenue Fund (a) in terms of an appropriation by a provincial Act; or
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