Pension Fund Act No. 24 of 1956
[ASSENTED TO 28 APRIL 1956] [DATE OF COMMENCEMENT: 1 JANUARY 1958]
(English text signed by the Governor-General) as amended by
7C Object of board
- The object of a board shall be to direct, control and oversee the operations of a fund in accordance with the applicable laws and the rules of the fund.
- In pursuing its object the board shall-
(a) take all reasonable steps to ensurethat the interests of members in terms of the rules of the fund and the provisions of this Act are protected at all times, especially in the event of an amalgamation or transfer of any business contemplated in section 14, splitting of a fund, termination or reduction of contributions to a fund by an employer, increase of contributions of members and withdrawal of an employer who participates in a fund;
(b) act with due care, diligence and good faith;
(c) avoid conflicts of interest;
(d) act with impartiality in respect of all members and beneficiaries.
[S. 7C inserted by s. 2 of Act 22 of 1996.]
7D Duties of board
- The duties of a board shall be to-
(a) ensure that proper registers, books and records of the operations of the fund are kept, inclusive of proper minutes of all resolutions passed by the board;
(b) ensure that proper control systems are employed by or on behalf of the board;
(c) ensure that adequate and appropriate information is communicated to the members of the fund informing them of their rights, benefits and duties in terms of the rules of the fund;
(d) take all reasonable steps to ensure that contributions are paid timeously to the fund in accordance with this Act;
(e) obtain expert advice on matters where board members may lack sufficient expertise;
(f) ensure that the rules and the operation and administration of the fund comply with this Act, the Financial Institutions (Investment of Funds) Act, 1984 (Act 39 of 1984), and all other applicable laws.
[S. 7D inserted by s. 2 of Act 22 of 1996.]