Finance No. 1/2019 (c) may, in addition to consisting of moneys allocated by the Reserve Bank, include a sums received by it under section 97(2)(b) from the Recovered Assets Fund and any moneys appropriated by Act of Parliament for the purposes of the AMU. (6) The Director-General shall vacate his or her office— (a) if he or she tenders his or her resignation, in writing, to the Governor, giving such period of notice as may be provided for in his or her conditions of employment; or (b) on the date he or she begins to serve a sentence of imprisonment imposed without the option of a fine in any country; or (c) if he or she is found guilty of gross misconduct or incompetence, following a disciplinary process; or (d) he is or she is no longer able to perform his or her functions due to infirmity of body or mind. (7) The AMU shall operate independently of the Reserve Bank but be subject to any directions the Governor may from time to time give to the Director-General in writing. 100B  Functions and powers of AMU (1) Subject to this Act, the function of the AMU shall be to act as receiver or trustee for all property for which a receiver or trustee may be appointed in terms of section 37K, 41(2)(c), 69(2) or 82(1)(c), for which purpose it may do anything that is reasonably necessary to preserve the property and its value including, without limiting the generality of the foregoing— (a) becoming a party to any civil proceedings that affect the property; (b) causing that the property to be insured; (c) realising or otherwise dealing with the property if it is perishable, subject to wasting or other forms of loss, its value is volatile or the cost of its storage or maintenance is likely to exceed its value, subject to the proviso that this power may only be exercised without the prior approval of the court in circumstances where— (i) all persons known by the AMU to have an interest in the property consent to the realisation or other dealing with the property; or (ii) the delay involved in obtaining such approval is likely to result in a significant diminution in the value of the property; or (iii) the cost of obtaining such approval would, in the opinion of the AMU, be disproportionate to the value of the property concerned; (d) if the property consists, wholly or partly, of a business— (i) employing, or terminating the employment of, persons in the business; and (ii) doing any other thing that is necessary or convenient for carrying on the business on a sound commercial basis; and 20 2019

Select target paragraph3

Add to table of contents