Indigenisation and Economic Empowerment Act updated as at 8th May 2015 Provided that in the event of an equality of votes the chairperson or person presiding at the meeting shall have a casting vote in addition to his or her deliberative vote. (8) Subject to this paragraph, the procedure to be followed at any meeting of a committee shall be as fixed by the Board. Minutes of proceedings of Board and committees 8.(1) The Board shall cause minutes of all proceedings of and decisions taken at every meeting of the Board and of every committee to be entered in books kept for the purpose. (2) Any minutes referred to in subparagraph (1) which purport to be signed by the person presiding at the meeting to which the minutes relate or by the person presiding at the next following meeting of the Board or the committee concerned, as the case may be, shall be accepted for all purposes as prima facie evidence of the proceedings and decisions taken at the meeting concerned. (3) The Board and any committee of the Board shall cause copies of all minutes that have been signed as provided in subparagraph (2) to be sent to the Minister for his or her information. Validity of decisions and acts of Board and committees 9. No decision or act of the Board or a committee or act that is authorised by the Board or a committee shall be invalid solely because there was a vacancy in the membership of the Board or the committee or because a disqualified person purported to act as a member of the Board or the committee, as the case may be, at the time the decision was taken or the act was done or authorized. SECOND SCHEDULE (Section 13(2)(b) RULES OF UNIT TRUST ACCOUNT OF FUND PART 1 DEFINITIONS 1. In this Schedule, unless inconsistent with the context, the following words shall have the meanings stated below. 1.1 “Accounting date” means in each year the 31st day of December, or, in the case of the final accounting period, the date on which the moneys required for the distribution account are transferred to the distribution account; 1.2 “Accounting period” means a period commencing from the end of the last or final accounting period (as the case may require) and ending on an accounting date. 1.3 “The auditors” means a qualified accountant or firm of qualified accountants appointed by the chief executive officer with the approval of the Board; 1.4 “Authorised Investment” means any investment for the time being authorised by law and which the chief executive officer or the managers, with the approval of the Board, may select for the purpose of investment of the deposited property; 1.5 “Certificate” means a certificate issued by the Board to a unit holder in terms of this Schedule; 1.6 “Conversion offer” means any offer to exchange units or sub-units of another trust for units of the Unit Trust Account; - 21 -