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
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2019
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