Section 54: Monetary Policy Committee
consolidated text (as at 2016, amended since). juris shows the text as it was consolidated; it does not confirm that this is the law in force today.
54. Monetary Policy Committee
(1) There is set up for the purposes of section 5 (1) (a) and (2) (a) a
Monetary Policy Committee which shall consist of—
(a) the Governor, who shall be the Chairperson of the Committee;
(b) the 2 Deputy Governors;
(c) 2 other persons, having recognised experience in the field of
economics, banking or finance, to be appointed by the Prime
Minister; and
(d) 3 other persons, not being Directors or employees of the Bank,
having recognised experience in the field of economics, banking
or finance, to be appointed by the Minister.
(2) The persons referred to in subsection (1) (d) shall—
(a) not be actively engaged in any political activity; and
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Bank of Mauritius Act
(b) be appointed on such terms and conditions as the Minister may
determine.
(2A) The Committee shall publish a Code of Conduct to govern its meetings and report once a year to the Board regarding its compliance with the
Code of Conduct.
(2B) At any meeting of the Committee, 5 members, including at least
4 members appointed under subsection (1) (c) and (d), shall constitute a
quorum.
(2C) (a) The Chairperson of the Committee may authorise a member of
the Committee to participate in a meeting of the Committee through teleconferencing where, prior to the meeting, the member has, by notification to the
Chairperson, requested such an authorisation.
(b) A member who participates in a meeting through teleconferencing shall be treated as being present at the meeting and shall be entitled to
vote.
(c) For the purpose of this subsection, “teleconferencing” means
two-way communication by video, telephone or any other means using modern technology.
(2D) Every member of the Committee, other than the Governor and the
Deputy Governors, shall take an oath of confidentiality in the form set out in
the Fifth Schedule.
(2E) A decision of the Committee shall be taken by a simple majority of
the members present and voting except that, in the event of an equality of
votes, the Chairperson of the Committee shall have and exercise a second or
casting vote.
(3) The Committee shall, subject to this section, regulate its meetings
and proceedings in such manner as it may determine.
[S. 54 amended by s. 4 (b) of Act 14 of 2009 w.e.f. 30 July 2009; s. 3 (e) of Act 38 of 2011
w.e.f. 15 December 2011; s. 2 (f) of Act 27 of 2012 w.e.f. 22 December 2012; s. 3 (g) of
Act 9 of 2015 w.e.f. 14 May 2015.]