Section 10: Delegation of powers

10. Delegation of powers (1) Subject to subsection (2) and to such instructions and FSC Rules of a general nature as it may give or make, the Board may delegate to the Chairperson, the Vice-Chairperson, the Chief Executive or to a technical committee such of its powers and functions under the relevant Acts as may be necessary to assist it in the effective management of the Commission other than the power to— (a) borrow money; [Issue 3] F10 – 10 Revised Laws of Mauritius (b) raise loans; (c) enter into any transaction in respect of capital expenditure which exceeds one million rupees; (d) make FSC Rules and issue guidelines under a relevant Act; (e) grant exemption under section 7 (1) (d) from compliance with any FSC Rules and guidelines. (2) (a) Subject to paragraph (b), no document relating to any transaction referred to in subsection (1) shall be executed or signed by or on behalf of the Commission unless it is signed by the Chairperson and the Chief Executive, or, in the absence of the Chairperson, by the Vice-chairperson or any other member appointed by the Board for that purpose. (b) In the absence of the Chief Executive, his powers under paragraph (a) shall be exercised by such employee as by the Board may appoint for that purpose.