Section 85B: The Financial Services Promotion Agency
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.
85B. The Financial Services Promotion Agency
(1) There is established for the purposes of this Act a Financial Services
Promotion Agency.
(2) The Agency shall be a body corporate and shall be administered and
managed by a Board.
(3) The Board shall consist of a Chairperson and not more than 4 other
members appointed by the Minister.
(4) Every member shall hold office for a period of 3 years on such terms
and conditions as the Minister may determine and shall be eligible for reappointment.
(5) Every member shall be paid such fees as the Board may, with the approval of the Minister, determine.
(6) The Board shall meet as often as is necessary but not less than once
every month and at such time and place as the Chairperson may determine.
(7) In the absence of the Chairperson at a meeting of the Board, the
members present shall elect a member to act as Chairperson for that meeting.
(8) At any meeting of the Board, 3 members shall constitute a quorum.
(9) The Board may co-opt such other person as may be of assistance in
relation to any matter before the Board.
(10) Any person co-opted under subsection (9) shall have no right to
vote on any matter before the Board.
(11) (a) The Director shall, unless otherwise directed by the Board, attend every meeting of the Board.
(b) The Director may take part in the deliberations of the Board but
shall not be entitled to vote on any matter before the Board.
(12) Subject to this section, the Board shall regulate its meetings and
proceedings in such manner as it may determine.
(13) (a) The Agency shall, for the purpose of this Part, establish a General Fund into which shall be paid all sums received from the Consolidated
Fund.
(b) There shall be paid out of the General Fund all payments required
to be made by the Agency and all charges on the Agency.
[Issue 7] F10 – 52 (2)
Revised Laws of Mauritius
(c) The Agency shall, not later than 3 months before the commencement of each financial year, submit to the Minister, for approval, an
estimate of its income and expenditure for that financial year.
(14) Subject to subsection (15) and to such instructions as it may give or
rules of a general nature as it may make, the Board may delegate to the Director or any other employee such of its powers and functions under this
Part as may be necessary to assist in the effective management of the
Agency other than the power to—
(a) borrow money;
(b) raise loans;
(c) enter into any transaction in respect of capital expenditure which
exceeds one million rupees.
(15) No document shall be executed or signed by or on behalf of the
Agency unless it is signed by the Director, or, in the absence of the Director,
by any other employee appointed by the Board for that purpose.
[S. 85B inserted by s. 18 (b) of Act 9 of 2015 w.e.f. 14 May 2015.]