Chapter 13: Finance
compiled in accordance with a process prescribed by national legislation; and
(d) two other persons.
[Sub-s (1) substituted by s. 2 of the Constitution Fifth Amendment Act of 1999] and substituted by s.
7(a) of the Constitution Seventh Amendment Act of 2001.]
(1A) � National legislation referred to in subsection (1) must provide for the participation
of(a) the Premiers in the compilation of a list envisaged in subsection (1) (b); and
(b) organised local government in the compilation of a list envisaged in subsection
(1) (c).
�
[Sub-s. (1A) inserted by s. 7(b) of the Constitution Seventh Amendment Act of 2001.]
(2) � Members of the Commission must have appropriate expertise.
(3) � Members serve for a term established in terms of national legislation. The President
may remove a member from office on the ground of misconduct, incapacity or
incompetence.
Reports
222. � The Commission must report regularly both to Parliament and to the provincial
legislatures.
central bank
Establishment
223. � The South African Reserve Bank is the central bank of the Republic and is regulated in
terms of an Act of Parliament.
Primary object
224. � (1)
The primary object of the South African Reserve Bank is to protect the value of
the currency in the interest of balanced and sustainable economic growth in the
Republic.
(2) � The South African Reserve Bank, in pursuit of its primary object, must perform its
functions independently and without fear, favour or prejudice, but there must be
regular consultation between the Bank and the Cabinet member responsible for
national financial matters.
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