| (a) | appoint the chairperson and other members of the Companies Tribunal no later than the date on which this Act comes into operation; and |
| (b) | appoint a person to fill any vacancy on the Tribunal. |
(1A)
| (a) | The chairperson of the Tribunal is the accounting authority of the Tribunal and is responsible for— |
| (i) | the control and management of the Tribunal; |
| (ii) | the effectiveness and efficiency of the Tribunal; |
| (iii) | all the income and expenditure of the Tribunal; |
| (iv) | all assets and the discharge of liabilities of the Tribunal; and |
| (v) | the proper diligent implementation of the Public Finance Management Act, 1999 (Act No. 1 of 1999), with respect to the Tribunal. |
| (b) | In order to assist him or her with the functions contemplated in this subsection, the chairperson may appoint— |
| (i) | a Chief Operating Officer for a period of five years, who may be reappointed for a further period of five years; and |
| (ii) | one or more senior managers, under such terms and conditions as determined by the chairperson. |
| (c) | The Chief Operating Officer is responsible to perform as the Chief Operating Officer of the Tribunal, subject to— |
| (i) | this Act and its regulations; |
| (ii) | the Public Finance Management Act and its regulations; and |
| (iii) | the policies and directions of the Tribunal. |
| (d) | The Chief Operating Officer is responsible for appointing such other employees as may be required for the proper functioning of the Tribunal: Provided that the chairperson, in consultation with the Minister, may determine the remuneration, allowances, employment benefits and other terms and conditions of employees appointed in terms of this paragraph. |
| (e) | The Minister must, in consultation with the Minister of Finance, determine the remuneration, allowances, benefits and conditions of appointment of— |
| (i) | members of the Tribunal; and |
| (ii) | the Chief Operating Officer. |
[Section 194(1A) inserted by section 21 of the Companies Amendment Act 16 of 2024, Notice No 5082, GG50991, dated 30 July 2024 – effective 27 December 2024 per Notice 238, GG51837 dated 27 December 2024]
| (a) | appointed as chairperson or member of the Tribunal unless the person satisfies the requirements of section 205; or |
| (b) | reappointed to a second term as chairperson of the Tribunal. |
| (3) | The Tribunal must comprise— |
| (a) | persons with suitable qualifications and experience in economics, law, commerce, industry or public affairs; and |
| (b) | sufficient persons with legal training and experience to satisfy the requirements of section 195(3)(a). |
| (4) | The Minister must designate a member of the Tribunal as deputy chairperson of the Tribunal. |
| (5) | The deputy chairperson performs the functions of chairperson whenever— |
| (a) | the office of chairperson is vacant; or |
| (b) | the chairperson is for any other reason temporarily unable to perform those functions. |
| (6) | Sections 206 and 207 apply to the chairperson and other members of the Tribunal. |
| (7) | The chairperson and each other member of the Tribunal serves for a term of five years and may, subject to subsection (2)(b), be reappointed for a second term. |
