The Reserve Bank is an organisation that has come into being through statute. The Bank cannot amend or change its founding structure; this can only be effected by Parliament.
The South Reserve Bank Act, 1989 (Act 90 of 1989), granted management powers of the Bank to the Board of the Bank.
The Reserve Bank Amendment Act, 2010 (Act No.4 of 2010) states that the Bank's Board is responsible only for the governance of the Bank. All powers and authorities not vested in the Board vest in the Governor and Deputy Governors, i.e. it is the Governor and Deputy Governors of the Bank who are responsible for the management of the Bank.