Dormant Accounts Act, 2001
Membership of Board and terms of office of members. |
32.—(1) The Board shall consist of a chairperson and 8 ordinary members. | |
(2) The chairperson and the ordinary members shall be appointed by the Minister and shall include— | ||
(a) an officer of the Minister not below the rank of principal officer, | ||
(b) a person who, in the Minister's opinion, represents the interests of the financial services industry, | ||
(c) 3 persons who— | ||
(i) in the Minister's opinion, have knowledge of, or experience in relation to, the purposes specified in section 42 for which disbursements may be made, and | ||
(ii) are appointed by the Minister after consultation with the organisations that the Minister considers to be representative of the purposes so specified, | ||
and | ||
(d) 3 persons who, in the Minister's opinion, have knowledge of, or experience relating to any other matters that appear to the Minister to be relevant to the Board's functions. | ||
(3) The Minister shall fix the term of office of each member of the Board and, subject to this section, membership shall be on the terms that the Minister may determine. | ||
(4) Four of the ordinary members of the Board appointed under subsection (2) shall hold office for a term not exceeding 3 years, and the remaining ordinary members shall hold office for a term not exceeding 5 years, as determined by the Minister. | ||
(5) (a) A member of the Board whose term of office expires or is about to expire with the passage of time is, subject to paragraph (b), eligible for re-appointment to the Board at the Minister's discretion. | ||
(b) A member of the Board shall not serve more than 2 consecutive terms of office. | ||
(c) The terms of office referred to in paragraphs (a) and (b) shall include any term of office as chairperson. | ||
(6) A member of the Board may resign from office by letter sent to the Minister. |