| (1) | A member of the Regulatory Board appointed in terms of section 11 holds office for such period, but not exceeding three years, as the Minister may determine at the time of his or her appointment. |
[Section 12(1) substituted by section 4 of the Auditing Profession Amendment Act, 2021 (Act No. 5 of 2021), Notice No. 228 of GG44493, dated 26 April 2021]
| (2) | A member of the Regulatory Board may be reappointed, but, subject to subsection (3), may not serve more than two consecutive terms of office. |
| (3) | Despite subsections (1) and (2), the Minister may, by notice in the Gazette and after consultation with the Regulatory Board, extend the period of office of all the members of the Regulatory Board for a maximum period of 12 months. |
| (4) | Despite subsection (1), the Minister may, by notice in the Gazette, after consultation with the Regulatory Board, terminate the period of office of a member of the Regulatory Board— |
| (a) | if the performance of the member is unsatisfactory; |
| (b) | if the member, either through illness or for any other reason, is unable to perform the functions of office effectively; or |
| (c) | if the member, whilst holding office, has failed to comply with or breached any legislation regulating the conduct of members, including any applicable code of conduct. |
| (5) | Despite subsection (1), the Minister may, if the performance of the Regulatory Board is unsatisfactory, terminate the period of office of all the members of the Regulatory Board. |
| (a) | In the event of the dismissal of all the members of the Regulatory Board, the Minister may appoint persons to act as caretakers until competent persons are appointed in terms of section 11. |
| (b) | The Minister must appoint new members in terms of section 11 within three months of the dismissal referred to in paragraph (a). |
