Co-operative Banks Act, 2007 (Act No. 40 of 2007)Chapter IX : Co-operative Banks Development AgencyPart 2 : Governance of Agency59. Term of office of members of Agency |
| (1) | A member of the Agency appointed in terms of section 58 holds office for such period, but not exceeding three years, as the Minister may determine at the time of his or her appointment. |
| (2) | A member of the Agency may be reappointed but may not serve more than two consecutive terms of office. |
| (3) | Despite subsection (1), the Minister may, by notice in the Gazette and after consultation with the Agency, terminate the period of office of a member of the Agency— |
| (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. |
| (4) | Despite subsection (1), the Minister may, if the performance of the Agency is unsatisfactory, terminate the period of office of all the members of the Agency. |
| (5) |
| (a) | In the event of the dismissal of all the members of the Agency, the Minister may appoint persons to act as caretakers until competent persons are appointed in terms of section 58. |
| (b) | The Minister must appoint new members in terms of section 58 within three months of the dismissal referred to in paragraph (a). |