Financial Sector Regulation Act, 2017 (Act No. 9 of 2017)

Chapter 14 : Ombuds

Part 1 : Ombud Council

181. Terms of office of Board members

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(1)A person appointed as a member of the Board
(a)holds office for a term of no longer than five years, as the Minister may determine;
(b)is, at the expiry of that term of office, eligible for re-appointment for one further term; and
(c)must vacate office before the expiry of a term of office if that person—
(i)resigns by giving at least three months written notice to the Minister, or a shorter period that the Minister may accept; or
(ii)is removed from office.

 

(2)The Minister must, at least three months before the end of a person’s first term of office, inform the person whether or not the Minister intends to re-appoint the person as a member of the Board.

 

[Section 181 to take effect on 1 April 2020, per Notice No. 1130 of 2019, GG 42677, dated 30 August 2019]