Financial Sector Regulation Act, 2017 (Act No. 9 of 2017)Chapter 15 : Financial Services TribunalPart 2 : Financial Services Tribunal221. Term of office and termination of membership |
| (1) | A Tribunal member holds office for— |
| (a) | three years from the date of the member’s appointment; or |
| (b) | if a shorter period is specified in the appointment of the Tribunal member, that shorter period. |
| (2) | A Tribunal member may be re-appointed at the expiry of a term. |
| (3) | A person may resign as a Tribunal member by giving at least three months written notice to the Minister, or a shorter period of notice that the Minister may accept. |
| (4) | The Minister must terminate a person’s appointment as a Tribunal member if the member becomes a disqualified person. |
| (5) | The Minister may terminate a person’s appointment as a Tribunal member if— |
| (a) | the member is unable to perform the functions of office for health or other reasons; or |
| (b) | an independent inquiry established by the Minister has found that the member— |
| (i) | has failed in a material way to discharge any of the responsibilities of office; or |
| (ii) | has acted in a way that is inconsistent with continuing to hold the office. |
| (6) | If an independent inquiry has been established in terms of subsection (5)(b) in relation to a member, the Minister may suspend the member from office pending a decision on the removal of the member. |
| (7) | A Tribunal member holds office on terms and conditions, including as to remuneration, not inconsistent with this Act, determined by the Minister. |