Financial Sector Regulation Act, 2017 (Act No. 9 of 2017)Chapter 6 : Administrative ActionsPart 1 : Administrative action committees88. Terms of membership |
| (1) | A person appointed as a member of a financial sector regulator’s administrative action committee who is not a member of the Prudential Committee, the Executive Committee or a staff member of a financial sector regulator holds office for a period not exceeding five years, and on the terms, including terms regarding remuneration, determined by the financial sector regulator. |
| (2) | A member of an administrative action committee whose term expires may be reappointed. |
| (3) | The financial sector regulator that established an administrative action committee may, subject to due process, remove a member of the administrative action committee from office if the member— |
| (a) | is unable to perform the functions of the office effectively; |
| (b) | has failed in a material way to discharge any of the responsibilities of the office; or |
| (c) | has acted in a way that is inconsistent with continuing to hold the office. |
| (4) | Without limiting subsection (3)(b), a member must be taken to have failed in a material way to discharge the responsibilities of office if he or she is absent from two consecutive meetings of the administrative action committee without the leave of the administrative action committee. |