Financial Services Board Act, 1990 (Act No. 97 of 1990)7. Term of office of members of board, and filling of vacancies |
| (1) | A member or alternate member of the board shall hold office, subject to the provisions of section 6, for such period, not exceeding three years, as the Minister may determine at the time of his or her appointment: Provided that— |
| (a) | the term of office of not more than 50 per cent of the members or alternate members of the board shall expire within any calendar year; and |
| (b) | if at the expiry of the term of office of a member or alternate member of the board a successor has not been appointed as provided for in this subsection, such member or alternate member shall continue in office for a further period not exceeding six months until reappointed or until a successor is appointed, whichever occurs first. |
[Section 7(1) substituted by section 6 of Act No. 12 of 2000]
| (2) | If a member or an alternate member of the board for any reason vacates his office, the Minister may appoint a person to act in the place of such member or alternate member for the unexpired period of his term of office. |
[Section 7(2) substituted by section 21 of Act No. 22 of 2008]
| (3) | Any person whose term of office as a member or an alternate member of the board has expired, shall be eligible for reappointment. |