6Reserve Bank Board

6 Reserve Bank Board

(1) The members of the Commonwealth Bank Board appointed under paragraph (d) of subsection (1) of section thirteen of the Commonwealth Bank Act 1945‑1953 and holding office immediately before the commencing date shall, subject to the Reserve Bank Act 1959, continue to hold office, as members of the Reserve Bank Board, but otherwise in accordance with their respective periods of appointment, as if they had been appointed under paragraph (d) of subsection (1) of section fourteen of the Reserve Bank Act 1959. (2) Where, by reason of the number of members of the Commonwealth Bank Board who, by virtue of the last preceding subsection, continue to hold office as members of the Reserve Bank Board being less than seven, there is a vacancy in the membership of the Reserve Bank Board on the commencing date, a person appointed under paragraph (d) of subsection (1) of section fourteen of the Reserve Bank Act 1959 (not being an officer of the Reserve Bank Service or of the Public Service of the Commonwealth) to fill the vacancy may, notwithstanding subsection (4) of that section, be appointed for such period as the Governor‑General determines.