Management and Investment Companies Act 1983
7Membership of Board
Start here
Get a plain-English read of 7
Turn the raw legal text into a practical explanation grounded in Management and Investment Companies Act 1983.
7 Membership of Board
(1) The Board shall consist of: (a) the Chairman; (b) the officer who is for the time being holding or performing the duties of an office in the Department, being an office designated by the Minister, by notice published in the Gazette, for the purposes of this paragraph; and (c) not less than 4 nor more than 6 other members. (2) The Chairman and the members referred to in paragraph (1)(c) shall be appointed by the Governor‑General and shall be so appointed as part‑time members. (3) A person shall not be appointed by the Governor‑General as a member unless he appears to the Governor‑General to be qualified for appointment by virtue of his knowledge of, or experience in, industry, commerce, finance, economics, marketing, management, public administration or a field of technology, but the Board shall not at any time include more than one person appointed by virtue of his knowledge of, or experience in, public administration. (4) An appointed member holds office for such period, not exceeding 3 years, as is specified in the instrument of his appointment, but is eligible for re‑appointment. (5) An appointed member holds office on such terms and conditions (if any) in respect of matters not provided for by this Act as are determined by the Governor‑General.