25LTermination of appointment

#### 25L Termination of appointment (1) The following provisions apply to the Bank’s PSB member: (a) the Governor may, at any time, terminate the member’s appointment; (b) the member’s appointment is terminated automatically if: (i) the member ceases to be a member of the Monetary Policy Board or Governance Board, or both, and as a result, is not a member of either of those Boards; or (ii) the member ceases to be a staff member of the Reserve Bank Service. (2) The following provisions apply to the member of the Payments System Board referred to in paragraph 25A(c): (a) APRA may, at any time, terminate the member’s appointment; (b) the member’s appointment is terminated automatically if the member ceases to be an APRA member or an APRA staff member. (3) The Treasurer may terminate the appointment of an external Payments System Board member: (a) for misbehaviour; or (b) if the member is unable to perform the duties of the member’s office because of physical or mental incapacity. (4) The Treasurer must terminate the appointment of an external Payments System Board member if: (b) the member: (i) becomes bankrupt; or (ii) applies to take the benefit of any law for the relief of bankrupt or insolvent debtors; or (iii) compounds with the member’s creditors; or (iv) makes an assignment of the member’s remuneration for the benefit of the member’s creditors; or (c) the member is absent, except on leave of absence granted by the Payments System Board, from: (i) 2 or more consecutive meetings of the Payments System Board; or (ii) 3 or more meetings of the Payments System Board in any period of 12 months. > Note: The appointment of an external Payments System Board member may also be terminated under section 30 of the Public Governance, Performance and Accountability Act 2013 (which deals with terminating the appointment of an accountable authority, or a member of an accountable authority, for contravening general duties of officials). That section applies to the member because of section 7F of this Act.