Commonwealth Consolidated Acts

RESERVE BANK ACT 1959 - SECT 14

             (1)  The Reserve Bank Board shall consist of:

                     (a)  the Governor;

                     (b)  the Deputy Governor;

                     (c)  the Secretary to the Department of the Treasury; and

                     (d)  6 other members, who shall be appointed in writing by the Treasurer in accordance with this section.

             (2)  Of the 6 members appointed under paragraph (1)(d), at least 5 shall be persons who are not officials.

             (3)  A member appointed under paragraph (1)(d) who is an official at the time of his or her appointment holds office during the pleasure of the Treasurer.

             (4)  A member appointed under paragraph (1)(d) who is not an official:

                     (a)  is to be appointed for a period, not exceeding 5 years, specified in the instrument of appointment; and

                     (b)  holds office subject to good behaviour.

             (6)  In this section:

"official" means:

                     (a)  a staff member of the Reserve Bank Service; or

                     (b)  a person appointed or engaged under the Public Service Act 1999 .