RESERVE BANK ACT 1959 - SECT 18 Termination of appointment

RESERVE BANK ACT 1959 - SECT 18

  (1)   If a member of the Reserve Bank Board appointed under paragraph   14(1)(d):

  (a)   becomes permanently incapable of performing his or her duties; or

  (b)   becomes bankrupt, applies to take the benefit of any law for the relief of bankrupt or insolvent debtors, compounds with his or her creditors or makes an assignment of his or her remuneration for their benefit; or

  (d)   is absent, except on leave granted by the Reserve Bank Board in accordance with section   18A, from all meetings of the Reserve Bank Board held during 2 consecutive months or during any 3 months in any period of 12 months; or

  (e)   fails to comply with his or her obligations under subsection   18A(3) ;

the Treasurer shall terminate his or her appointment.

Note:   The appointment of a member appointed under paragraph   14(1)(d) 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   7A of this Act.

  (2)   In this section, month means any of the 12 months of the year.