RESERVE BANK ACT 1959 - SECT 25L Termination of appointment
RESERVE BANK ACT 1959 - SECT 25L
Termination of appointment(1) The following provisions apply to the member of the Payments System Board referred to in paragraph 25A(b):
(a) the Governor may, at any time, terminate the member's appointment;
(b) the member's appointment is terminated automatically if he or she ceases to be a member of the Reserve Bank Board or 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 he or she ceases to be an APRA member or an APRA staff member.
(3) The Treasurer may terminate the appointment of a member of the Payments System Board referred to in paragraph 25A(d) for misbehaviour or physical or mental incapacity.
(4) The Treasurer must terminate the appointment of a member of the Payments System Board referred to in paragraph 25A(d) if:
(a) the member becomes permanently incapable of performing his or her duties; or
(ii) applies to take the benefit of any law for the relief of bankrupt or insolvent debtors; or
(iii) compounds with his or her creditors; or
(iv) makes an assignment of his or her remuneration for the benefit of his or her 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 a member referred to in paragraph
25A(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.