Commonwealth Consolidated Acts Commonwealth Consolidated Acts(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
(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 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; or
(d) the member fails to comply with his or her obligations under section 27F or 27J of the Commonwealth Authorities and Companies Act 1997 .
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