Commonwealth Numbered Acts

AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY ACT 1998No. 50, 1998 - SECT 31

(1) The appointment of a Board member (other than the CEO) is immediately terminated if the member becomes a director, officer or employee of a body regulated by APRA.

Ordinary members

(2) The Treasurer may terminate the appointment of an ordinary member:

(a) for misbehaviour or physical or mental incapacity; or

(b) if 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) if the member is absent, except on leave of absence, from 3 consecutive meetings of the Board; or

(d) if the member engages in paid employment that, in the Treasurer's opinion, conflicts with the proper performance of the duties of his or her office; or

(e) if the member fails, without reasonable excuse, to comply with section 21 of the Commonwealth Authorities and Companies Act 1997 .

(3) The Governor of the Reserve Bank may at any time terminate the appointment of a Reserve Bank representative member.

(4) The appointment of a Reserve Bank representative member is immediately terminated if the member ceases to be any of the following:

(a) the Governor of the Reserve Bank;

(b) the Deputy Governor of the Reserve Bank;

(c) an officer of the Reserve Bank Service.

(5) The Chairperson of ASIC may at any time terminate the appointment of an ASIC representative member.

(6) The appointment of an ASIC representative member is immediately terminated if the member ceases to be an ASIC member or a member of the staff of ASIC.