Section 12Part 2 — Establishment, Capital and Administration of Authority
Appointment of directors
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The directors referred to in paragraph (b) of section 11(2) shall be appointed by the Cabinet.
The directors so appointed —
shall not act as delegates on the board from any commercial, financial, agricultural, industrial or other interests with which they may be connected;
shall hold office for a term of three years and shall be eligible for re-appointment; and
may be paid by the Authority out of the funds of the Authority such remuneration and allowances as may be determined by the Cabinet.
Paragraphs (b) and (c) of subsection (2) shall not apply to a director who is appointed managing director under section 13.
If any director appointed under subsection (1) dies, resigns or otherwise vacates that director's office before the expiry of the term for which that director has been appointed, another person may be appointed by the Cabinet for the unexpired period of the term of office of the director in whose place that person is appointed.
Defined Terms
directorsterm of officeremunerationallowances
Cross References
- Section 11 of Monetary Authority Actexternal
board of directors composition
- Section 13 of Monetary Authority Actexternal
managing director appointment