Section 14Part 2 — Establishment, Capital and Administration of Authority
Disqualification of directors
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No person may be appointed as or remain a director of the Authority who is an elected member of the Legislative Assembly or an official member of the Cabinet.
The Cabinet shall terminate the appointment of any director who —
resigns that director's office;
becomes of unsound mind or incapable of carrying out that director's duties;
becomes bankrupt, suspends payment to or compounds with that director's creditors;
is convicted in the Islands or in any other jurisdiction of an offence involving dishonesty, fraud or any indictable offence;
commits serious misconduct in relation to that director's duties;
is absent, without leave of the chairperson of the board, from three consecutive meetings of the board; or
fails to comply with that director's obligations under section 18.
The Cabinet, in the public interest may terminate the appointment of any director.
Defined Terms
disqualificationdirectorunsound mindbankrupt
Cross References
- Section 18 of Monetary Authority Actexternal
pecuniary interest of director or committee member