Central Bank Act, 1989.

Composition of Board of Directors.

14.—(1) Subject to subsection (3), the Principal Act is hereby amended—

(a) by the substitution of the following subsection for subsection (3) of section 5:

“(3) The Bank shall be conducted and managed in accordance with this Act by a Board of Directors consisting of—

(a) a Governor, and

(b) such number of other Directors (not exceeding nine and not including at any one time more than two service Directors) as the Minister shall from time to time determine.”;

(b) by the deletion of sections 14 (5), 23 (7) and 29;

(c) by the substitution of the following section for section 24:

“Tenure of office of the Directors.

24.—(1) Every Director (other than a service Director and a Director appointed to fill a casual vacancy) shall, unless he sooner dies, resigns or becomes disqualified, hold office for five years from the expiration by effluxion of time of the term of office of his predecessor.

(2) Every Director (other than a service Director) who is appointed for a purpose other than filling a vacancy amongst the Directors (other than as aforesaid) shall, unless he sooner dies, resigns or becomes disqualified, hold office for five years from the day as on and from which he is appointed.

(3) Every service Director shall hold office at the pleasure of the Minister and may be removed by the Minister at any time.

(4) A person appointed to fill a casual vacancy in the office of Director (other than the office of a service Director) shall hold office for the residue of the term for which the Director whose death, resignation, or disqualification created the vacancy would have held office if he had not died, resigned or become disqualified.”;

(d) in section 28 (which relates to notices of vacancies and appointments of certain Directors) by the substitution of the following subsection for subsection (1):

“(1) This section applies only to Directors who are not service Directors.”.

(2) Subject to subsection (3), the Act of 1971 is hereby amended by the deletion of section 53.

(3) (a) Any person who, immediately before the coming into operation of this section, was a banking Director shall, unless his term of office expires on such coming into operation, continue to hold office for the period of 3 months thereafter unless he sooner dies, resigns or becomes disqualified.

(b) In respect of each Director to whom paragraph (a) applies, the provisions of sections 14 (5), 23 (7) and 29 of the Principal Act and section 53 (3) of the Act of 1971 shall continue to apply to him, until he ceases to be a banking Director in accordance with paragraph (a), as if this section had not been enacted.