Currency Act, 1927

Term of office of ordinary Commissioners.

19.—(1) Of the first elected Commissioners, one to be selected by lot as soon as may be after election shall, unless he sooner dies, resigns, or becomes disqualified, hold office for one year from the establishment of the Commission, and one other to be similarly selected shall, unless he sooner dies, resigns, or becomes disqualified, hold office for two years from the establishment of the Commission, and one other to be similarly selected shall, unless he sooner dies, resigns, or becomes disqualified, hold office for three years from the establishment of the Commission.

(2) Of the first nominated Commissioners, one to be selected by lot as soon as may be after nomination shall, unless he sooner dies, resigns, or becomes disqualified, hold office for one year from the establishment of the Commission, and one other to be similarly selected shall, unless he sooner dies, resigns, or becomes disqualified, hold office for two years from the establishment of the Commission, and one other to be similarly selected shall, unless he sooner dies, resigns, or becomes disqualified, hold office for three years from the establishment of the Commission.

(3) Subject to the provisions of this section in relation to the first elected Commissioners, the first nominated Commissioners, a Commissioner holding office at the pleasure of the Minister, and persons elected or nominated to fill casual vacancies in the office of ordinary Commissioner, every ordinary Commissioner shall, unless he sooner dies, resigns, or becomes disqualified, hold office for three years from the expiration of the term of office the expiration of which occasions his election or nomination.

(4) A person elected or nominated to fill a casual vacancy in the office of ordinary Commissioner shall hold office for the residue of the term for which the Commissioner whose death, resignation, or disqualification created the vacancy would have held office if he had not died, resigned, or become disqualified.

(5) An ordinary Commissioner retiring on the expiration by effluxion of time of his term of office shall be eligible for re-election or re-nomination (as the case may be).

(6) The following provisions shall apply to or in relation to a nominated Commissioner holding office at the pleasure of the Minister, that is to say:—

(a) such Commissioner may be removed from office at any time by the Minister and, unless he sooner dies, resigns, or becomes disqualified, shall hold office until he is so removed,

(b) the provisions of this section in relation to the term of office of an ordinary Commissioner or of a nominated Commissioner shall not apply to a nominated Commissioner holding office at the pleasure of the Minister,

(c) if one of the first nominated Commissioners is nominated to hold office at the pleasure of the Minister, the terms of office of the other first nominated Commissioners shall be ascertained by lot in accordance with this section with the modification that the terms of office of such other Commissioners shall be two and three years respectively,

(d) whenever a nominated Commissioner who holds office at the pleasure of the Minister vacates his office by any means and his successor is not nominated to hold office at the pleasure of the Minister such successor shall unless he sooner dies, resigns, or becomes disqualified hold office until the next anniversary of the establishment of the Commission on which the term of neither of the other nominated Commissioners expires.