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Board of Agency.
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12.—(1) The Board of the Agency shall, subject to this Act—
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(a) ensure that the functions of the Agency are being performed effectively,
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(b) set the strategic objectives and targets to be met by the Agency, and
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(c) ensure that the objectives and targets are met.
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(2) The Board shall consist of a Chairperson and 4 ordinary members.
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(3) The Chief Executive Officer of the National Treasury Management Agency shall be the Chairperson of the Board of the Agency.
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(4) The ordinary members of the Board shall be appointed by the Minister.
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(5) (a) Subject to subsection (9), the term of office of an ordinary member is 5 years.
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(b) The members of the Board shall each be paid such remuneration and such allowances for expenses as the Minister determines at the time of the appointment of the ordinary member or Chairperson.
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(c) Each ordinary member of the Board shall hold office on such terms (other than the term of office, payment of remuneration and allowances for expenses) as the Minister determines at the time of the member's appointment.
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(6) A member of the Board shall be disqualified from becoming or continuing as a member of the Board if he or she—
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(a) is adjudged a bankrupt,
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(b) makes a composition or arrangement with creditors,
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(c) is convicted of an indictable offence in relation to a corporate body, including an offence under the Companies Acts, 1963 to 2001,
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(d) is convicted of an offence involving fraud or dishonesty, or
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(e) is disqualified or restricted from being a director of any company.
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(7) An ordinary member of the Board may at any time resign his or her membership by letter addressed to the Minister and the resignation shall take effect from the date specified in the letter or upon receipt of the letter by the Minister, whichever is the later.
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(8) An ordinary member of the Board may at any time for stated reasons be removed from membership of the Board by the Minister if, in the Minister's opinion, the member has become incapable through ill-health of performing his or her functions, or has committed stated misbehaviour, or his or her removal appears to the Minister to be necessary for the effective performance by the Board of its functions.
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(9) If an ordinary member of the Board dies, resigns, retires, becomes disqualified or is removed from office, the Minister may appoint a person to be a member to fill the casual vacancy so occasioned and the person so appointed shall be appointed in the same manner as, and for the remainder of the term of office of, the member of the Board who occasioned the casual vacancy.
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(10) An ordinary member of the Board whose period of membership expires by the passage of time shall be eligible for re-appointment as a member of the Board, but shall not serve more than 2 terms.
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(11) The Minister shall, in so far as is practicable and having regard to relevant experience, ensure an equitable balance between men and women in the composition of the Board.
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