Dormant Accounts Act, 2001

Membership of Board and terms of office of members.

32.—(1) The Board shall consist of a chairperson and 8 ordinary members.

(2) The chairperson and the ordinary members shall be appointed by the Minister and shall include—

(a) an officer of the Minister not below the rank of principal officer,

(b) a person who, in the Minister's opinion, represents the interests of the financial services industry,

(c) 3 persons who—

(i) in the Minister's opinion, have knowledge of, or experience in relation to, the purposes specified in section 42 for which disbursements may be made, and

(ii) are appointed by the Minister after consultation with the organisations that the Minister considers to be representative of the purposes so specified,

and

(d) 3 persons who, in the Minister's opinion, have knowledge of, or experience relating to any other matters that appear to the Minister to be relevant to the Board's functions.

(3) The Minister shall fix the term of office of each member of the Board and, subject to this section, membership shall be on the terms that the Minister may determine.

(4) Four of the ordinary members of the Board appointed under subsection (2) shall hold office for a term not exceeding 3 years, and the remaining ordinary members shall hold office for a term not exceeding 5 years, as determined by the Minister.

(5) (a) A member of the Board whose term of office expires or is about to expire with the passage of time is, subject to paragraph (b), eligible for re-appointment to the Board at the Minister's discretion.

(b) A member of the Board shall not serve more than 2 consecutive terms of office.

(c) The terms of office referred to in paragraphs (a) and (b) shall include any term of office as chairperson.

(6) A member of the Board may resign from office by letter sent to the Minister.