Document ID: chunk:federal_register_of_legislation:C2006C00145:clause:14_25l
Version: federal_register_of_legislation:C2006C00145
Segment Type: clause
Provision Reference: sch 14 cl 25L
Character Range: 181257–183015

25L  Termination of appointment

 (1) The following provisions apply to the member of the Payments System Board referred to in paragraph 25A(b):
 (a) the Governor may, at any time, terminate the member's appointment;
 (b) the member's appointment is terminated automatically if he or she ceases to be a member of the Reserve Bank Board or an officer of the Reserve Bank Service.

 (2) The following provisions apply to the member of the Payments System Board referred to in paragraph 25A(c):
 (a) APRA's Chief Executive Officer may, at any time, terminate the member's appointment;
 (b) the member's appointment is terminated automatically if he or she ceases to be an APRA Board member or an APRA staff member.

 (3) The Governor‑General may terminate the appointment of a member of the Payments System Board referred to in paragraph 25A(d) for misbehaviour or physical or mental incapacity.

 (4) The Governor‑General must terminate the appointment of a member of the Payments System Board referred to in paragraph 25A(d) if:
 (a) the member becomes permanently incapable of performing his or her duties; or
 (b) the member:
 (i) becomes bankrupt; or
 (ii) applies to take the benefit of any law for the relief of bankrupt or insolvent debtors; or
 (iii) compounds with his or her creditors; or
 (iv) makes an assignment of his or her remuneration for the benefit of his or her creditors; or
 (c) is absent, except on leave of absence granted by the Payments System Board, from:
 (i) 2 or more consecutive meetings of the Payments System Board; or
 (ii) 3 or more meetings of the Payments System Board in any period of 12 months; or
 (d) fails to comply with his or her obligations under section 21 of the Commonwealth Authorities and Companies Act 1997.