South Australian Current Acts

SUPERANNUATION FUNDS MANAGEMENT CORPORATION OF SOUTH AUSTRALIA ACT 1995 - SECT 19

19—Chief executive officer

        (1)         The Governor must appoint a person nominated by the board to be the chief executive officer of the Corporation.

        (2)         The board may nominate one of their number or any other suitable person.

        (3)         The chief executive officer will be appointed for a term, not exceeding five years, specified in the instrument of appointment and will, at the expiration of the term of appointment, be eligible for reappointment.

        (4)         The Governor may remove the chief executive officer from office—

            (a)         for misconduct; or

            (b)         for failure or incapacity to carry out the duties of his or her office satisfactorily; or

            (c)         without limiting paragraph (b)—for non-compliance by the chief executive officer with a duty imposed by this Act.

        (5)         The office of the chief executive officer becomes vacant if he or she—

            (a)         dies; or

            (b)         completes a term of office and is not reappointed; or

            (c)         resigns by written notice to the Minister; or

            (d)         becomes bankrupt or applies to take the benefit of a law for the relief of insolvent debtors; or

            (e)         is convicted of an indictable offence or sentenced to imprisonment for an offence; or

            (f)         in the case of a chief executive officer who is also a director—ceases to be a director; or

            (g)         is removed from office under subsection (4).

        (6)         The chief executive officer is entitled to be paid such remuneration, allowances and expenses as the board determines.

        (7)         The chief executive officer is an employee of the Corporation and is responsible to the board for the day to day management of the Corporation.