(1)  There is constituted by this Act a board to be known as the "Companies Auditors and Liquidators Disciplinary Board" .

(2)  The Board shall consist of 3 members, of whom –

(a) one shall be an Australian lawyer who has practised as an Australian legal practitioner for not less than 5 years;

(b) subject to subsection (3) , one shall be selected from a panel of 3 persons nominated by the Tasmanian State Council of the Institute of Chartered Accountants in Australia; and

(c) subject to subsection (3) , one shall be selected from a panel of 3 persons nominated by the Tasmanian Division of the Australian Society of Accountants.

(3)  If, after being requested to do so by the Minister, the Tasmanian State Council of the Institute of Chartered Accountants in Australia or the Tasmanian Division of the Australian Society of Accountants fails to nominate a panel of persons in accordance with subsection (2) within such period as may be specified in the request, the Minister may make the nomination in its place.

(4)  The members of the Board shall be appointed by the Governor.

(5)  The member referred to in subsection (2) (a) shall be the Chairman of the Board.

(6)  Schedule 1 has effect with respect to the Board.