Schedule 2 to the Principal Act is amended as follows:

(a) by omitting from clause 1(1) "5 years" and substituting "3 years" ;

(b) by omitting subclauses (2) and (3) from clause 1 and substituting the following subclauses:

(2) A director who is also the chief executive officer holds the office of director while he or she is the chief executive officer.

(3) A person is not eligible to be appointed as a director if the person has attained the age of 72 years.

(4) If a director held office as director immediately before the commencement of the Forestry Amendment Act 2002 and his or her instrument of appointment provided for a term of office exceeding 3 years –

(a) subclause (1) does not apply in respect of that term of office; and

(b) the director is entitled to complete that term of office as if that subclause had not been amended by that Act.

(c) by omitting paragraph (b) from clause 7(1) and substituting the following paragraph:

(b) the director fails to disclose a material personal interest as required under the Government Business Enterprises Act 1995 ; or