(1) A director—
(a) holds office for a fixed term as specified in the instrument of appointment; and
(b) holds office on the terms and conditions (including remuneration and allowances) that are specified in the instrument of appointment; and
(c) may be reappointed; and
(d) may resign from office by delivering a signed letter of resignation to the Minister; and
(e) in respect of the office of director, is subject to the Public Administration Act 2004 (other than Part 3 of that Act).
(2) The office of a director becomes vacant if the director—
(a) becomes insolvent under administration; or
(b) is found guilty of an indictable offence; or
(c) is absent from 3 consecutive board meetings without the approval of the board; or
(d) retires, resigns or dies.
S. 526 substituted by No. 73/2016 s. 15.