Cap. 601 Art. 63Government Securities Board.

(1) (a) There shall be a Government Securities Board which shall be composed of three (3) persons and is charged with the safe custody of all Government securities.

(b) The Permanent Secretary for the Ministry responsible for finance, shall ex officio, be chairman, whilst the other two (2) members shall be appointed for a fixed term of not more than three (3) years by the Minister on such terms and conditions as may be specified in their letter of appointment.

(c) The Board shall be assisted by a Secretary.

(d) Any member of the Government Securities Board may, during tenure of office, be removed by the Minister where he is satisfied that there has been a clear case of misbehaviour by the member or inability of a member to perform his functions or where such circumstances exist that would disqualify such a member from remaining a member of the Government Securities Board.

(e) A member of the Government Securities Board may resign from office by a letter addressed to the Minister.

(2) The Government Securities Board shall only have custody of such securities on behalf of the Government of Malta and it shall not be lawful for the Government Securities Board to take any measures in respect of such securities save as provided for by this Act.

(3) Securities held in respect of each fund or account shall be kept separate and apart from those of any other fund or account and shall be kept and used solely for the purpose of that fund or account.