S.L. 409.18 Art. 4Appointmentofthe Insolvency Fund Managing Board.

(1) The Minister shall appoint a Board, to be known as the Insolvency Fund Managing Board, which shall consist of five-

voting members.

(2) The five voting members of the Board shall be:

(a) two persons to be nominated by the Authority;

(b) two persons to be nominated by the FATTA; and

(c) one person to be nominated by the Minister.

(3) A person shall not be qualified to be appointed as, or to remain, a member of the Board if he is a member of the House of Representatives.

(4) The Chairman, who shall preside the said Board, shall be appointed by the Minister in consultation with FATTA.

(5) The members of the Board shall hold office for a period of three (3) years, and shall be eligible for re-appointment.

(6) Any member of the Board may, before the expiration of his term of office, resign by a letter addressed to the Minister.

Provided that any member may be removed from the Board prior to the expiration of his term of office on any of the following grounds:

(a) the member has been guilty of misconduct;

(b) the member is unable and, or incompetent to perform the duties of his office;

(c) the member has acted in gross negligence;

(d) any other acts or omissions unbecoming on a member of the Board.