Cap. 463 Art. 10Board of Directors of Corporation.

(1) The affairs of the Corporation shall be directed by and shall be the responsibility of the Board.

(2) (a) The Board shall consist of not less than six and not more than ten voting members as the Minister may from time to time, appoint.

(b) One of the voting members shall be designated by the Minister to be Chairman of the Board and another voting member may be designated as deputy Chairman.

(3) (a) The members appointed by the Minister shall be persons, except as indicated in paragraph (b), not being public officers or staff of the Corporation, who appear to the Minister to have experience of and show ability in matters relating to industry, trade, finance, education, science, the professions, or organisations of employers or of workers.

(b) The Minister may appoint not more than two public officers one of whom to represent the Ministry responsible for industry and the other representing the Ministry responsible for finance.

(4) Two members appointed by the Minister from a list of five persons that are submitted by constituted bodies which in the opinion of the Minister better represent the interests of the commercial sector, which constituted bodies will be declared in a separate legal notice.

(5) There shall be paid to the voting members of the Board such remuneration, if any, as the Minister may from time to time determine.

(6) Each voting member shall hold office for such term and on such terms and conditions as the Minister may deem proper; members of the Board shall be eligible for re-appointment.

(7) A person shall not be qualified to be appointed, or to remain, a member of the Board if he -

(a) is a judge or magistrate;

(b) is adjudged bankrupt or has entered into any arrangement with his creditors;

(c) is interdicted or incapacitated;

(d) is convicted of an offence affecting public trust, theft, or fraud or of knowingly receiving property obtained by theft or fraud;

(e) is subject to a disqualification under article 320 of the Companies Act.

(8) A voting member of the Board may at any time resign his office by letter addressed to the Minister and the resignation shall take effect from the date specified therein, being a date that does not precede the date of the letter of resignation.

(9) A voting member of the Board may at any time, be removed from membership of the Board by the Minister if, in the Minister’s opinion to be stated in the instrument effecting the removal, the member has become incapable, through ill-health, or any other reasons of performing his functions, or his removal appears to the Minister to be necessary for the effective performance by the Corporation of its functions.

(10) If a voting member of the Board dies, resigns, retires, becomes disqualified or is removed from office, the Minister may appoint a person to be a member of the Board to fill the vacancy so occasioned and the person so appointed shall hold office for the remainder of the period for which the person who occasioned the vacancy was appointed.