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Financial Services Ombud Schemes Act, 2004 (Act No. 37 of 2004)

5. Vacating of office by members of Council

 

 

(1) A member of the Council must vacate office—
(a) on resigning as a member;
(b) if the member is discharged by the Minister on the grounds of misconduct or incapacity and such member is afforded a reasonable opportunity to be heard;
(c) if the member becomes an unrehabilitated insolvent;
(d) if the member has at any time been convicted (whether in the Republic or elsewhere) of theft, fraud, forgery or uttering a forged document, perjury, an offence under the Prevention and Combating of Corrupt Activities Act, 2004 (Act No. 12 of 2004), or any offence involving dishonesty for which the member has been sentenced to a period of imprisonment without the option of a fine or to a fine exceeding the prescribed amount;
(e) if the member has been absent for more than two consecutive meetings of the Council without leave of the chairperson presiding at the meeting; or
(f) if the member becomes subject to a disqualification referred to in section 3(2)(b).

 

(2) A member referred to in subsection (1)(f) must inform the Minister of the member’s disqualification in terms of section 3(2)(b) and the Minister must appoint within a reasonable period of time a person under section 3(1) to act in the place of such member for the unexpired period of term of office.