Australian Prudential Regulation Authority Act 1998

The appointment of an APRA member is immediately terminated if the member becomes a director, officer or employee of a body regulated by APRA.

The Governor‑General may terminate the appointment of an APRA member:

for misbehaviour or physical or mental incapacity; or

if the member:

becomes bankrupt; or

applies to take the benefit of any law for the relief of bankrupt or insolvent debtors; or

compounds with his or her creditors; or

makes an assignment of his or her remuneration for the benefit of his or her creditors; or

in the case of a full‑time member—if the member is absent from duty, except on leave of absence:

for 14 consecutive days; or

for 28 days in any period of 12 months; or

in the case of a part‑time member—if the member is absent, except on leave of absence, from 3 consecutive meetings of APRA; or

in the case of a full‑time member—if the member engages, except with the Minister’s approval, in paid employment outside the functions of his or her office; or

in the case of a part‑time member—if the member engages in paid employment that conflicts or could conflict with the proper performance of the functions of his or her office; or

the member is or becomes a director, officer or employee of a body operating in the financial sector, other than a body regulated by APRA, and the Minister considers that the person is, will be, or could be, prevented from the proper performance of the functions of his or her office because of resulting conflicts of interest; or

if the member fails, without reasonable excuse, to comply with subsection 48A(1) or 48B(1); or

if the member has an interest that has been, or should have been, disclosed under subsection 48A(1) or 48B(1) and that conflicts, or could conflict, to a significant extent, with the proper performance of the functions of his or her office.

In spite of anything contained in this section, if an APRA member:

is an eligible employee for the purposes of the Superannuation Act 1976; and

has not reached his or her maximum retiring age (within the meaning of that Act);

In spite of anything contained in this section, if an APRA member:

is a member of the superannuation scheme established by deed under the Superannuation Act 1990; and

is under 60 years of age;

In spite of anything contained in this section, if an APRA member:

is an ordinary employer‑sponsored member of PSSAP, within the meaning of the Superannuation Act 2005; and

is under 60 years of age;