Reserve Bank Act 1959

The Treasurer may terminate the appointment of an external Governance Board member:

for misbehaviour; or

if the member is unable to perform the duties of the member’s office because of physical or mental incapacity.

The Treasurer must terminate the appointment of an external Governance Board member 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 the member’s creditors; or

makes an assignment of the member’s remuneration for the benefit of the member’s creditors; or

the member is absent, except on leave of absence, from:

2 consecutive meetings of the Governance Board; or

3 meetings of the Governance Board in any period of 12 months; or

the member is or becomes:

a staff member of the Reserve Bank Service; or

a person appointed or engaged under the Public Service Act 1999; or

a director, officer or employee of an ADI.

The appointment of an external Governance Board member may also be terminated under section 30 of the Public Governance, Performance and Accountability Act 2013 (which deals with terminating the appointment of an accountable authority, or a member of an accountable authority, for contravening general duties of officials).