Government Financing Authority Act 1982

The Board consists of not less than 5 and not more than 7 members of whom—

1 is the Under Treasurer; and

the remaining members are persons appointed by the Governor.

Of the persons appointed by the Governor (the appointed members)—

at least 1 must be employed by a semi-government authority; and

at least 1 must have expertise in insurance (demonstrated by relevant qualifications or relevant experience at a senior level in the public or private sector).

At least 1 member of the Board must be a man and 1 must be a woman.

The Governor may appoint a suitable person to be the deputy of a member of the board and the deputy may act in the member's place during the member's absence.

An appointed member is appointed for the term (which must not exceed 3 years) stated in the instrument of appointment and, at the end of the term of appointment, is eligible for re-appointment.

The Governor may remove an appointed member from office if the member—

is guilty of misconduct or neglect of duty; or

is incapable of carrying out the duties of his or her office satisfactorily.

An appointed member's office becomes vacant if the member—

dies; or

completes a term of office and is not re-appointed; or

resigns by written notice to the Treasurer; or

is removed from office under subsection (5).

When an appointed member's office becomes vacant, a person must be appointed to the vacancy if—

the number of members of the Board is less than 5; or

there is no appointed member of the Board employed by a semi-government authority; or

there is no appointed member of the Board with expertise in insurance.