Section 60: Tenure, cessation of membership and casual vacancy (amended by Section 8 of the Asset Management Corporation of Nigeria (Amendment) Act, 2015)

(1)
Subject to sub-section (2) of this section, members of the Board of Trustees, except the members nominated by eligible financial institutions who shall only hold office for a term of two years, shall hold office for as long as they continue to hold the office by virtue of which they were appointed to the Board of Trustees.
(2)
A member of the Board of Trustees shall, cease to horl office as a member if he ceases for any reason howsoever to hold the office by reason of which he holds membership of the Board of Trutees.
(3)
where a vacancy occurs as a result of the death, resignation, retirement, disqualification or removal of a member of the Board of Trustees, the parastatal or eligible financial institution that the member represents on the Board of Trustees shall nominate another of its members to fiIl the vacancy so occasioned, for the remainder of the term of office of the member whose death, resignation, retirement, disqualification or removal occasioned the vacancy.