INVESTMENTS AND SECURITIES ACT
Section 5: Appointment and tenure of office of members of the board
(1) The Director-General and the three full time Commissioners shall be appointed by the President upon the recommendation of the Minister and confirmation by the Senate.
(2) The Director-General shall hold office for a period of 5 years in the first instance and may be reappointed for a further period of five years and no more.
(3) The three full time Commissioners shall hold office in the first instance for a period of four years and may be re-appointed for a further term of four years and no more.
(4) The Chairman and part-time Commissioners (other than the ex-officio Commissioners) shall each hold office for a term of four years and no more.
(5) Notwithstanding the provisions of subsections (1) and (2) of this section, the President may extend the tenure of office of the Director-General and any of the Commissioners whose term of office has expired until a successor to such Director-General or Commissioner is appointed.
Cite this section
Section 5, INVESTMENTS AND SECURITIES ACT (2007).
https://repo.podus.ai/laws/investments-and-securities-act/section/5/