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Section 12

Revocation of appointment and resignation

of Consumer Credit Act 2025

ActIn forceProvision 12 of 34
Section 12
(1)

The Minister may, on the recommendation of the Board, at any time, revoke the appointment of a member of the Board for any reasons including the following:

(a)

the member is absent from three consecutive meetings of the Board, in the case of the Executive Chairman, without leave of the Minister and in the case of the Deputy Executive Chairman or other members of the Board, without leave of the Executive Chairman;

(b)

the member fails to comply with his obligations under section 20; or

(c)

the member is disqualified under section 19.

24

Act 873

(2)

The revocation of appointment under subsection (1) shall be supported with a reason in writing.

(3)

Any member of the Board may resign his office by giving a written notice addressed to the Minister.