Section 13
Substitution of section 8
of Securities Commission (Amendment) Act 2015
The principal Act is amended by substituting for section 8
the following section:
“Revocation of appointment
Quoted provision
Section 8
The Minister may, at any time, revoke the appointment of a member of the Board if the member—
(a)
becomes of unsound mind or otherwise becomes incapable of discharging his functions;
(b)
is absent from three consecutive meetings of the Board, in the case of the Chairman, without leave of the
Minister and in the case of the Deputy Chief Executive or other members of the Board, without leave of the
Chairman;
(c)
conducts himself in such a way as to bring disrepute to the Commission;
(d)
fails to comply with his obligations under section 13;
or
(e)
is disqualified under section 5.”.