4.—(1) Subject to the following provisions of this regulation, a person shall hold and vacate office as chairperson or as a Board member of the Fund in accordance with the terms of his or her appointment.
(2) The chairperson and Board members shall be appointed for a term of up to four years, and a person appointed to fill a casual vacancy shall hold office for the remainder of the term of the person in whose place he or she is appointed.
(3) A person may at any time resign as chairperson or as a Board member by giving one month’s notice in writing to the Department and the Department may remove a person from office as chairperson or as a Board member for any reason under paragraph (4) by giving one month’s notice in writing.
(4) The Department may remove a person from office as chairperson or as a Board member if satisfied that the person—
(a)has been convicted of a criminal offence;
(b)has become bankrupt or is the subject of a bankruptcy restrictions order or has had a debt relief order made in respect of him or is the subject of a debt relief restrictions order or has made a composition or arrangement with his or her creditors;
(c)has failed to comply with the terms of his or her appointment;
(d)is otherwise unable or unfit to discharge the functions of a chairperson or Board member.
(5) Where the term of office of the chairperson or of a Board member expires he or she shall be eligible for reappointment for one further term of up to four years.