1(1)The members of the Regulator appointed by the Secretary of State under section 2(1)(a) or (c) are to be appointed on such terms and conditions as are determined by the Secretary of State.U.K.
(2)Subject to sub-paragraph (3), such a member—
(a)is to hold and vacate office in accordance with the terms and conditions of his appointment, and
(b)may resign or be removed from office in accordance with those terms and conditions.
(3)A person must cease to be a member of the Regulator where—
(a)in the case of the chairman, he ceases to hold that office or becomes a member of the staff of the Regulator;
(b)in the case of any other non-executive member, he becomes a member of the staff of the Regulator;
(c)in the case of an executive member appointed under section 2(1)(c), he ceases to be a member of the staff of the Regulator.
Commencement Information
I1Sch. 1 para. 1 in force at 17.12.2004 by S.I. 2004/3350, art. 2, Sch.