(1)The governing body of a higher education institution is, on the request of a person appointed to the position of senior lay member of the governing body, to pay such remuneration and allowances to the person as the governing body considers to be reasonable (which are to be commensurate with the nature and amount of the work done by the person in the capacity as senior lay member).
(2)A person appointed to the position may not be a student of, or one of the staff of, the institution during the period of the person’s appointment.
(3)The holding by a person of the position is in all other respects subject to such terms and conditions as are specified by the governing body.