Textual Amendments
F1Sch. 6A inserted (2.7.1998) by 1998 c. 22, s. 7(3), Sch. 2.
Textual Amendments
F2Crossheading inserted (2.7.1998) by 1988 c. 22, s. 7(3), Sch. 2.
F33(1)Subject to the following provisions of this paragraph, a person shall hold and vacate office as chairman or other member of the New Opportunities Fund in accordance with the terms of his appointment.U.K.
(2)The Secretary of State shall not appoint a person to hold office as a member of the New Opportunities Fund for a term of more than five years.
(3)A chairman or member of the New Opportunities Fund may at any time resign his office by notice in writing addressed to the Secretary of State.
(4)A member of the New Opportunities Fund may be removed from office by the Secretary of State on the ground that—
(a)he has been absent for a period longer than three consecutive months from meetings of the Fund without the Fund’s consent,
(b)a bankruptcy order has been made against him, or his estate has been sequestrated, or he has made a composition or arrangement with, or granted a trust deed for, his creditors, or
(c)he is unable or unfit to discharge the functions of his office.
(5)If a chairman of the New Opportunities Fund ceases to be a member of the Fund he shall also cease to be chairman.
(6)A person who ceases, otherwise than by virtue of sub-paragraph (4), to be a member or chairman of the New Opportunities Fund shall be eligible for re-appointment.]
Textual Amendments
F3Sch. 6A para. 3 inserted (2.7.1998) by 1998 c. 22, s. 7(3), Sch. 2.