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- Original (As enacted)
This is the original version (as it was originally enacted).
(1)The Regulator is to consist of the following members—
(a)a chairman appointed by the Secretary of State,
(b)the Chief Executive of the Regulator, and
(c)at least five other persons appointed by the Secretary of State after consulting the chairman.
(2)The chairman must not be appointed from the staff of the Regulator or be the chairman of the Board of the Pension Protection Fund (see section 108).
(3)At least two of the members appointed under subsection (1)(c) must be appointed from the staff of the Regulator.
(4)In appointing persons under subsection (1)(c) the Secretary of State must secure that a majority of the members of the Regulator are non-executive members.
(5)No member of the staff of the Board of the Pension Protection Fund is eligible for appointment as a member of the Regulator.
(6)In this Part—
(a)references to executive members of the Regulator are to—
(i)the Chief Executive, and
(ii)the members appointed under subsection (1)(c) from the staff of the Regulator, and
(b)references to non-executive members of the Regulator are to members who are not executive members.
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Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.
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