326.—(1) Subject to subsection (2), a member, other than the ex officio member, of the External Oversight Body shall hold office, unless the member sooner dies, resigns, becomes disqualified or is removed from office, for such period, not exceeding 4 years from the date of his or her appointment, as the Minister shall determine.

(2) Of the ordinary members of the External Oversight Body who are first appointed under this Act—

(a) 3 members shall hold office for a period of 4 years from the date of their respective appointments as such ordinary members, and

(b) the remaining members shall hold office for a period of 3 years from the date of their respective appointments as such ordinary members.

(3) Subject to subsection (4), a member of the External Oversight Body whose term of office expires by the effluxion of time shall be eligible for reappointment to the External Oversight Body.

(4) A person who is reappointed by the Minister to the External Oversight Body in accordance with subsection (3) shall not hold office for consecutive periods of more than 8 years.

(5) The chairperson and ordinary members of the External Oversight Body shall hold office on such terms and conditions (including terms and conditions relating to remuneration and allowances for expenses) as may be determined by the Minister, with the consent of the Minister for Public Expenditure, National Development Plan Delivery and Reform, at the time of appointment or reappointment, and be paid out of moneys at the disposal of the External Oversight Body.

(6) A member of the External Oversight Body may resign from office by notice in writing addressed to the Minister and the resignation shall take effect on the date the Minister receives the notice, or, if a date is specified in the notice and the Minister agrees to that date, on that date.]