49.— (1) Subject to subsection (2), the Minister shall appoint the Board of ReBo which shall consist of such number of persons as the Minister may determine, including an employee of the Bank nominated by the Governor for appointment as a non-voting member of the Board of ReBo.

(2) Each member of the Board shall be appointed for such period as the Minister thinks fit, and every person so appointed, other than the person nominated by the Governor of the Bank, shall be chosen by the Minister for appointment—

(a) by reason of that person’s knowledge of matters pertaining to the restructuring of credit unions, or

(b) because, in the opinion of the Minister, that person is capable of giving substantial practical assistance in respect of the work of the Board.

(3) The Minister shall from time to time nominate one member of the Board of ReBo to act as its chairperson (in this Part referred to as the “Chair of ReBo”).

(4) There shall be paid to every member of the Board of ReBo such remuneration and expenses as the Minister may determine from time to time. The Minister may determine that the Chair of ReBo shall be paid additional remuneration or allowances on account of his or her responsibilities as chairperson.

(5) The Board of ReBo shall—

(a) hold such meetings as are necessary for the performance of its functions, and

(b) shall conduct its business with as little formality and technicality, and with as much expedition, as a proper consideration of the matters before it will allow,

and, subject to paragraph (b), the Board of ReBo shall regulate its own procedures and business.

(6) ReBo shall comply with the Code of Practice for the Governance of State Bodies, published by the Department of Finance in May 2009, and with such other codes of practice or other like documents as may be published from time to time by the Minister or the Minister for Public Expenditure and Reform regarding the governance generally of State bodies, including—

(a) any revisions duly made to such codes or like documents, or

(b) any additional relevant requirements issued by the Minister or the Minister for Public Expenditure and Reform.

(7) The Minister may for stated reasons remove a member of the Board of ReBo from office if, in the opinion of the Minister—

(a) the member has become incapable through ill health of effectively performing the functions of the office,

(b) the member has committed stated misbehaviour,

(c) the member has a conflict of interest of such significance that, in the opinion of the Minister, the person should cease to hold the office, or

(d) the member’s removal appears to be necessary for the effective performance of the functions of the Board.