Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) A director:
(a) is to be appointed with effect from the day specified in the instrument of appointment; and
(b) holds office, subject to this Act, for such term (not exceeding 3 years) as is specified in the instrument of appointment, but is eligible for re - appointment in accordance with this Act.
(2) If a director ceases to hold office before the end of the term of appointment, another person may, in accordance with this Act, be appointed in the director's place until the end of the term.