Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) The member who is the representative of the Bank referred to in paragraph 25A(b) is to be appointed by the Governor. The person appointed must be a member of the Reserve Bank Board or a staff member of the Reserve Bank Service.
(2) The member who is the representative of APRA referred to in paragraph 25A(c) is to be appointed by APRA. The person appointed must be an APRA member or an APRA staff member.
(3) Each other member referred to in paragraph 25A(d) is to be appointed by the Treasurer for a period specified in the instrument of appointment. The period specified must not exceed 5 years.
(4) All appointments under this section are to be in writing.
(5) All appointments under this section are to be on a part - time basis.
Note 1: Members appointed under subsection (1) or (2) are not appointed for a specified period, however, their appointments can be terminated at any time (see section 25K).
Note 2: The Governor is an ex officio member of the Payments System Board (and so is not separately appointed to the Board).