Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) A non - executive Director holds office, subject to this Act, for such period (not longer than 5 years) as is specified in the instrument of appointment, but is eligible for re - appointment.
(2) Where a person is re - appointed as a non - executive Director, the re - appointment must be for a period not exceeding 5 years.
(3) The sum of the periods for which a person holds either or both of the following offices must not exceed 10 years:
(a) an office referred to in paragraph 8(aa);
(b) an office referred to in paragraph 8(b).
Example 1: Assume a person holds office as Chairperson for an initial period of 5 years and then holds office as Chairperson for a further period of 5 years.
The person cannot hold office as Chairperson again and cannot hold office as a Director referred to in paragraph 8(b).
Example 2: Assume a person holds office as a Director referred to in paragraph 8(b) for a period of 5 years and then holds office as Chairperson for a period of 3 years.
The person may now hold office as Chairperson, or as a Director referred to in paragraph 8(b), for a maximum period of 2 years.