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Paragraph 15 Tenure of office: first and foundation governors

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

(1)

Subject to the following provisions of this paragraph, each first or foundation governor (other than a foundation governor who is a governor ex officio) shall hold office for such term as was specified in the Proposals as the term of office for initial governors of that category.

(2)

An initial first or foundation governor (other than a foundation governor who is a governor ex officio) shall hold office for such term beginning with the incorporation date as may be specified as his proposed term of office in the Proposals.

(3)

Any additional first or foundation governor appointed in pursuance of paragraph 14(2) above shall hold office for such term (not being more than five years) as may be specified in the terms of his appointment.

(4)

Any first governor appointed in pursuance of paragraph 4 above shall hold office for such term (not being less than five nor more than seven years) as may be specified in the terms of his appointment.