(1) There shall be for the purposes of this Act, a Disciplinary Committee.
(2) Subject to subsection (4), the Disciplinary Committee shall consist of five members appointed by the Monetary Council as follows:
(a) one member with at least ten years standing as an attorney-at-law who shall be the chairperson of the Committee, selected from persons nominated by the OECS Bar Association;
(b) four other members with recognized standing and experience in law, securities, accounting, banking, economics, commerce and industry or finance comprising:
(i) one member from persons nominated by Stock Exchanges, and
(ii) three members from persons nominated by the Chambers of Industry and Commerce, the Institutes of Chartered Accountants or from such other relevant professional bodies of the territories of the Participating Government.
(3) The members of the Disciplinary Committee shall hold office for a period of three years but are eligible for reappointment.
(4) No member of Staff of the Commission shall be appointed to be a member of the Disciplinary Committee.
(5) The office of a member of the Disciplinary Committee is vacated-
(a) upon death of the member;
(b) if the member is adjudged bankrupt;
(c) if the member is absent from three consecutive meetings of the disciplinary Committee without its permission or reasonable excuse;
(d) if the member is certified by a Medical Board or Tribunal or declared by a Court to be mentally or physically incapable of performing duties of a member;
(e) if the member is convicted of fraud or any other offence involving dishonesty;
(f) at any time by the member resigning from office by letter sent to the Chairperson of the Monetary Council and copied to the Secretary of the Commission.
(6) The Disciplinary Committee may act notwithstanding a vacancy among its members or any disability affecting any member.
(7) The Monetary Council may, by instrument in writing, revoke the appointment of any member of the Disciplinary committee if the Monetary Council considers it to be desirable for the effective performance by the Disciplinary Committee of its functions.
(Substituted by Act 12 of 2007)