(1) The affairs of the Authority shall be managed by a Board of Directors comprising the following directors—
(a) the Permanent Secretary in the Ministry for Finance or his or her alternate in the Ministry responsible for Finance; (Substituted by Act 7 of 2016);
(b) one person designated by the Governor of the Eastern Caribbean Central Bank who is not an officer of the Eastern Caribbean Central Bank;
(c) the Director of the Financial Intelligence Authority; and
(d) subject to subsection (2), four persons appointed by the Minister one of whom is a representative of the business community.
(2) Persons appointed as directors under subsection (1)(d) shall have a minimum of 5 years experience in either banking, insurance, law, economics, finance, accounting or other related fields.
(3) A person is disqualified from being a director and is not eligible to be appointed as a director, or having been appointed, is not eligible to continue as a director if that person—
(a) or a family member of that person holds or is beneficially interested in more than 5% of any stock, share, bond, debenture or other security of, or other interest in, a regulated entity except membership shares in a credit union;
(b) or a family member of that person has a pecuniary or other material interest in a device, appliance, machine, article, patent or patented process which is required or used by a regulated entity;
(c) is a director, officer, employee, agent of a person providing a service or supplying goods to a regulated entity under a contract; (Amended by Act 7 of 2016)
(d) has filed for bankruptcy in a court or is declared by a court to be bankrupt;
(e) is declared by a court to be physically or mentally incapacitated by reason of unsoundness of mind;
(f) has been convicted of a criminal offence except where the offence—
(i) is a minor traffic offence,
(ii) has been spent in accordance with the Criminal Records (Rehabilitation of Offenders) Act;
(g) is a member of Parliament.
(4) Notwithstanding subsection (3)(b), a person shall not be held to have a pecuniary or other material interest in a regulated entity in respect of which the Authority performs regulatory functions by reason only of the fact that he or she is a prescribed retailed consumer of a regulated entity in respect of which the Authority performs regulatory functions.
(5) In determining whether a person is eligible for appointment as a director, the Minister shall have regard to all matters that the Minister considers relevant to the appointment including—
(a) that person's probity, competence and soundness of judgment for fulfilling the responsibilities of director; and
(b) the diligence with which that person is likely to fulfill the responsibilities of director.
(6) Notwithstanding subsection (5), the Minister may have regard to the previous conduct and activities in business or financial matters of the person and, in particular, to any evidence that the person has—
(a) committed an offence involving fraud, other dishonesty or violence;
(b) contravened any provision made by or under an enactment designed for protecting members of the public against financial loss due to dishonesty, incompetence or malpractice by persons concerned in the provision of banking, insurance, investment or other financial services or the management of companies or against financial loss due to the conduct of a discharged or undischarged bankrupt;
(c) engaged in any business practices appearing to the Minister to be deceitful, oppressive or otherwise improper or which otherwise reflect discredit on that person's method of conducting business;
(d) an employment record which leads the Minister to believe that the person carried out an act of impropriety in the handling of his or her employer's business; or
(e) engaged in or been associated with any other business practice or otherwise conducted himself or herself in such a way as to cast doubt on his or her competence and soundness of judgment.
(7) Where under section 23 a vacancy exists on the Board, the Minister shall, in accordance with this section, appoint a person to fill the vacancy.
(8) The Minister shall, by notice published in the Gazette, give notice of the names of the directors as the Board is first constituted and every change in the constitution of the Board.
(9) A person who is a director shall act in the public interest to carry out the purposes of this Act and not based on his or her personal or business interest.