49 (6) Neither a member nor the Chief Executive Officer, officer, consultant, employee or agent of the Authority may have a direct or indirect equity or other financial interest in a licensee, except for indirect interests managed through investment and pension funds where the member, Chief Executive Officer, officer, consultant, employee or agent cannot influence the purchase, sale or exercise of voting rights of such an interest. 7.—(1) Terms of appointment and allowances Amember of the Board may be appointed for a term not exceeding 3 years and may be re-appointed to serve a maximum of 2 terms, provided that the Minister shall identify 2 persons from among the original group of appointees whose initial term of office shall be 1 year only. (2) Members of the Board are entitled allowances fixed by the Higher Salaries Commission. 8.—(1)_ {a) {b) {c) (d) Vacation of office The office of any member becomes vacant if the member— resigns by giving written notice to the Minister; has been absent, without leave of the Authority, from 3 consecutive meetings of the Authority; becomes or has been declared bankrupt, whether in Fiji or elsewhere; has been convicted, in the Fiji Islands or elsewhere, of an offence involving dishonesty or an offence under this Promulgation; (e) has, in the Fiji Islands or elsewhere, been disqualified or suspended from practising a profession by Teason of misconduct; (f) (g) becomes permanently incapable of performing the duties of member; or takes a direct or indirect equity or other financial interest in a licensee, or receives remuneration of any kind from a licensee or otherwise receives a benefit of any nature. (2) The Minister may, by written notice, advise a member that he or she intends to recommend removal or suspension of the member on the grounds of misconduct, conflict of interest, inefficiency, fraud or dishonesty, or incapacity of a kind that adversely affects the member’s ability to perform the duties of a member or brings the Authority into disrepute. (3) Amember who is notified under subsection (2) must, within 10 working days of receipt of notice, reply in writing to the Minister. \ (4) Upon receiving any reply from a member served with a notice or the member fails to reply to the notice within the time specified in the notice, the Minister may, after considering the reply and the allegation, remove or suspend a member. 9.—(1) Meetings of the Board The Board must meet at least once a month, which the Chairperson shall convene. (2) Three members of the Board constitute the quorum of a meeting of the Board. (3) The Board shall keep its minutes in a proper form. (4) Decisions at meetings of the Board must be by a simple majority of the members present and voting, and if there is an equatity of votes, the member presiding has a casting vote, as well as a deliberative vote. () The Board has the power to invite any person to attend a meeting of the Board for the purpose of advising it on any matter under discussion, but the person has no right to vote on the matter. (6) Subject to this Promulgation, the Board may regulate other procedures for its meetings. Disclosure of interest at meetings 10.—(1) Amember of the Board who has any direct or indirect interested in a matter under discussion by the Board must disclose to the Board the fact and nature of the interest.