Page 454 - IOM Law Society Rules Book

c.8 Financial Services Act 2008 157

SCHEDULES

Section 1(2) SCHEDULE 1

THE FINANCIAL SUPERVISION COMMISSION

Constitution

1. (1) The Commission shall consist of not less than 7 qualified persons
appointed by the Treasury, subject to the approval of Tynwald.

(2) The Treasury shall appoint one Commissioner to be chairperson and
another to be deputy chairperson of the Commission.

(3) A Commissioner shall go out of office —

(a) subject to sub-paragraph (5), on the expiration of 5 years beginning
with the date on which the Commissioner was appointed; or

(b) if the Commissioner ceases to be a qualified person.

(4) A Commissioner may be removed from office by resolution of
Tynwald.

(5) A Commissioner may at any time resign on giving to the Treasury
notice in writing of the Commissioner’s intention to do so.

(6) A retiring Commissioner shall be eligible to be re-appointed if the
Commissioner is otherwise qualified.

(7) Where a Commissioner goes out of office under sub-paragraphs (3)(a)
or (5) the Commissioner shall continue to be a Commissioner for all purposes
(except that of filling the vacancy) until a successor is appointed.

(8) A casual vacancy in the membership of the Commission shall be filled
as soon as practicable in the same manner and subject to the same conditions as
the office vacated.

(9) The quorum necessary for the transaction of business by the
Commission shall be 3 Commissioners.

(10) Section 3 and paragraphs 1, 2(3)(c) and 7 of Schedule 2 to the Statutory
Boards Act 1987 do not apply to the Commission. [c.14]
(11) In sub-paragraph (1), a “qualified person” is a person who is not —

(a) a member of Tynwald;

(b) a civil servant; or

(c) an employee of a department or statutory board but with the exception
of the Chief Executive Officer of the Commission.

Functions

2. (1) The functions of the Commission are —