Section 36J: Members of AOB

36J. Members of AOB.—(1) AOB shall comprise seven members including its chairman. (2) The members and the chairman of AOB shall be appointed by the Federal Government on the recommendation of the nominating committee. (3) A member AOB shall be a person who possesses relevant qualification such as a degree, recognized by the Higher Education Commission, in accountancy, business, finance, law or economics and experience of audit, regulation of auditors or corporate law or having been on the board of directors or in the senior management of public interest companies. (4) The nominating committee shall formulate procedures for selection of members following due process, including interviews of the potential candidates, before recommending them to the Federal Government for appointment. (5) The quorum of the meeting of AOB shall not be less than four members. (6) The members of AOB, including the chairman, shall be paid such remuneration and allowances as may be notified by the Federal Government on the recommendation of the nominating committee. (7) A member of AOB shall be appointed for an initial term of three years and shall be eligible for reappointment for another non­renewable term of three years. (8) The nominating committee shall determine the appointment procedure and system of performance evaluation of the members of AOB and its constitution and reconstitution in the following manner, namely:— (a) appointment of seven members on first constitution of AOB shall be made for a term of three years; (b) after expiry of three years on first constitution of AOB, four members of AOB, selected on random ballot out of the then existing members, shall continue for further term of three years and the remaining members shall stand retired and cease to hold the office, provided that they have completed their first term of three years; and (c) any vacancy arising at any time shall be filled in accordance with the provisions of this Part for a term of three years reckoning from the date of the appointment. (9) No act, proceeding or decision of AOB shall be invalid by reason only of the existence of a vacancy in, or defect in the constitution of AOB.

Effective date: 1997-01-01

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