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The SECP Act 1997

PUBLISHED BY AUTHORITY
ISLAMABAD, FRIDAY, DECEMBER 26, 1997 PART V
DISQUALIFICATION, REMOVAL, RESIGNATION AND VACANCIES
18. Disqualification of Members and Commissioners.- No person shall be appointed or continue as a Member or Commissioner if he-

  1. has been convicted of an offence involving moral turpitude;

  2. has been or is adjudged insolvent;

  3. is incapable of discharging his duties by reasons of physical, physiological or mental unfitness and has been so declared by a registered medical practitioner appointed by the Federal Government;

  4. being a Member, absents himself from three consecutive meetings of the Board, without leave of the Board and, in the case of a Member ex-officio, or fails to appoint another person to act as member under sub-section (5) of section 12, or

  5. fails to disclose any conflict of interest at or within the time provided for such disclosure by or under this Act or contravenes any of the provisions of this Act pertaining to unauthorized disclosure of information.

19. Removal, resignation and vacancies.- (1) Subject to sub-section (2), appointment of any Member or Commissioner may, at any time, be revoked and he may be removed from his office by order of the Federal Government if it is found that such person stands disqualified under section 18.

  1. Unless a disqualification referred to in section 18 arises from the judgment or order of a court or tribunal of competent jurisdiction under any relevant provision of applicable law, a Member or Commissioner shall not be removed or his appointment revoked without an enquiry by an impartial person or body of persons constituted in accordance with such procedure, as may be prescribed by rules made by the Federal Government, and such rules shall provide for a reasonable opportunity for him to be heard in his defence.

  1. A Member or a Commissioner may at any time resign his office by a written notice addressed to the Federal Government.

  1. The office of a Member or Commissioner shall ipso facto be vacated if he dies.

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©SECP 2010, Securities & Exchange Commission of Pakistan.