48 Vacancy in office of Governor

(1)

If the office of Governor becomes vacant, the Minister shall, on the recommendation of the Board, appoint—

(a)

a director of the Bank; or

(b)

an officer of the Bank; or

(c)

any other person—

to act as Governor for a period not exceeding 6 months or for the remainder of the Governor’s term, whichever is less.

(2)

Pending the appointment of a person to act as Governor under subsection (1), the Deputy Chief Executive shall act as Governor for a period of 28 days or until a person is appointed under that subsection, whichever is less.

(3)

The person appointed to act as Governor or the Deputy Chief Executive, as the case may be, shall, so long as that person acts as Governor, have all the duties, responsibilities and functions of the Governor under this Act and may exercise all the powers of the Governor under this Act.

(4)

A person who is appointed to act as Governor under this section, but who is not a director of the Bank, shall, while acting as Governor, be deemed to be a director of the Bank.