CLASS ACTIONS ACT [CHAPTER 8:17] as at 26 January 2017 (2) office. A member of the Board shall be eligible for reappointment on the expiry of his term of 18 Termination of membership of Board member The Minister may require a member of the Board referred to in paragraph (a) or (d) of subsection (2) of section sixteen to vacate his office if the member— (a) has been guilty of conduct which renders him unsuitable to continue to hold office as a member; or (b) is mentally or physically incapable of efficiently performing his duties as a member; or (c) is absent from three consecutive meetings of the Board without good cause. 19 Financial year of Fund The financial year of the Fund shall be the period of twelve months ending on the 31st December in each year. 20 Books of account and audit of Fund (1) The Board shall ensure that proper accounts and other records relating thereto are kept in relation to all the transactions of the Fund. (2) The accounts of the Fund shall be audited by the Auditor-General, who shall have all the powers conferred upon him by section 9 of the Public Finance Management Act [Chapter 22:19] (No. 11 of 2009) as though the assets of the Fund were public moneys. 4 21 Financial assistance in prosecuting class actions (1) Any person who intends instituting a class action or who has been appointed a representative in a class action may apply to the Board for financial assistance in proceeding with the action. (2) The Board may grant a person referred to in subsection (1) assistance in the form of— (a) a grant of funds towards the expenses of the class action concerned; or (b) security for costs in the class action concerned; on such terms and conditions as the Board may fix, including terms and conditions relating to— (i) reimbursement of the Fund; or (ii) payment by plaintiffs in the class action of a proportion of any damages they may be awarded in the action. (3) Any term or condition referred to in paragraph (ii) of subsection (2) shall be enforceable at the instance of the Board in all respects as if it were a contract between the Board and each individual plaintiff concerned, whether or not the plaintiff was himself a party to the application for assistance under subsection (1). (4) The Board may waive reimbursement or payment under a term or condition fixed in terms of subsection (2) if the Board considers that such reimbursement or repayment would cause undue hardship. 4 Subsection (2) as amended by Act 11/2016 (“Comptroller and Auditor-General” changed to “Auditor-General” and “Auditor and Exchequer Act ..” to “Public Finance Management Act …”). The amendment should also have corrected “section 9” but did not do so. -8-