Establishment of nominating committee
3.—(1)  For the purposes set out in paragraph 4, the transferee holding company shall establish a nominating committee in accordance with this paragraph.
(2)  The nominating committee shall comprise not less than 4 members of the board of directors of the transferee holding company, but shall not include the chief executive officer (or such other designation by which a person acting in that capacity is known) for the time being of the transferee holding company.
(3)  All appointments to the nominating committee shall be subject to the prior written approval of the Authority.
(4)  A member of the nominating committee shall hold office until the next annual general meeting following that member’s appointment and may, subject to the prior written approval of the Authority, be re-appointed to that office.
(5)  Where, by virtue of any vacancy in the membership of the nominating committee for whatever reason, the number of members of the nominating committee is reduced to less than 4, the board of directors shall within 3 months thereafter meet and appoint such number of new members to the nominating committee to satisfy the requirement in sub-paragraph (2).
(6)  Any new member appointed under sub-paragraph (5) shall hold office for the remainder of the term of office of the member of the nominating committee in whose place he is appointed.