Appointment of depository directors: prior board approval required and cooling off limits govern transfers and reappointments. Regulation requires prior Board approval for appointment and re appointment of non independent and public interest directors; public interest directors serve three year terms, renewable once subject to performance review, with a maximum of three terms across depositories, exchanges and clearing corporations and an age cap of seventy five years. Public interest directors cannot simultaneously serve on boards of subsidiaries or certain other market intermediary boards, are limited to membership of no more than five committees, must disclose conflicts of interest arising from services to participants, are remunerated only by sitting fees, and are subject to cooling off periods before certain subsequent appointments; appointment procedures are in Part C of the Second Schedule.