750.This paragraph requires the Authority to have a chairman and a governing body which includes the chairman.  Both the chairman and the members of the governing body must be appointed and be liable to removal from office by the Treasury.
751.Sub-paragraph (4) provides for the acts of the Authority still to be valid irrespective of a vacancy in the office of chairman or any defect in an appointment to the governing body.  This is to prevent the Authority’s rules, and any action it takes in pursuit of its functions, being rendered invalid purely as a result of such a vacancy or defect.
Schedule 1: the Financial Services Authority Part I: General Paragraph 2: Constitution