The Council consists of three (3) members, appointed by the Council of Ministers after consultation the Parliamentary Committee on the Finances and the Budget of the House of Representatives, one (1) of which acts as full-time Chairman, remunerated as determined by the Council of Ministers.
Τhe term of office of the member appointed as Chairman is six (6) years from the date of entry into force of this Law, whereas, for the remaining two (2) members, the term of office is part-time and lasts five (5) and four (4) years respectively:
It is provided for that the term of office of the two (2) members is determined after a draw between them:
It is also provided for that these two (2) members are remunerated on horarium, as determined by the Council of Ministers.
If any of the three (3) members of the Council is replaced in the event of death, resignation or removal from office, the term of office of the new member equals the remaining term of office of the replaced member.
When the term of office of any Council member expires, the process of renewing the member’s term of office or appointing a new member is completed before the term of office of the existing member expires.
Τhe members of the Council may be appointed for a maximum of two (2) consecutive terms.
If a position becomes vacant in the Council because of the death or removal of a member thereof, this vacant position is filled within one (1) month, at the latest.The two members of the Fiscal Council do not receive any fixed salary and they are remunerated on horarium, as determined by the Council of Ministers.