The Chairman of the Commission.
15.—(1) The Chairman shall receive such remuneration and allowances and be subject to such conditions of service as the ordinary Commissioners shall prescribe.
(2) The term of office of the Chairman (not including a person appointed to be the Chairman temporarily) shall, unless he sooner dies, resigns, is removed, or becomes disqualified, be a period of five years commencing, in the case of the first Chairman, on the establishment of the Commission and, in the case of every subsequent Chairman, on the date of his election or nomination or, in the case of a Chairman elected or nominated or re-elected or re-nominated during the continuance of a term of office, on the expiration of such term of office.
(3) A Chairman retiring on the expiration by effluxion of time of his term of office shall be eligible for re-election or re-nomination.
(4) The Chairman shall during his term of office be disqualified from being nominated or elected and from sitting or receiving payment as a member of Dáil Eireann or of Seanad Eireann and be ineligible for election as a director of any Bank whatsoever.
(5) The Chairman shall, if at the time of his election or nomination he is a director of any Bank whatsoever, divest himself of such directorship within ten days after his election or nomination, and if he fails so to do he shall at the expiration of such ten days be disqualified from holding the office of Chairman.