Central Bank Act, 1942


The Board of Directors of the Bank.

Appointment, tenure of office, etc., of the Governor.

19.—(1) The Governor shall be appointed by the President on the advice of the Government and shall receive such remuneration and allowances and be subject to such conditions of service as the Board shall from time to time determine.

(2) The term of office of every Governor shall (unless he sooner dies, resigns, is removed, or becomes disqualified) be seven years from, in the case of the first Governor, the appointed day or, in the case of every subsequent Governor, the expiration by effluxion of time or the earlier cesser from any cause (as the case may be) of the tenure of office of his predecessor.

(3) A Governor retiring on the expiration by effluxion of time of his term of office shall be eligible for re-appointment.

(4) The following provisions shall apply and have effect in relation to every Governor, that is to say:—

(a) he shall, during his term of office, be disqualified from being nominated or elected and for sitting or receiving payment as a member of Dáil Eireann or of Seanad Eireann or as Uachtarán;

(b) he shall, during his term of office, be ineligible for election as a director of any bank whatsoever;

(c) if, at the time of his appointment, he is a director of any bank whatsoever, he shall divest himself of such directorship within ten days after his appointment and, if he fails so to do, he shall at the expiration of such ten days be disqualified from holding the office of Governor;

(d) if and whenever he is adjudged bankrupt (whether in the State or in any other country) or makes a composition or arrangement with his creditors or is sentenced by a court of competent jurisdiction to suffer imprisonment or penal servitude, he shall forth-with become and be disqualified from holding the office of Governor.

(5) In the next preceding sub-section of this section the expression “any bank whatsoever” does not include an international bank formed wholly or mainly by banks which are the principal currency authority in their respective countries.