Central Bank Act, 1998

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Removal of Governor.

7.—Section 21 of the Act of 1942 is hereby amended—

(a) by the substitution of the following subsection for subsection (2):

“(2) If the Board, by unanimous vote of all the Directors, requests the President to remove the Governor from office on stated grounds of serious misconduct, it shall be lawful for the President on the advice of the Government to remove the Governor from office for such stated grounds and the removal shall take immediate effect from the date of the publication of the decision to remove the Governor from office or of the notification of that decision to the Governor.”,

(b) by the insertion of the following subsection after subsection (2):

“(3) Any decision, taken in accordance with this section, to remove a Governor may be subject to referral to the European Court of Justice in such a manner and for such reasons as are consistent with Article 14.2 of the Statute.”.