Central Bank and Financial Services Authority of Ireland Act 2003

Substitution of section 25 of the Principal Act.

21.—The Principal Act is amended by substituting the following section for section 25:

“Vacation of office of Director.

25.—(1) A person ceases to be an official Director if the person ceases to hold the office by virtue of which the person is such a Director.

(2) A person who is an appointed Director by virtue of being a member of the Regulatory Authority ceases to be an appointed Director if the person—

(a) dies, or

(b) completes a term of office and is not re-appointed, or

(c) resigns by notice in writing given to the Governor, or

(d) ceases to be a member of that Authority, or

(e) is removed from office under subsection (4).

(3) A person who is an appointed Director otherwise than by virtue of being a member of the Regulatory Authority ceases to be an appointed Director if the person—

(a) dies, or

(b) completes a term of office and is not re-appointed, or

(c) resigns the office by notice in writing addressed to the Governor, or

(d) has, without the permission of the other Directors, been absent from meetings of the Board for a consecutive period of 6 months, or

(e) is, with the person's consent, nominated as a candidate for election as a member of either House of the Oireachtas or is nominated as a member of Seanad Éireann, or

(f) is, with the person's consent, nominated as a candidate for election as a member of the European Parliament or to fill a vacancy in the membership of that Parliament, or

(g) is, with the person's consent, nominated as a candidate for election as a member of a local authority, or

(h) is adjudged bankrupt (either in the State or elsewhere) or enters into a composition with the person's creditors, or

(i) becomes physically or mentally incapable of performing the duties of a Director, or

(j) is convicted of an offence (either in the State or elsewhere) and sentenced to serve a term of imprisonment for the offence, or

(k) is removed from office under subsection (4).

(4) The Minister may remove an appointed Director from office—

(a) for proven misconduct or incompetence, or

(b) in order to enable the Board to function effectively.”.