Central Bank Act, 1942

Appointment, remuneration, etc. of the Directors.

23.—(1) The Directors shall be appointed by the Minister.

(2) The banking Directors shall be appointed from a panel prepared for the purpose by representatives of the Associated Banks in accordance with this Act.

(3) The Civil Service Regulation Acts, 1924 and 1926, shall not apply to a Director.

(4) Every Director shall receive such remuneration and allowances and be subject to such conditions of service as the Minister shall from time to time determine having regard to the prevailing standards of the Associated Banks in fixing the remuneration, allowances, and conditions of service of their directors.

(5) Every Director shall be ordinarily resident within the State, and a person who is not so resident shall not be eligible for appointment as a Director.

(6) A Director shall, while he holds that office, be disqualified from being nominated or elected and from sitting or receiving payment as a member of Dáil Eireann or of Seanad Eireann or as Uachtarán.

(7) A Director (other than a banking Director) shall, while he holds that office, be ineligible for election as a director of any bank whatsoever and shall, if at the time of his appointment he is a director of any bank whatsoever, 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 Director.