Central Bank Act 1942
F635 [ Section 32.
Procedure of the Commission
1. — The procedure for the calling of meetings of the Commission and for the conduct of business at those meetings is, subject to this Schedule, to be as determined by the members. The members may determine that procedure by means of rules or standing orders or by any other means.
2. — If there are 10 or 11 members of the Commission, 6 members constitute a quorum; if there are 12 members of the Commission, 7 members constitute a quorum.
Who is to preside at meetings of Commission.
3. — (1) A meeting of the Commission is to be presided over by —
( a ) the Governor, or
( b ) in the absence of the Governor, or if there is no Governor —
(i) the member appointed under section 22 to act as Governor, or
(ii) if no member has been appointed under that section, a member elected by the members present at the meeting.
(2) If the votes are equal on a motion put at a meeting of the Commission, the person who is presiding at the meeting has a casting as well as a deliberative vote.
Voting at Commission meetings.
4. — A decision supported by a majority of the votes cast at a meeting of the Commission at which a quorum is present is the decision of the Commission.
Transaction of business otherwise than at ordinary meetings.
5. — (1) The Commission may, if it thinks fit, transact any of its business by the circulation of papers among all its members for the time being. A resolution approved in writing by a majority of those members is taken to be a decision of the Commission.
(2) The Commission may, if it thinks fit, transact any of its business at a meeting at which its members (or some of its members) participate by telephone, closed circuit television or other means, but only if any member who speaks on a matter being considered by the meeting can be heard by the other members. For the purposes of —
( a ) the approval of a resolution under subparagraph (1), or
( b ) a meeting held in accordance with subparagraph (2),
the members have the same voting rights as they have at an ordinary meeting of the Commission.
(3) Papers may be circulated among the members for the purposes of subparagraph (1) by the electronic transmission of the information in the papers.
Disclosure of members ’ pecuniary interests.
6. — (1) If —
( a ) a member of the Commission has a direct or indirect pecuniary interest in a matter being considered or about to be considered at a meeting of the Commission, and
( b ) the interest appears to raise a conflict with the proper performance of the member ’ s duties in relation to the consideration of the matter,
the member shall, as soon as possible after the relevant facts have come to his or her knowledge, disclose the nature of the interest at a meeting of the Commission or to the Secretary of the Commission.
(2) In the case of a disclosure under subparagraph (1) to the Secretary of the Commission, the Secretary shall inform the next meeting of the Commission of the disclosure.
(3) A disclosure by a member that he or she —
( a ) is a director, or is in the employment, of a specified company or other body,
( b ) is a partner, or is in the employment, of a specified person, or
( c ) has some other specified interest relating to a specified company or other body or to a specified person,
is a sufficient disclosure of the nature of the interest in any matter relating to that company or other body, or to that person, that may arise after the date of the disclosure and that is required to be disclosed under subparagraph (1).
(4) The Secretary of the Commission shall make and keep a record of particulars of any disclosure made under this paragraph and, subject to section 33AK, shall make that record available for inspection at all reasonable hours by any person who asks to see it.
(5) After a member has disclosed the nature of an interest in a matter, he or she may not, unless the other members otherwise determine —
( a ) be present during any deliberation of the Commission with respect to the matter, or
( b ) take part in any decision of the Commission with respect to the matter.
(6) For the purposes of the making of a determination by the members under subparagraph (5)( b ), a member who has a direct or indirect pecuniary interest in a matter to which the disclosure relates is not entitled —
( a ) to be present during any deliberation of the Commission for the purpose of making the determination, or
( b ) to take part in the making by the Commission of the determination.
(7) A contravention of this paragraph does not invalidate a decision of the Commission.
(8) This paragraph does not apply to or in relation to an interest of a member in a matter or thing that arises merely because he or she is a contributor to a retirement benefits scheme. ]
Substituted (1.11.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 81, S.I. No. 469 of 2010.
S. 4 of this Act, which has not been modified, refers to Acts repealed in the First Schedule. With the substitution referred to in the F-note above the relevant schedule has been removed. See Interpretation Act 2005 (23/2005), s. 27.
Previous affecting provision: schedule substituted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 31, S.I. No. 160 of 2003; substituted as per F-note above.