Central Bank Act 1942

F133 [ Appointment of members of Commission.

24

24. (1) The Minister may appoint a person as a member of the Commission if and only if the Minister is of the opinion that the person has relevant knowledge of

( a ) accountancy,

( b ) actuarial science,

( c ) banking,

( d ) consumer interests,

( e ) corporate governance,

( f ) economics,

( g ) financial control,

( h ) financial regulation,

( i ) financial services,

( j ) insurance,

( k ) law,

( l ) social policy, or

( m ) systems control.

(2) A person is not eligible for appointment as a member of the Commission if he or she

( a ) is a member of either House of the Oireachtas,

( b ) is, with his or her consent, nominated as a candidate for election as such a member or is nominated as a member of Seanad É ireann,

( c ) is a member of the European Parliament or is, with his or her consent, nominated as a candidate for election as such a member or to fill a vacancy in the membership of that F134 [ Parliament, ]

( d ) is a member of a local authority or is, with his or her consent, nominated as a candidate for election as such a F134 [ member, ] ]

F135 [ ( e ) performs a pre-approval controlled function (within the meaning given by section 22 of the Central Bank Reform Act 2010 ) or has what in the opinion of the Minister constitutes a significant shareholding in a regulated financial service provider,

( f ) has been adjudged bankrupt (either in the State or elsewhere) or has entered into a composition with his or her creditors, or

( g ) has been convicted of an offence (either in the State or elsewhere) and sentenced to serve a term of imprisonment for the offence. ]

Annotations:

Amendments:

F133

Substituted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1 pt. 1 item 36, S.I. 469 of 2010.

F134

Substituted (1.08.2013) by Central Bank (Supervision and Enforcement) Act 2013 (26/2013), s. 5 and sch. 2 pt. 1 item 3(a), (b), S.I. No. 287 of 2013.

F135

Inserted (1.08.2013) by Central Bank (Supervision and Enforcement) Act 2013 (26/2013), s. 5 and sch. 2 pt. 1 item 3(b), S.I. No. 287 of 2013.

Editorial Notes:

E57

Previous affecting provisions: section substituted (12.07.1989) by Central Bank Act 1989 (16/1989), s. 14(1)(c), S.I. No. 176 of 1989, subject to transitional provisions in subs. (3)(b); substituted (9.04.1997) by Central Bank Act 1997 (8/1997), s. 50, S.I. No. 150 of 1997; substituted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 20, S.I. No. 160 of 2003; substituted as per F-note above.