Central Bank Act 1942

F138 [ Vacation of office of members of Commission.

25

25. (1) A person ceases to be an ex-officio member of the Commission if he or she ceases to hold or perform the duties of the office by virtue of which he or she is such a member.

(2) An appointed member of the Commission ceases to be an appointed member if he or she

( a ) dies,

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

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

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

( e ) is, with his or her consent, nominated as a candidate for election as a member of either House of the Oireachtas or is nominated as a member of Seanad É ireann,

( f ) is, with his or her 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,

( g ) is, with his or her consent, nominated as a candidate for election as a member of a local authority,

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

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

( 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 (3).

(3) The Minister may remove an appointed member of the Commission from office

( a ) for proven misconduct or incompetence, or

( b ) if in the Minister s opinion it is necessary or desirable to do so to enable the Commission to function effectively. ]

Annotations:

Amendments:

F138

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.

Editorial Notes:

E58

Previous affecting provision: section amended (21.12.2009) by National Asset Management Agency Act 2009 (34/2009), s. 323 and sch. 3 pt. 2 items 4-6, S.I. No. 545 of 2009; substituted as per F-note above.

E59

Previous affecting provision: section substituted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 21, S.I. No. 160 of 2003; substituted as per F-note above.

E60

Previous affecting provision: subs. (d) deleted (9.04.1997) by Central Bank Act 1997 (8/1997), s. 4(1) and sch, pt. 1, S.I. No. 150 of 1997.