National Asset Management Agency Act 2009

23.

How ex-officio members cease to be Board members.

23.— (1) An ex-officio member of the Board ceases to be a member if he or she—

( a) ceases to be the Chief Executive Officer of NAMA or the Chief Executive of the NTMA, as the case may be,

( b) is adjudicated bankrupt,

( c) makes a composition or arrangement with creditors,

( d) is convicted of an indictable offence in relation to a company,

( e) is convicted of an offence involving fraud or dishonesty, or

( f) is disqualified or restricted from being a director of a company.

(2) If an ex-officio member of the Board—

( a) is nominated as a member of Seanad Éireann,

( b) is elected as a member of either House of the Oireachtas or as a member of the European Parliament,

( c) is regarded, pursuant to Part XIII of the Second Schedule to the European Parliament Elections Act 1997, as having been elected to the European Parliament to fill a vacancy, or

( d) becomes a member of a local authority,

he or she thereupon ceases to be an ex-officio member.

(3) An ex-officio member of the Board, upon the expiry or other termination of his or her term of office, shall also be taken to have resigned from any directorship of a NAMA group entity.