Central Bank Act 1942

F153[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 Éireann,

(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 persons 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 Ministers opinion it is necessary or desirable to do so to enable the Commission to function effectively.]

Annotations

Amendments:

F153

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

Editorial Notes:

E61

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

E62

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.

E63

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