96.—(1) Where the F311[Bank] is of the opinion, F312[after the exercise by an authorised officer of any of his or her powers under Part 3 of the Central Bank (Supervision and Enforcement) Act 2013] or after an investigation under section 92, that it is necessary to do so in the interest of the members or creditors of a credit union or of the orderly and proper regulation of the business of a credit union, F311[it] may—

(a) remove from office, or

(b) suspend from office for such period not exceeding three months as the F311[Bank] considers appropriate,

all or any of the directors or members of the F313[board oversight committee] of the credit union.

F314[(2) The removal or suspension from office by the Bank of a director or member of the F313[board oversight committee] of a credit union under subsection (1) is an appealable decision for the purposes of Part VIIA of the Central Bank Act 1942.

(3) If a director or member of the F313[board oversight committee] of a credit union is removed by the Bank under this section or if, on the hearing of an appeal against the removal, the removal is confirmed by the Irish Financial Services Appeals Tribunal under Part VIIA of the Central Bank Act 1942, the vacancy caused by the removal shall be treated as a casual vacancy.

(4) A director or member of the F313[board oversight committee] of a credit union who is removed from office under this section is, for 5 years from the date when the removal takes effect, disqualified from holding office as an officer, F315[or auditor of a credit union].

(5) If a director or member of the F313[board oversight committee] of a credit union is suspended under this section, the remaining directors or members of the F313[board oversight committee] constitute the board of directors or the F313[board oversight committee].

(6) No claim lies against the Bank, the Minister or the State for any loss of office arising directly or indirectly from any of the provisions of this section.]

(7) F316[…]