15.—(1) The Minister may at any time remove from office a member of the Authority.

(2) A member of the Authority may resign from office by notice in writing given to the Minister and the resignation shall take effect on the day on which the Minister receives the notice.

(3) A member of the Authority shall cease to be qualified for office and shall cease to hold office if he or she—

(a) is adjudicated bankrupt,

(b) makes a composition or arrangement with creditors,

(c) is convicted of any indictable offence in relation to a company,

(d) is convicted of an offence involving fraud or dishonesty, whether in connection with a company or not,

(e) is the subject of an order under section 160 of the Companies Act 1990, or

(f) is sentenced to a term of imprisonment by a court of competent jurisdiction.

(4) A member of the Authority shall, subject to the provisions of this Act, hold office upon such terms and conditions (including terms and conditions relating to remuneration and allowances) as may be determined by the Minister, with the consent of the Minister for Finance.