27.— (1) F107[A member of the Board or a member of a committee of the Board (including the audit committee established under section 40H)] immediately ceases to hold office on—

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

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

(c) being regarded, pursuant to section 19 of the European Parliament Elections Act 1997, as having been elected to the European Parliament to fill a vacancy, or

(d) becoming a member of a local authority.

(2) An employee of the Executive (including the F107[chief executive officer]) is immediately seconded from employment with the Executive on—

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

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

(c) being regarded, pursuant to section 19 of the European Parliament Elections Act 1997, as having been elected to the European Parliament to fill a vacancy.

(3) No remuneration or allowances are payable by the Executive in respect of the secondment period to a person seconded from employment under subsection (2) and that period is not to be counted as service with the Executive for the purposes of any superannuation benefit.

(4) In relation to a person seconded under subsection (2) from employment, the secondment period begins on the occurrence of the relevant event referred to in that subsection and ends when the person ceases to be a member of either House of the Oireachtas or of the European Parliament.