National Asset Management Agency Act 2009


How appointed members cease to hold office.

22.— (1) An appointed member ceases to be such a member if he or she—

( a) is adjudicated bankrupt,

( b) makes a composition or arrangement with creditors,

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

( d) does not furnish a tax clearance certificate as required by section 19 (5) ,

( 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 appointed member—

( 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 appointed member.

(3) An appointed member may at any time resign his or her membership by letter addressed to the Minister. The resignation takes effect on the date specified in the letter or when the Minister receives the letter, whichever is the later.

(4) The Minister may remove an appointed member on reasonable notice in writing at any time from membership of the Board (or, if the appointed member concerned is the Chairperson, either from the Board or only from being Chairperson) if—

( a) in the Minister’s opinion, the member—

(i) is not adequately performing his or her functions, whether because of incapacity through illness or injury or otherwise,

(ii) has contravened section 30 or 31 , or

(iii) has committed misconduct specified in the written notice,

( b) in the Minister’s opinion, a material conflict of interest has arisen in relation to the member, or

( c) his or her removal appears to the Minister to be necessary or expedient for the effective performance by NAMA of its functions.

(5) An appointed 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.