18.— (1) The Minister may remove all the members of IFI from office if—

(a) there is a failure to achieve a quorum for 3 consecutive meetings,

(b) IFI does not comply with a judgment, order or decree of any court,

(c) IFI does not comply with a direction of the Minister or any other requirement imposed on it by or under any enactment including this Act, or

(d) the Minister is satisfied that the functions of IFI are not being performed in an effective manner.

(2) Where the Minister removes all the members of IFI from office in accordance with subsection (1), he or she shall, as soon as practicable, provide to the Joint Oireachtas Committee an appropriate statement indicating the circumstances of the removal of the members.

(3) The Minister may, if of the opinion that the functions of IFI are not being performed in an effective manner, appoint a person to—

(a) conduct an independent review of any matter giving rise to that opinion, and

(b) submit a report to the Minister on the results of the review.

(4) IFI shall co-operate with any such review and give the person conducting it all reasonable assistance, including access to such premises, equipment and records as the person may require for the purposes of the review.

(5) In a case where the Minister removes all members from IFI in accordance with subsection (1), he or she shall appoint such person or persons as he or she thinks fit to perform the functions of IFI and may from time to time remove a person or persons appointed under this subsection and appoint another or others in his or her or their place.

(6) (a) An appointment under subsection (5) shall be in writing and shall specify the day on and from which and, subject to subsection (5), the period during which the appointment is to have effect, and for so long as the appointment remains in force it shall operate to enable the person or persons appointed to perform the functions of IFI.

(b) An appointment under this section may fix the duties and the remuneration of the person or persons to whom it relates.

(7) The remuneration of all persons appointed under subsection (5) to perform the functions of IFI shall be paid out of the revenue of IFI as part of the expenses of performing its functions.

(8) Where a person serving in the Civil Service is appointed under subsection (5) to perform the duties of IFI, there shall be recouped to the Exchequer from the monies under the control of IFI, in such manner as the Minister for Finance may direct, the salary of such person and also such charges in respect of superannuation and other allowances and gratuities payable under the Superannuation and Pensions Act 1976, to or in respect of such person as the Minister for Finance shall determine to be proper.

(9) The chief executive does not cease to hold that position solely because he or she ceases to be a member of IFI when the members are removed from office under this section.

(10) The removal of the members of IFI from office does not revoke or otherwise affect any delegation of the functions of IFI to the chief executive under section 16 (1).