5. (1) Enterprise Ireland may, with the consent of the Minister given with the approval of the Minister for Public Expenditure and Reform, appoint such and so many persons to be members of the staff of Enterprise Ireland as it may from time to time determine.

(2) A subsidiary may, with the consent of Enterprise Ireland and the Minister given with the approval of the Minister for Public Expenditure and Reform, appoint such and so many persons to be members of the staff of the subsidiary as it may from time to time determine.

(3) The terms and conditions of service of a member of staff of Enterprise Ireland and of a subsidiary shall, with the consent of the Minister given with the approval of the Minister for Public Expenditure and Reform, be such as may be determined from time to time by Enterprise Ireland.

(4) Where a member of staff of Enterprise Ireland or a member of staff of a subsidiary is—

(a) nominated as a member of Seanad Éireann,

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

(c) regarded pursuant to Part XIII of the Second Schedule to the Act of 1997 as having been elected to that Parliament,

he or she shall thereupon stand seconded from employment by Enterprise Ireland or the subsidiary and shall not be paid by, or be entitled to receive from, Enterprise Ireland or the subsidiary any remuneration or allowances in respect of the period commencing on such nomination or election, or when he or she is so regarded as having been elected (as the case may be), and ending when such person ceases to be a member of either such House or a member of such Parliament.

(5) A person who is for the time being entitled under the Standing Orders of either House of the Oireachtas to sit therein or who is a member of the European Parliament shall, while he or she is so entitled or is such a member, be disqualified for membership of the staff of Enterprise Ireland or a subsidiary.

(6) In this section “subsidiary” means a subsidiary acquired by Enterprise Ireland or a subsidiary formed and registered by Enterprise Ireland pursuant to section 5 of the Act of 1995.

(7) Section 18 of the Act of 1998 is repealed.