69. (1) It shall not be lawful for an ICAV to pay a director of the ICAV remuneration (whether as director or otherwise)—

(a) free of income tax or the universal social charge, or

(b) otherwise calculated by reference to or varying with the amount of the director’s income or to or with the rate of income tax.

(2) Any provision contained in—

(a) an ICAV’s instrument of incorporation,

(b) any contract, or

(c) any resolution of an ICAV or an ICAV’s directors,

for payment to a director of remuneration in the manner referred to in subsection (1) shall have effect as if it provided for payment, as a gross sum subject to income tax or the universal social charge, of the net sum for which it actually provides.