21. (1) A member of the Board may be paid such remuneration (if any) and allowances for expenses (if any) incurred by him or her as the Minister may determine.

(2) A member of the Board may resign from office by letter sent to the Minister and the resignation shall take effect on the later of—

(a) the date specified in the letter, or

(b) the date of receipt of the letter by the Minister.

(3) A member of the Board holds office as such member until his or her term of office expires, unless he or she sooner dies, resigns, is removed from office or otherwise ceases to be a member.

(4) The Minister may at any time remove a member of the Board from office if—

(a) in the Minister’s opinion—

(i) the member has become incapable through ill-health of performing the functions of the office,

(ii) the member has committed stated misbehaviour, or

(iii) the member’s removal appears to the Minister to be necessary for the effective performance by the Board of its functions,

(b) the member has contravened, or failed to discharge a duty imposed by, a provision of the Ethics in Public Office Act 1995 that by a regulation made under section 3 of that Act applies to that member, or

(c) in performing functions under this Act, the member has not complied with a code of conduct under section 10(3) of the Standards in Public Office Act 2001.

(5) A person shall be disqualified for holding, and shall cease to hold, office as a member of the Board or a committee of the Board appointed under section 26 if he or she—

(a) is adjudicated bankrupt,

(b) makes a composition or arrangement with his or her creditors,

(c) is convicted of an indictable offence,

(d) is sentenced by a court of competent jurisdiction to a term of imprisonment,

(e) is convicted of an offence involving fraud or dishonesty,

(f) has a conflict of interest of such significance that, in the opinion of the Minister, requires that he or she should not hold or should cease to hold such office,

(g) has a declaration under section 819 of the Companies Act 2014 made against him or her or is deemed to be subject to such a declaration by virtue of Chapter 5 of Part 14 of that Act, or

(h) is subject or is deemed to be subject to a disqualification order, within the meaning of Chapter 4 of Part 14 of the Companies Act 2014, whether by virtue of that Chapter or any other provision of that Act.