12. (1) A member of the Board may resign from office by giving notice in writing to the Minister of his or her resignation and the resignation shall take effect on the day on which the Minister receives the notice.

(2) The Minister may, at any time, remove a member of the Board from office if the Minister is satisfied that—

(a) the member has become incapable through ill-health of performing his or her functions,

(b) the member has committed stated misbehaviour, or

(c) the removal of the member appears to the Minister to be necessary for the effective performance by the Board of its functions.

(3) If a member of the Board is removed from office in accordance with subsection (2), the Minister shall provide the member with a statement of reasons for the removal.

(4) A member of the Board shall cease to be qualified for office and shall cease to hold office as such a member if he or she—

(a) is convicted on indictment of an offence,

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

(c) 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

(d) 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.

(5) Where a member of the Board—

(a) ceases to hold the office or position by virtue of which he or she was eligible to become a member of the Board,

(b) is nominated as a member of Seanad Éireann,

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

(d) is regarded pursuant to Part XIII of the Second Schedule to the European Parliament Elections Act 1997 as having been elected to be a member of the European Parliament,

he or she shall thereupon cease to be a member of the Board.

(6) A person who is for the time being—

(a) entitled under the Standing Orders of either House of the Oireachtas to sit therein, or

(b) a member of the European Parliament,

shall, while he or she is so entitled or is such a member, as the case may be, be disqualified for membership of the Board.