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Directors of Company.
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18.—(1) The articles of association of the Company shall provide that the appointment of directors shall be subject to this Act.
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(2) The number of directors of the Company, including the chairperson and deputy chairperson, shall be such number as shall be prescribed from time to time by the Minister, with the agreement of the Minister for Enterprise, Trade and Employment.
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(3) The Minister, with the agreement of the Minister for Enterprise, Trade and Employment, may from time to time prescribe bodies which appear to the Minister to represent the financial services industry and each such body may nominate a director to be appointed by the Company.
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(4) The Minister for Enterprise, Trade and Employment, with the agreement of the Minister, may from time to time prescribe bodies or individuals which appear to the Minister for Enterprise, Trade and Employment to represent the interests of the clients of investment firms and,
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(a) in the case of bodies so prescribed, each such body may nominate a director to be appointed by the Company, and
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(b) in the case of individuals so prescribed, the Company shall appoint each such individual to be a director of the Company.
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(5) The Governor of the Bank shall nominate and appoint the chairperson and deputy chairperson of the Board.
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(6) The Minister may, with the agreement of the Minister for Enterprise, Trade and Employment, prescribe that a body (or its successors) prescribed in accordance with subsection (3) or (4) may nominate and appoint more than one director where it appears to the Minister to be in the interests of ensuring the equal representation of the financial services industry and of investors, provided that the number of directors to be nominated by bodies representing the financial services industry shall be equal to the number representing the interests of investors.
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(7) The Governor of the Bank and each body or person referred to in subsection (3) may nominate and appoint one or more persons to be each an alternate director to the director or directors of the Company appointed by him or her.
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(8) The directors of the Company may act notwithstanding one or more vacancies in their number.
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