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“Vacation of office of Director.
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25.—(1) A person ceases to be an official Director if the person ceases to hold the office by virtue of which the person is such a Director.
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(2) A person who is an appointed Director by virtue of being a member of the Regulatory Authority ceases to be an appointed Director if the person—
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(a) dies, or
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(b) completes a term of office and is not re-appointed, or
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(c) resigns by notice in writing given to the Governor, or
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(d) ceases to be a member of that Authority, or
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(e) is removed from office under subsection (4).
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(3) A person who is an appointed Director otherwise than by virtue of being a member of the Regulatory Authority ceases to be an appointed Director if the person—
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(a) dies, or
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(b) completes a term of office and is not re-appointed, or
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(c) resigns the office by notice in writing addressed to the Governor, or
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(d) has, without the permission of the other Directors, been absent from meetings of the Board for a consecutive period of 6 months, or
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(e) is, with the person's consent, nominated as a candidate for election as a member of either House of the Oireachtas or is nominated as a member of Seanad Éireann, or
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(f) is, with the person's consent, nominated as a candidate for election as a member of the European Parliament or to fill a vacancy in the membership of that Parliament, or
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(g) is, with the person's consent, nominated as a candidate for election as a member of a local authority, or
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(h) is adjudged bankrupt (either in the State or elsewhere) or enters into a composition with the person's creditors, or
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(i) becomes physically or mentally incapable of performing the duties of a Director, or
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(j) is convicted of an offence (either in the State or elsewhere) and sentenced to serve a term of imprisonment for the offence, or
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(k) is removed from office under subsection (4).
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(4) The Minister may remove an appointed Director from office—
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(a) for proven misconduct or incompetence, or
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(b) in order to enable the Board to function effectively.”.
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