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Amendment of section 19 of the Principal Act (appointment, tenure of office, etc., of the Governor).
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14.—Section 19 of the Principal Act is amended by substituting the following subsections for subsections (2) to (5):
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“(2) A person is not eligible for appointment as Governor if the person—
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(a) is a member of either House of the Oireachtas or is, with the person's consent, nominated as a candidate for election as such a member or is nominated as a member of Seanad Éireann, or
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(b) is a member of the European Parliament or is, with the person's consent, nominated as a candidate for election as such a member or to fill a vacancy in the membership of that Parliament, or
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(c) is a member of a local authority or is, with the person's consent, nominated as a candidate for election as such a member.
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(3) A person appointed as Governor holds office for 7 years from the date of the person's appointment, unless the person previously ceases to hold that office as provided by this Part.
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(4) The President, on the advice of the Government, may appoint a person holding office as Governor for a further period of 7 years to take effect at the end of the person's current period of appointment. This subsection applies whether the person was appointed under subsection (1) or this subsection.
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(5) A person holding office as Governor is disqualified from being a director of a credit institution, financial institution or insurance undertaking.
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(6) If a person who is appointed to the office of Governor is a director of a credit institution, financial institution or insurance undertaking, the person ceases to hold that office at the end of 10 days after the date of the appointment unless, within that period, the person ceases to be such a director.
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(7) A person ceases to hold office as Governor 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 President, or
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(d) 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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(e) 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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(f) is, with the person's consent, nominated as a candidate for election as a member of a local authority, or
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(g) is adjudged bankrupt (either in the State or elsewhere) or enters into a composition with the person's creditors, or
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(h) becomes physically or mentally incapable of performing the duties of Governor, or
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(i) 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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(j) ceases to hold the office because of subsection (6), or
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(k) becomes disqualified from holding the office under section 20, or
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(l) is removed from the office under section 21.”.
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