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Prohibition of nominated Commissioner holding shares in a Bank.
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21.—(1) A nominated Commissioner shall within three months after his nomination absolutely sell or otherwise dispose of all shares in any Bank which he shall at the time of his nomination own or be interested in for his own benefit.
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(2) If and whenever any shares in a Bank shall come to or vest in a nominated Commissioner by will or succession for his own benefit, he shall within three months after the same shall have so come to or vested in him, absolutely sell and dispose of the same or his interest therein.
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(3) A nominated Commissioner shall not purchase, take, or become interested in for his own benefit any shares in any Bank.
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(4) If a nominated Commissioner shall retain, purchase, take, or become or remain interested in any shares in any Bank in contravention of this section he shall be disqualified from holding the office of nominated Commissioner.
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(5) In this section the word “Bank” means a bank carrying on business in Saorstát Eireann or holding to the knowledge of the nominated Commissioner a controlling interest in a bank carrying on business in Saorstát Eireann, and references to shares in a bank shall be construed as including stock, shares, debentures, debenture stock, bonds, or other securities of such bank.
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