National Asset Management Agency Act 2009
|
How ex-officio members cease to be Board members. |
23.— (1) An ex-officio member of the Board ceases to be a member if he or she— | |
(a) ceases to be the Chief Executive Officer of NAMA or the Chief Executive of the NTMA, as the case may be, | ||
(b) is adjudicated bankrupt, | ||
(c) makes a composition or arrangement with creditors, | ||
(d) is convicted of an indictable offence in relation to a company, | ||
(e) is convicted of an offence involving fraud or dishonesty, or | ||
(f) is disqualified or restricted from being a director of a company. | ||
(2) If an ex-officio member of the Board— | ||
(a) is nominated as a member of Seanad Éireann, | ||
(b) is elected as a member of either House of the Oireachtas or as a member of the European Parliament, | ||
(c) is regarded, pursuant to Part XIII of the Second Schedule to the European Parliament Elections Act 1997 , as having been elected to the European Parliament to fill a vacancy, or | ||
(d) becomes a member of a local authority, | ||
he or she thereupon ceases to be an ex-officio member. | ||
(3) An ex-officio member of the Board, upon the expiry or other termination of his or her term of office, shall also be taken to have resigned from any directorship of a NAMA group entity. |