(1)The articles of association must provide that—
(a)the period of a non-executive director's appointment is to be a period, not exceeding 5 years, specified by the Scottish Ministers when making the appointment,
(b)a person may be appointed to the office of non-executive director more than once,
(c)no person may hold the office of non-executive director for a cumulative period exceeding 8 years.
(2)The articles of association must provide that a person ceases to hold the office of director as soon as—
(a)the person ceases to be a director by virtue of any provision of the Companies Act 2006 or is prohibited from being a director by law,
(b)the person becomes insolvent, meaning—
(i)the person's estate has been sequestrated,
(ii)the person has granted a trust deed for, or entered into a composition contract with, creditors,
(iii)the person has been adjudged bankrupt,
(iv)a voluntary arrangement proposed by the person has been approved,
(v)the person's application for a debt payment programme has been approved under section 2 of the Debt Arrangement and Attachment (Scotland) Act 2002,
(vi)the person has become subject to any order or arrangement analogous to any of those described in sub-paragraphs (i) to (v) anywhere in the world,
(c)a registered medical practitioner who is treating the person gives a written opinion to the Bank stating that the person has become physically or mentally incapable of acting as a director and may remain so for more than 3 months,
(d)notification is received by the Bank from the person that the person is resigning from office, and such resignation has taken effect in accordance with its terms.
Commencement Information
I1S. 10 in force at 16.9.2020 by S.S.I. 2020/272, reg. 2