Tenure and removal from office
2(1)Each member of the Regulator—
(a)is to be appointed for such period as is specified in the appointment,
(b)may, by notice to the Scottish Ministers, resign as a member,
(c)in other respects, holds and vacates office on such terms and conditions (including remuneration and allowances) as the Scottish Ministers may determine,
(d)after ceasing to hold office, may be reappointed as a member.
(2)The Scottish Ministers may remove a member from office if satisfied—
(a)that the member’s estate has been sequestrated or the member has been adjudged bankrupt, has made an arrangement with creditors or has granted a trust deed for creditors or a composition contract,
(b)that the member—
(i)has been absent from meetings of the Regulator for a period longer than 6 consecutive months without the permission of the Regulator, or
(ii)is unable to discharge the member’s functions as a member or is unsuitable to continue as a member, or
(c)that it is necessary or expedient to do so in connection with the management of the affairs of the Regulator.