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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.