PART 1Establishment of the Bank
CHAPTER 2The Bank's articles of association on establishment
I110Directors: tenure
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.