Search Legislation

Scottish National Investment Bank Act 2020

Status:

This is the original version (as it was originally enacted).

10Directors: tenure

This section has no associated Explanatory Notes

(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.

Back to top

Options/Help

Print Options

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Close

See additional information alongside the content

Show Explanatory Notes for Sections: Displays relevant parts of the explanatory notes interweaved within the legislation content.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

Explanatory Notes

Text created by the Scottish Government to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Acts of the Scottish Parliament except those which result from Budget Bills.

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources