4(1)The Scottish Ministers may, by written notice, revoke the appointment of a member if—S
(a)the member becomes insolvent,
(b)the member has been absent from 3 consecutive meetings without the permission of NLS,
(c)the member is otherwise unfit to be a member or unable for any reason to discharge the functions of a member.
(2)For the purposes of sub-paragraph (1)(a), a member becomes insolvent when—
(a)the member's estate is sequestrated,
(b)the member grants a trust deed for creditors or enters into a composition contract,
(c)a voluntary arrangement proposed by the member is approved, or
(d)the member is adjudged bankrupt.
Commencement Information
I1Sch. 1 para. 4 in force at 1.2.2013 by S.S.I. 2013/1, art. 2