7.—(1) The Secretary of State shall appoint an officer to be known as “the International Rail Regulator” to perform the functions conferred on him by these Regulations.
(2) The Secretary of State may give general directions indicating considerations to which the International Rail Regulator should have particular regard in cases where his functions are exercisable under these Regulations.
(3) An appointment of a person to hold office as the International Rail Regulator shall be for a term not exceeding five years; but previous appointment to that office shall not affect eligibility for re-appointment.
(4) The Secretary of State may remove any person from office as the International Rail Regulator on the ground of incapacity or misbehaviour.
(5) Subject to paragraphs (3) and (4), a person appointed as the International Rail Regulator shall hold and vacate office as such in accordance with the terms of his appointment.
(6) The provisions of Schedule 2 shall have effect with respect to the International Rail Regulator.
(7) At any time when there is no person holding office as the International Rail Regulator the functions conferred on the holder of that office by these Regulations shall be exercisable by the Secretary of State.