(1) The articles of association of the Panel shall provide that -

(a) the number of directors of the Panel (other than the directors referred to in paragraph (d) but including the chairperson and deputy chairperson) shall be 7;

(b) the following bodies (or their successors) shall each nominate and appoint one of the said directors (other than the chairperson and deputy chairperson), namely -

(i) the Consultative Committee of Accountancy Bodies Ireland,

(ii) the Law Society of Ireland,

(iii) the Irish Association of Investment Managers,

(iv) the Irish Bankers Federation,

(v) the Irish Stock Exchange;

(c) the Governor of the Central Bank shall nominate and appoint the chairperson and deputy chairperson;

(d) the directors of the Panel may nominate and appoint 3 persons to be each a director of the Panel;

(e) the Governor of the Central Bank and each body referred to in paragraph (b) may nominate and appoint one or more persons to be each an alternate director to the director or directors of the Panel appointed by him or her or it;