The Principal Act is amended by substituting the following section for section 24 (as substituted by section 14 of the Central Bank Act 1989):
"24. Tenure of office of Directors.
(1) A person who is an official Director holds office as such for as long as the person holds the office by virtue of which the person is such a Director.
(2) An appointed Director holds office as such for a period of 5 years unless the Director previously ceases to hold that office as provided by a provision of this Part.
(3) Subsection (2) applies only to a Director whose appointment takes effect on or after the commencement of section 20 of the Central Bank and Financial Services Authority of Ireland Act 2003.".