(1) Where the Bank is of the opinion, after the exercise by an authorised officer of any of his or her powers under Part 3 of the Central Bank (Supervision and Enforcement) Act 2013, or after an investigation under section 92, that it is necessary to do so in the interest of the orderly and proper regulation of the business of a credit union, it may appoint a person to be a member of the board of directors of the credit union; but a person so appointed shall not be entitled to vote at any meeting of the board and shall be left out of account for the purposes of any provision of this Act relating to the minimum or maximum number of directors of a credit union.

(2) Without prejudice to the generality of subsection (1), before exercising a power conferred on it by this section, the Bank shall have regard to any financial transactions which have been undertaken, or are in the course of being undertaken, by the credit union and which, in the Bank's opinion, are likely to be prejudicial to the interest of the orderly and proper regulation of the business of the credit union.

(3) A person appointed under this section shall hold office for such period and on such terms as the Bank may specify and, on the expiry of such a period, the Bank may renew the appointment for such period or periods as it may specify.