Fifth Schedule Supplementary Provisions as to Removal or Suspension by the Bank of Directors and Members of Supervisory Committee
Amendments (requiring commencement) by Sch. 1 Pt 7 to the Central Bank and Financial Services Authority of Ireland Act, 2004 (No. 21), published 5 July 2004.
(1) Any director or member who has been removed may apply to the Court for an order setting aside the removal.
(2) On an application under subparagraph (1), the Court may make -
(a) an order setting aside the removal; or
(b) an order confirming the removal; or
(c) such other order as may appear to the Court to be necessary.
2. The Bank may apply to the Court for, and the Court may grant, an order confirming the removal.
(1) In addition to or in lieu of making an order under paragraph 2, the Court may make such other order in the case as may appear to it to be necessary, including an order removing from office any director or member of the credit union.
(2) The Court shall not make an order under subparagraph (1) without giving the director or member concerned an opportunity to be heard.