(1) A person is eligible to be appointed as the Chairperson or Deputy Chairperson only if the person is -
(a) a former judge of the Supreme Court, the Court of Appeal or the High Court, or
(b) a barrister or solicitor of not less than 7 years standing.
(2) A person is eligible to be appointed as a lay member only if the President is satisfied that the person has special knowledge or skill in relation to the provision of financial services.
(3) A person is not eligible for appointment as a member if the person -
(a) is a member of either House of the Oireachtas or is, with the person's consent, nominated as a candidate for election as such a member or is nominated as a member of Seanad Éireann, or
(b) is a member of the European Parliament or is, with the person's consent, nominated as a candidate for election as such a member or to fill a vacancy in the membership of that Parliament, or
(c) is a member of a local authority or is, with the person's consent, nominated as a candi
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