(1) Where a director of the company is -
(a) nominated as a member of Seanad Éireann, or
(b) elected as a member of either House of the Oireachtas or to the European Parliament, or
(c) regarded pursuant to section 15 (inserted by the European Assembly Elections Act, 1984) of the European Assembly Elections Act, 1977, as having been elected to such Parliament to fill a vacancy,
he shall thereupon cease to be a director of the company.
(2) Where a person employed by the company is -
(a) nominated as a member of Seanad Éireann, or
(b) elected as a member of either House of the Oireachtas or to the European Parliament, or
(c) regarded pursuant to the said section 15 as having been elected to such Parliament to fill a vacancy,
he shall thereupon stand seconded from employment by the company and shall not be paid by, or be entitled to receive from, the company any remuneration or allowances in respect of the period commencing on such nomination or election, or when he is so regarded as hav
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