# Air Travel Reserve Fund Act 1975 (repealed 8.11.1995), Paragraph 1

Extent: E+W+S+N.I.

(1) Subject to the following provisions of this paragraph, the members of the Agency (including the chairman) shall hold and vacate office in accordance with the terms of their respective appointments.
(2) A person may at any time resign his office as a member or as chairman by giving to the Secretary of State a notice in writing signed by that person and stating that he resigns that office.
(3) If the Secretary of State is satisfied that a member has become bankrupt or made and arrangement with his creditors the Secretary of State may declare his office as a member to be vacant and shall notify the declaration in such manner as the Secretary of State thinks fit; and thereupon the office shall become vacant.
(4) In the application of sub-paragraph (3) above to Scotland, for the words “a member has become bankrupt or made an arrangement with his creditors” there shall be substituted the words “sequestration of a member’s estate has been awarded or that a member has made a trust deed for behoof of his creditors or a compensation contract”.

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Source: https://www.legislation.gov.uk/ukpga/1975/36/schedule/paragraph/1 (the official version)
Page: https://openlegislation.uk/air-travel-reserve-fund-act-1975-repealed-8111995/schedule/paragraph-1
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.