{
  "url": "https://openlegislation.uk/scottish-national-investment-bank-act-2020/section-10",
  "json_url": "https://openlegislation.uk/scottish-national-investment-bank-act-2020/section-10.json",
  "legislation": "asp/2020/3",
  "legislation_title": "Scottish National Investment Bank Act 2020",
  "legislation_url": "https://openlegislation.uk/scottish-national-investment-bank-act-2020",
  "path": "section/10",
  "kind": "section",
  "number": "10",
  "heading": "Directors: tenure",
  "text": "(1) The articles of association must provide that—\n(a) the period of a non-executive director's appointment is to be a period, not exceeding 5 years, specified by the Scottish Ministers when making the appointment,\n(b) a person may be appointed to the office of non-executive director more than once,\n(c) no person may hold the office of non-executive director for a cumulative period exceeding 8 years.\n(2) The articles of association must provide that a person ceases to hold the office of director as soon as—\n(a) the person ceases to be a director by virtue of any provision of the Companies Act 2006 or is prohibited from being a director by law,\n(b) the person becomes insolvent, meaning—\n(i) the person's estate has been sequestrated,\n(ii) the person has granted a trust deed for, or entered into a composition contract with, creditors,\n(iii) the person has been adjudged bankrupt,\n(iv) a voluntary arrangement proposed by the person has been approved,\n(v) the person's application for a debt payment programme has been approved under section 2 of the Debt Arrangement and Attachment (Scotland) Act 2002,\n(vi) the person has become subject to any order or arrangement analogous to any of those described in sub-paragraphs (i) to (v) anywhere in the world,\n(c) a registered medical practitioner who is treating the person gives a written opinion to the Bank stating that the person has become physically or mentally incapable of acting as a director and may remain so for more than 3 months,\n(d) notification is received by the Bank from the person that the person is resigning from office, and such resignation has taken effect in accordance with its terms.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "I",
      "label": "I1",
      "text": "S. 10 in force at 16.9.2020 by S.S.I. 2020/272, reg. 2"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/asp/2020/3/section/10",
    "retrieved_at": "2026-10-29T20:12:53.043028+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}