# Scottish National Investment Bank Act 2020, Section 10: Directors: tenure


(1) The articles of association must provide that—
(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,
(b) a person may be appointed to the office of non-executive director more than once,
(c) no person may hold the office of non-executive director for a cumulative period exceeding 8 years.
(2) The articles of association must provide that a person ceases to hold the office of director as soon as—
(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,
(b) the person becomes insolvent, meaning—
(i) the person's estate has been sequestrated,
(ii) the person has granted a trust deed for, or entered into a composition contract with, creditors,
(iii) the person has been adjudged bankrupt,
(iv) a voluntary arrangement proposed by the person has been approved,
(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,
(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,
(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,
(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.

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Source: https://www.legislation.gov.uk/asp/2020/3/section/10 (the official version)
Page: https://openlegislation.uk/scottish-national-investment-bank-act-2020/section-10
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.