Scottish National Investment Bank Bill 3 Part 1—Establishment of the Bank Chapter 2—The Bank’s articles of association on establishment (3) The articles of association must provide that the chair of the Bank’s board is to be one of the non-executive directors appointed to the office of chair by the Scottish Ministers. 7 Directors: tenure (1) The articles of association must provide that— 5 (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 10 exceeding 10 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, 15 (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, 20 (iv) a voluntary arrangement proposed by the person has been approved, (v...