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It seemed strange to me that someone could go straight from being excommunicated to being a bishop,
They won't go "straight from excommunication to being a bishop."
To be and to act as an ordained minister, and act within the office appointed, a clergyman must be in communion with the church.
Can. 149 §1. To be promoted to an ecclesiastical office, a person must be in the communion of the Church as well as suitable, that is, endowed with those qualities which are required for that office by universal or particular law or by the law of the foundation.
When excommunicated, one is outside of the communion of the church.
Can. 316 §1. A person who has publicly rejected the Catholic faith, has defected from ecclesiastical communion, or has been punished by an imposed or declared excommunication cannot be received validly into public associations.
The Catholic church offers a way to return to being in communion with The Church via the sacrament of penance and reconciliation. Once that sacrament is received and communion with the Church is restored, there would be no impediment to receiving an appointment as bishop providing that the Pope is satisfied that the requirements to fulfill that office are met. He has that authority, which is summarized in the Code of Canon law.
Can. 331 The bishop of the Roman Church, in whom continues the office given by the Lord uniquely to Peter, the first of the Apostles, and to be transmitted to his successors, is the head of the college of bishops, the Vicar of Christ, and the pastor of the universal Church on earth. By virtue of his office he possesses supreme, full, immediate, and universal ordinary power in the Church, which he is always able to exercise freely.
While the Pope could waive the below requirements, it would take an extraordinary situation to make such a decision. You already cited Canon 378, but it is worth looking at the next two also.
Can. 379 Unless he is prevented by a legitimate impediment, whoever has been promoted to the episcopacy must receive episcopal consecration within three months from the receipt of the apostolic letter and before he takes possession of his office.
Can. 380 Before he takes canonical possession of his office, the one promoted is to make the profession of faith and take the oath of fidelity to the Apostolic See according to the formula approved by the Apostolic See.
Article 379, when you reach back to Article 149, would support the requirement of having no impediment before proceeding further. Article 380 means that the bishop, to fulfill the office, needs to make the profession of faith and take the oath of fidelity.
So what's an impediment? Beyond need to be in communion, there are a variety of issues that could be impediments. An impeded see is discussed here.
The Pope's authority is well summarized here. (Thanks @KenGraham).
The pope's immediate and ordinary jurisdiction
That the pope's jurisdiction is not thus restricted appears from the analysis already given of Christ's words to St. Peter. It has been shown that He conferred on him a primacy over the Church, which is universal in its scope, extending to all the Church's members, and which needs the support of no other power. A primacy such as this manifestly gives to him and to his successors a direct authority over all the faithful. This is also implied in the words of the pastoral commission, "Feed my sheep". The shepherd exercises immediate authority over all the sheep of his flock. Every member of the Church has been thus committed to Peter and those who follow him.
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Can the Pope waive the requirements of Canon Law in the appointment of bishops?
The short answer is yes.
Canon Law gives the following as requirements for being a bishop:
Can. 378 §1. In regard to the suitability of a candidate for the episcopacy, it is required that he is:
1/ outstanding in solid faith, good morals, piety, zeal for souls, wisdom, prudence, and human virtues, and endowed with other qualities which make him suitable to fulfill the office in question;
2/ of good reputation;
3/ at least thirty-Five years old;
4/ ordained to the presbyterate for at least Five years;
5/ in possession of a doctorate or at least a licentiate in sacred scripture, theology, or canon law from an institute of higher studies approved by the Apostolic See, or at least truly expert in the same disciplines.
§2. The definitive judgment concerning the suitability of the one to be promoted pertains to the Apostolic See.
Can. 379 Unless he is prevented by a legitimate impediment, whoever has been promoted to the episcopacy must receive episcopal consecration within three months from the receipt of the apostolic letter and before he takes possession of his office.
Can. 380 Before he takes canonical possession of his office, the one promoted is to make the profession of faith and take the oath of fidelity to the Apostolic See according to the formula approved by the Apostolic See.
As head of the universal Catholic Church, he may waive such rules as is necessary for the sake of the Church.
The Pope has absolute monarchial powers. No other state that I am aware of does a reigning sovereign have such powers. I had a friend who worked in the Congregation that worked on the nomination of bishops for ten years and I know a story or two.
The Reigning Monarch (Pope) of Vatican City has absolute, unchecked power within the country's borders and his presence makes Vatican City one of only six remaining absolute monarchies in the world, including Brunei, Oman, Qatar, Saudi Arabia, and Swaziland. The King's absolute power is why Vatican City can't join the European Union because only democracies are allowed. Through Vatican City does, strictly speaking, have a legislative branch of government ... ”the King” of Vatican City can overrule their decisions and at any time for any reason. (Source)
Some may say that absolute power over a tiny state such as the Holy See is not the same as absolute power over the church. But this goes for the whole Catholic Church also. "It is to be further observed that the pope's office of chief ruler of the Church carries with it jure divino the right to free intercourse with the pastors and the faithful. The placitum regium, by which this intercourse was limited and impeded, was therefore an infringement of a sacred right, and as such was solemnly condemned by the Vatican Council (Constitution, "Pastor Aeternus", cap. iii). To the pope likewise belongs the supreme administration of the goods of the Church. " (Source)
As a title of example, I would like to touch on point number #3, a candidate named to the dignity of a bishop must be 35 years old. Pope John Paul II thought it fitting to raise the age of episcopal ordination from 30 (1917) to 35 (1983). If the pope can alter Canon Law, he can equally dispense of a requirement also.
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Can. 331 CIC: The bishop of the Roman Church, in whom continues the office given by the Lord uniquely to Peter, the first of the Apostles, and to be transmitted to his successors, is the head of the college of bishops, the Vicar of Christ, and the pastor of the universal Church on earth. By virtue of his office he possesses supreme, full, immediate, and universal ordinary power in the Church, which he is always able to exercise freely.
The Pope has the full power over the Church. He establishes the canon law and can abolish it, in general or for one case. He is only bound to divine law, but that is no problem here.
In context of the appointment of bishops this is clearly stated in the CIC.
Can. 377 §1. The Supreme Pontiff freely appoints bishops or confirms those legitimately elected.
The Pope should follow the requirements stated in can. 378 § 1, but is not required to. Ending a schism seems to me a very good reason for behaving in a unusual way.
By the way: I think a canidate can fulfill the requirements of can. 378 § 1 even if he was excommunicated. When he is appointed he has to be in communion again (see KorvinStarmast's answer).