(1) A compensation scheme order or bail-in compensation order may provide for the amount of any compensation payable to be determined by a person appointed in accordance with the order (the "independent valuer"); and subsections (2) to (5) apply to an order which includes provision for an independent valuer.
(2) An order must provide for the independent valuer to be appointed by a person appointed by the Treasury ("the appointing person").
(3) An order may either -
(a) require the Treasury to make arrangements to identify a number of possible independent valuers, one of whom is to be selected by the appointing person, or
(b) require the appointing person to make arrangements to select the independent valuer, having regard to any criteria specified in the order.
(4) The independent valuer may be removed only -
(a) on the grounds of incapacity or serious misconduct, and
(b) by a person specified by the Treasury in accordance with the compensation scheme order or bail-in compensation orde
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