(1) Where -
(a) there is a significant deterioration in the financial position of an institution,
(b) there are serious infringements by the institution, or its management body, of national law (including under any enactment or rule of law) or of the constitution of the institution, or
(c) there are serious administrative irregularities,
and measures taken in accordance with Regulation 39 would not be sufficient to reverse that deterioration, or remedy those infringements or irregularities, the competent authority may remove some or all of the senior management or management body of the institution concerned.
(2) The removal of a person under paragraph (1) -
(a) has effect without the need for any prior notice being given, meeting being called, resolution being passed or consent being obtained, and
(b) may be expressed to take effect immediately and, if so expressed, has that effect.
(3) Subject to paragraph (4), nothing in paragraph (1) or (2) deprives a person of any right to claim c
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