(1) A property transfer instrument may enable the Bank of England -
(a) to remove a director or senior manager of a specified bank;
(b) to vary the service contract of a director or senior manager of a specified bank;
(c) to terminate the service contract of a director or senior manager of a specified bank;
(d) to appoint a director or senior manager of a specified bank.
(2) Subsection (1) also applies to a director or senior manager of any undertaking which is a banking group company in respect of a specified bank.
(3) Appointments under subsection (1)(d) are to be on terms and conditions agreed with the Bank of England.
(4) In this section "senior manager" means a person who -
(a) exercises executive functions within a specified bank or banking group company, and
(b) is responsible, and directly accountable to the directors, for the day to day management of that bank or banking group company.
(5) In this section references to a bank include a resolution company (whether or not it is
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