Date-stamp loading
Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 28 October 2011 - onwards
  Version 2 of 2    

71. Relationship between special manager and directors.

(1) The special manager appointed to an authorised credit institution shall -

(a) determine the role (if any) of the directors and officers of that credit institution, subsidiary or holding company and any subsidiary of that credit institution, subsidiary or holding company during the special management, and

(b) determine the remuneration (if any) to be paid to the directors and officers of that credit institution, subsidiary or holding company and any subsidiary of that credit institution, subsidiary or holding company during the special management.

(2) A determination of a special manager under paragraph (a) or (b) of subsection (1) is binding on that credit institution, subsidiary or holding company or its subsidiaries (as the case may be) and the directors of that credit institution, subsidiary or holding company or its subsidiaries.

(3) A director or other officer of an authorised credit institution, subsidiary or holding company or a subsidiary of such a credit institution, subsi

Comparing proposed amendment...