(1) The special manager of a relevant institution may, with the consent of the Minister, and shall, if so directed by the Minister, remove any person from -
(a) a position of director, secretary or other officer of the relevant institution or any of its subsidiaries, or
(b) any of the following positions:
(i) a position of employment with the relevant institution or any of its subsidiaries;
(ii) an executive position and any such position held by virtue of being a director or secretary of the relevant institution or any of its subsidiaries;
(iii) a consultancy to the relevant institution or any of its subsidiaries.
(2) The removal of a person by virtue of subsection (1) -
(a) has effect without the need for any 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) Nothing in subsection (1) or (2) deprives a person of any right to claim compensation