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Banking (Special Provisions) Act 2008

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This is the original version (as it was originally enacted).

Provisions relating to directors of relevant deposit-taker etc.

This section has no associated Explanatory Notes

7(1)An order under section 3 may make provision enabling the Treasury—

(a)to remove or appoint directors of the relevant deposit-taker or any of its group undertakings;

(b)to determine, by agreement with persons so appointed by the Treasury, their remuneration and the other terms and conditions of their service contracts;

(c)to terminate, or vary the terms and conditions of, the service contracts of persons who (however appointed) are directors of the relevant deposit-taker or any of its group undertakings.

(2)An order under section 3 may provide for anything done by the Treasury in accordance with provision made by virtue of sub-paragraph (1) to be treated as done by the relevant deposit-taker.

(3)In this paragraph “service contract” has the meaning given by section 227 of the Companies Act 2006 (c. 46).

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