C1C2Part 1Special Resolution Regime
Pt. 1: power to amend conferred (1.3.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), ss. 17(3)(f), 148(5); S.I. 2014/377, art. 2(1)(b), Sch. Pt. 2
F7Chapter 3 Special resolution action
Pt. 1 Ch. 3 formed from ss. 4-83 (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 7
Transfer of securities
I2I120Directors F6and senior managers
1
A share transfer instrument may enable the Bank of England—
a
to remove a director F3or senior manager of a specified bank;
b
to vary the service contract of a director F3or senior manager of a specified bank;
c
to terminate the service contract of a director F3or senior manager of a specified bank;
d
to appoint a director F3or senior manager of a specified bank.
F11A
Subsection (1) also applies to a director F4or senior manager of any undertaking which is a banking group company in respect of a specified bank.
2
A share transfer order may enable the Treasury—
a
to remove a director F5or senior manager of a specified bank;
b
to vary the service contract of a director F5or senior manager of a specified bank;
c
to terminate the service contract of a director F5or senior manager of a specified bank;
d
to appoint a director F5or senior manager of a specified bank.
3
Appointments under subsection (1)(d) are to be on terms and conditions agreed with the Bank of England.
4
Appointments under subsection (2)(d) are to be on terms and conditions agreed with the Treasury.
F25
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.
Pt. 1 restricted (7.1.2010) by Banking Act 2009 (Exclusion of Insurers) Order 2010 (S.I. 2010/35), arts. 1, 2