20Directors [F1and senior managers] U.K.
(1)A share transfer instrument may enable the Bank of England—
(a)to remove a director [F2or senior manager] of a specified bank;
(b)to vary the service contract of a director [F2or senior manager] of a specified bank;
(c)to terminate the service contract of a director [F2or senior manager] of a specified bank;
(d)to appoint a director [F2or senior manager] of a specified bank.
[F3(1A)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.
[F6(5)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.]
Textual Amendments
F1Words in s. 20 heading inserted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 27(4)
F2Words in s. 20(1) inserted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 27(2)
F3S. 20(1A) inserted (1.8.2014) by Financial Services Act 2012 (c. 21), ss. 100(3), 122(3) (with Sch. 20); S.I. 2014/1847, art. 2
F4Words in s. 20(1A) inserted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 27(2)
F5Words in s. 20(2) inserted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 27(2)
F6S. 20(5) inserted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 27(3)
Commencement Information
I1S. 20 in force at 17.2.2009 for specified purposes by S.I. 2009/296, arts. 2, 3, Sch. para. 1
I2S. 20 in force at 21.2.2009 in so far as not already in force by S.I. 2009/296, arts. 2, 3, Sch. para. 1