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The NRAM plc (formerly Northern Rock plc) Consequential and Supplementary Provisions Order 2016

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Removal of directors

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4.—(1) While StayCo is wholly owned by the Treasury, the Treasury may in accordance with this article—

(a)remove any person as a director of StayCo or a StayCo group undertaking;

(b)terminate a director’s service contract with StayCo or a StayCo group undertaking.

(2) For the purposes of any contract or arrangement between a person and StayCo or between a person and a StayCo group undertaking, action taken under paragraph (1) shall be treated as having been carried out by StayCo or the StayCo group undertaking (as the case may be) and, in the case of paragraph (1)(a), under and in accordance with its articles of association.

(3) The Treasury may remove a person as a director of StayCo or a StayCo group undertaking and may terminate that person’s service contract by written notice to StayCo or the StayCo group undertaking (as the case may be).

(4) Any notice given in accordance with paragraph (3) shall take effect from the date specified in the notice.

(5) If StayCo or a StayCo group undertaking receives notice under paragraph (3) it shall notify the person to whom the notice relates of that fact as soon as reasonably practicable.

(6) A person—

(a)removed as director of StayCo or a StayCo group undertaking; or

(b)whose service contract with StayCo or a StayCo group undertaking is terminated,

in accordance with this article shall not have any right or claim against the Treasury or any company wholly owned by the Treasury (other than StayCo or a StayCo group undertaking) in consequence of the Treasury’s actions under this article.

(7) This article is not to be taken—

(a)as depriving any person removed under it of compensation or damages payable to that person by StayCo or a StayCo group undertaking in respect of—

(i)the termination of the person’s appointment as director or of any appointment terminating with that as director; or

(ii)the termination of the person’s service contract; or

(b)as derogating from any power to remove a director or to terminate a director’s service contract that may exist apart from this article.

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