SCHEDULES
SCHEDULE 1Transfer orders under section 3
Provisions relating to directors of relevant deposit-taker etc.
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).