Part 1Special Resolution Regime
Chapter 3 Special resolution action
Transfer of securities
20Directors F1and senior managers
(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.