Anglo Irish Bank Corporation Act 2009

20.

Appointment of directors, etc., of Anglo Irish Bank.

20.— (1) With the consent of the Central Bank, the Minister or the Minister’s nominee may appoint a person as—

( a) a director of Anglo Irish Bank or any of its subsidiaries or subsidiary undertakings,

( b) its chief executive or the chief executive of any of its subsidiaries or subsidiary undertakings,

( c) its secretary or the secretary of any of its subsidiaries or subsidiary undertakings,

( d) its auditor or the auditor of any of its subsidiaries or subsidiary undertakings,

( e) the trustee of a pension fund established or otherwise in existence primarily for the benefit of one or more of, or any classes or classes of, the following:

(i) officers or employees of it or any of its subsidiaries or subsidiary undertakings;

(ii) former officers or employees of it or any of its subsidiaries or subsidiary undertakings;

(iii) spouses and dependants of deceased former officers or employees of it or any of its subsidiaries or subsidiary undertakings,

or

( f) the trustee of an employee share scheme established for the benefit of employees of it or any of its subsidiaries or subsidiary undertakings,

whether any vacancy concerned arises under section 19(1) or otherwise.

(2) Subject to subsection (3), the appointment of a person under this section may be expressed to take effect immediately and, if so expressed, has that effect.

(3) A person appointed under this section holds office for the duration, and upon the terms and conditions, that the Minister or the Minister’s nominee determines.

(4) An appointment under subsection (1) is effective—

( a) even if the person appointed does not hold any share qualification required by the memorandum or articles of Anglo Irish Bank or the subsidiary or subsidiary undertaking (as the case may be) concerned, and

( b) whether or not he or she satisfies any other requirement for appointment under that memorandum or those articles.

(5) S ubsections (1) to (4) are in addition to any power of the Minister or the Minister’s nominee under the memorandum or articles of Anglo Irish Bank to appoint a person to an office or position referred to in subsection (1).

(6) The functions of the Minister or the Minister’s nominee under this section shall be exercised only in the public interest (including the restoration of public confidence in Anglo Irish Bank) and subject to regulatory requirements.