Credit Institutions (Stabilisation) Act 2010

23.

Powers of special manager to remove officers, employees and others.

23.— (1) The special manager of a relevant institution may, with the consent of the Minister, and shall, if so directed by the Minister, remove any person from—

( a) a position of director, secretary or other officer of the relevant institution or any of its subsidiaries, or

( b) any of the following positions:

(i) a position of employment with the relevant institution or any of its subsidiaries;

(ii) an executive position and any such position held by virtue of being a director or secretary of the relevant institution or any of its subsidiaries;

(iii) a consultancy to the relevant institution or any of its subsidiaries.

(2) The removal of a person by virtue of subsection (1)

( a) has effect without the need for any notice being given, meeting being called, resolution being passed or consent being obtained, and

( b) may be expressed to take effect immediately and, if so expressed, has that effect.

(3) Nothing in subsection (1) or (2) deprives a person of any right to claim compensation or damages from the relevant institution for the loss of his or her office or appointment. However—

( a) a court, tribunal or rights commissioner may not grant any remedy that would have the effect of preventing or restraining the special manager from exercising the special manager’s powers under this section, and

( b) a court, tribunal or rights commissioner may not make an order under the Unfair Dismissals Acts 1977 to 2007 for the reinstatement or re-engagement of such a person.