Credit Institutions (Stabilisation) Act 2010

24.

Relationship between special managers and directors.

24.— (1) The special manager appointed to a relevant institution shall—

( a) determine the role (if any) of the directors and officers of the relevant institution and its subsidiaries during the special management, and

( b) determine the remuneration (if any) to be paid to the directors and officers of the relevant institution and its subsidiaries during the special management.

(2) A determination of a special manager under paragraph (a) or (b) of subsection (1) is binding on the relevant institution or its subsidiaries (as the case may be) and the directors of the relevant institution or its subsidiaries.

(3) A director or other officer of a relevant institution or a subsidiary of a relevant institution that is under special management remains bound to discharge his or her duties and obligations under any enactment or rule of law except to any extent that he or she is relieved of that duty or obligation by the special manager or by a provision of this Act.

(4) Nothing in this section or any determination under it has the effect of—

( a) rendering lawful any contravention of any enactment or rule of law that took place before the commencement of a special management or takes place after the end of a special management,

( b) relieving any person from any obligation—

(i) to comply at any time, with any such enactment or rule of law, or

(ii) to fulfil any duty at any time, or

( c) precluding any proceedings brought or to be brought in relation to a contravention, or the breach of an obligation, referred to in paragraph (a) or (b) .

(5) Nothing in this section affects the duty of directors under section 48 or authorises the special manager to do so.