Credit Institutions (Stabilisation) Act 2010
General matters in relation to companies, etc.
Minister’s powers in relation to removal of directors, etc.
44.— (1) The Minister may by written notice—
( a) remove a person from a position of director or officer of a relevant institution, or
( b) terminate the employment by a relevant institution of a person.
(2) The removal of a person or termination of a person’s employment 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) Where a notice under subsection (1) is expressed to have immediate effect, no period of notice is necessary to the person concerned.
(4) The removal of a person from a position of director or officer of a relevant institution under this section also terminates any contract of service or contract for services between the person and the relevant institution.
(5) Nothing in this section deprives a person removed or whose employment is terminated of any right to claim compensation or damages from the relevant institution for the loss of his or her office or appointment.
(6) Notwithstanding subsection (5) —
( a) a court, tribunal or rights commissioner may not grant any remedy that would have the effect of preventing or restraining the Minister from exercising his or her functions under subsection (1) , and
( b) a court, tribunal or rights commissioner may not make any order under the Unfair Dismissals Acts 1977 to 2007 for the reinstatement or re-engagement of such a person.