Central Bank and Credit Institutions (Resolution) Act 2011

24.

Directors’ duties where Bank imposes requirements on authorised credit institutions.

24.— (1) In the performance of their functions, the directors of an authorised credit institution, holding company or subsidiary on which the Bank has imposed a requirement under section 22(1) shall have a duty to comply with the requirement and to cause the authorised credit institution, holding company or subsidiary to comply with the requirement.

(2) The duty imposed by subsection (1)

( a) is owed by the directors to the Bank, and

( b) takes priority over any other duty of the directors to the extent of any inconsistency.

(3) The Bank may make and publish guidelines in relation to the duty imposed by subsection (1) . A director may rely on any such guidelines in demonstrating his or her compliance with that duty.