Central Bank and Credit Institutions (Resolution) Act 2011

62.

Content of special management order.

62.— (1) The Court may, in accordance with this Part, make an order in relation to an authorised credit institution appointing a special manager to—

( a) the authorised credit institution, or

( b) a subsidiary or holding company of that credit institution.

(2) The person named in a special management order as the special manager of an authorised credit institution or a subsidiary or holding company of such a credit institution, shall be a person who has, in the Bank’s opinion, the requisite knowledge, expertise and experience of the financial services sector to be the special manager of that credit institution, subsidiary or holding company.

(3) A special management order shall specify the following:

( a) the name of the special manager,

( b) the name of the authorised credit institution concerned, or, if the special management order appoints a special manager to a subsidiary or holding company of that credit institution, the name of the subsidiary or holding company,

( c) the period not exceeding 6 months during which the authorised credit institution, subsidiary or holding company concerned is to be under special management, and

( d) if the special manager is to take over only part of the business of that credit institution, subsidiary or holding company, a description of that part.

(4) A special management order shall fix the basis of the calculation of the costs, expenses and remuneration payable to the special manager, and may do so in respect of work done before the making of the special management order.

(5) A special management order shall include the terms of appointment of the special manager, and may—

( a) specify particular matters that are to be reserved for decision or approval by the Bank, or

( b) direct the special manager (subject to regulatory requirements) to take particular action or refrain from taking particular action.