Central Bank and Credit Institutions (Resolution) Act 2011

71.

Relationship between special manager and directors.

71.— (1) The special manager appointed to an authorised credit institution shall—

( a) determine the role (if any) of the directors and officers of that credit institution, subsidiary or holding company and any subsidiary of that credit institution, subsidiary or holding company during the special management, and

( b) determine the remuneration (if any) to be paid to the directors and officers of that credit institution, subsidiary or holding company and any subsidiary of that credit institution, subsidiary or holding company during the special management.

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

(3) A director or other officer of an authorised credit institution, subsidiary or holding company or a subsidiary of such a credit institution, subsidiary or holding company 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).