Credit Institutions (Stabilisation) Act 2010


Minister’s powers in relation to appointment of directors, etc.

45.— (1) With the consent of the Governor, the Minister may appoint a person as a director of a relevant institution. Where the relevant institution is a credit institution, Part 3 of the Central Bank Reform Act 2010 does not apply in relation to such an appointment.

(2) Subject to subsection (3) , the appointment of a person under this section may be expressed to take effect immediately and, if so expressed, has that effect.

(3) A person appointed under this section holds office for the period, and upon the terms and conditions, that the Minister determines.

(4) An appointment under this section is effective—

( a) even if the person appointed does not hold any share qualification required by the memorandum of association or articles of association of the relevant institution concerned,

( b) whether or not he or she satisfies any other requirement for appointment under that memorandum or those articles, and

( c) even if the appointment causes the number of directors of the relevant institution to exceed the number otherwise authorised.

(5) A person appointed under this section is removable from office only by the Minister.