Part 1Special Resolution Regime
Transfer of securities
I2I120Directors
1
A share transfer instrument may enable the Bank of England—
a
to remove a director of a specified bank;
b
to vary the service contract of a director of a specified bank;
c
to terminate the service contract of a director of a specified bank;
d
to appoint a director of a specified bank.
2
A share transfer order may enable the Treasury—
a
to remove a director of a specified bank;
b
to vary the service contract of a director of a specified bank;
c
to terminate the service contract of a director of a specified bank;
d
to appoint a director of a specified bank.
3
Appointments under subsection (1)(d) are to be on terms and conditions agreed with the Bank of England.
4
Appointments under subsection (2)(d) are to be on terms and conditions agreed with the Treasury.