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Banking Act 2009
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Banking Act 2009, Section 36A is up to date with all changes known to be in force on or before 17 November 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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Whole provisions yet to be inserted into this Act (including any effects on those provisions):
- s. 4(8A) (8B) inserted by 2012 c. 21 s. 96(3)
- s. 8(2)(d) and word inserted by 2012 c. 21 s. 96(4)(b)
[F136ADirectors [F2and senior managers] U.K.
This section has no associated Explanatory Notes
(1)A property transfer instrument may enable the Bank of England—
(a)to remove a director [F3or senior manager] of a specified bank;
(b)to vary the service contract of a director [F3or senior manager] of a specified bank;
(c)to terminate the service contract of a director [F3or senior manager] of a specified bank;
(d)to appoint a director [F3or senior manager] of a specified bank.
(2)Subsection (1) also applies to a director [F4or senior manager] of any undertaking which is a banking group company in respect of a specified bank.
(3)Appointments under subsection (1)(d) are to be on terms and conditions agreed with the Bank of England.
[F5(4)In this section “senior manager” means a person who—
(a)exercises executive functions within a specified bank or banking group company, and
(b)is responsible, and directly accountable to the directors, for the day to day management of that bank or banking group company.
(5)In this section references to a bank include a resolution company (whether or not it is a bank).]]
Textual Amendments
F1S. 36A inserted (1.8.2014) by Financial Services Act 2012 (c. 21), ss. 100(4), 122(3) (with Sch. 20); S.I. 2014/1847, art. 2
F2Words in s. 36A heading inserted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 36(4)
F3Words in s. 36A(1) inserted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 36(2)
F4Words in s. 36A(2) inserted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 36(2)
F5S. 36A(4)(5) inserted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 36(3)
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