SCHEDULES
SCHEDULE 11Central counterparties
PART 5Special resolution action
Directors and senior managers
45
(1)
A share transfer instrument may enable the Bank—
(a)
to remove a director or senior manager of a specified CCP;
(b)
to vary the service contract of a director or senior manager of a specified CCP;
(c)
to terminate the service contract of a director or senior manager of a specified CCP;
(d)
to appoint a director or a senior manager of a specified CCP.
(2)
Sub-paragraph (1) also applies to a director or senior manager of a relevant CCP group company of the specified CCP.
(3)
A “relevant CCP group company” means a CCP group company that is incorporated in, or formed under the law of any part of, the United Kingdom.
(4)
Appointments under sub-paragraph (1)(d) are to be on terms and conditions agreed with the Bank.