Directors and senior managers
This section has no associated Explanatory Notes
58(1)A property 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 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 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.