# Banking Act 2009, Section 48N: Directors and senior managers

Extent: E+W+S+N.I.

(1) A resolution instrument may enable the Bank of England—
(a) to remove a director or senior manager of a specified bank;
(b) to vary the service contract of a director or senior manager of a specified bank;
(c) to terminate the service contract of a director or senior manager of a specified bank;
(d) to appoint a director or senior manager of a specified bank.
(2) Subsection (1) also applies to a director or 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.
(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.

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Source: https://www.legislation.gov.uk/ukpga/2009/1/section/48N (the official version)
Page: https://openlegislation.uk/banking-act-2009/section-48N
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.