Article 27 Share transfer instruments: directors and senior managers

Section 20 (directors)^f1 is amended as follows.

In subsections (1), (1A) and (2), after “a director”, in each place it occurs, insert “or senior manager”.

After subsection (4) insert—

“(5)

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.”.

Accordingly, in the heading, after “Directors” insert “and senior managers”.