Paragraph 58 Directors and senior managersI1 I2

United Kingdom

(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.

Annotations