Rule 29 Duties of Objective A committeeI1
England and Wales
This rule applies where a special administration (bank insolvency) order has been made.
As soon as reasonably practicable after the making of a special administration (bank insolvency) order, the Objective A committee shall meet the administrator for the purpose of discussing which of the objectives, or combination of objectives, mentioned in section 102(1) of the 2009 Act (as applied by paragraph 6 of Schedule 1 to the Regulations), the committee should recommend the administrator to pursue.
If the administrator and every individual on the Objective A committee agree, the meeting may be held by audio or video conference.
The Objective A committee shall make its recommendation to the administrator at the meeting.
The Bank of England shall confirm the Objective A committee’s recommendation in writing as soon as practicable after the meeting.
As soon as practicable after the making of a special administration (bank insolvency) order, the Objective A committee shall also pass a resolution as to the terms on which, in accordance with rule 196, the administrator is to be remunerated in respect of—
work done by the administrator in pursuit of Objective A; and
work done by the administrator in pursuit of Objectives 2 and 3 of the special administration objectives.
The Objective A committee—
shall take decisions and pass resolutions by a simple majority; and
for the purpose of taking decisions and passing resolutions, may communicate by any means that its members consider convenient.