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Managing Director.
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26.—(1) The chief officer of the Company shall be a director and shall be known, and is referred to in this Act, as “the Managing Director”.
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(2) The person who, immediately before the vesting day, is the managing director of the Board shall, on that day, become and be the Managing Director and shall hold office as Managing Director for the remainder of the term for which he or she had been appointed to be the managing director of the Board.
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(3) Subject to subsection (2), the Managing Director shall be appointed and may be removed from office by the directors.
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(4) The principal functions of the Managing Director shall be—
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(a) to carry on, manage and control generally the business of the Company, and
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(b) to advise the directors in relation to the performance of the functions of the Company,
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subject to the lawful directions of the directors.
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(5) The Managing Director shall hold office upon and subject to such terms and conditions (including terms and conditions relating to remuneration and allowances) as may be determined by the directors with the consent of the Minister and the Minister for Finance.
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(6) A person who holds the office of Managing Director shall be eligible for re-appointment to that office.
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(7) Subsections (3) and (4) of section 9 and sections 10 and 15 (3) of the Act of 1946 shall, during the period when the person who holds the office of Managing Director holds it by virtue of subsection (2), apply in relation to that person as if the references to the Board were references to the Company and the references to a member of the Board, members of the Board and officers were references to the Managing Director and with any other necessary adaptations, and subsections (2) and (3) shall have effect accordingly.
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