Credit Institutions (Stabilisation) Act 2010
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Minister’s powers in relation to appointment of directors, etc. |
45.— (1) With the consent of the Governor, the Minister may appoint a person as a director of a relevant institution. Where the relevant institution is a credit institution, Part 3 of the Central Bank Reform Act 2010 does not apply in relation to such an appointment. | |
(2) Subject to subsection (3), the appointment of a person under this section may be expressed to take effect immediately and, if so expressed, has that effect. | ||
(3) A person appointed under this section holds office for the period, and upon the terms and conditions, that the Minister determines. | ||
(4) An appointment under this section is effective— | ||
(a) even if the person appointed does not hold any share qualification required by the memorandum of association or articles of association of the relevant institution concerned, | ||
(b) whether or not he or she satisfies any other requirement for appointment under that memorandum or those articles, and | ||
(c) even if the appointment causes the number of directors of the relevant institution to exceed the number otherwise authorised. | ||
(5) A person appointed under this section is removable from office only by the Minister. |