Credit Institutions (Stabilisation) Act 2010

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.