Banking and Financial Institutions Act 1989 · s 74

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74. (1) A person appointed by the Bank under section 73 (1) (D) (ii), (E), or (2) (a) shall be appointed for such period as may be determined by the Bank, not exceeding, in any case, two years, but may be reappointed for three further consecutive periods not exceeding one year each, and shall, during such period of appointment or reappointment, hold his appointment at the pleasure of the Bank.
(2) The terms and conditions of an appointment referred to in subsection (1) shall, subject to the order under which the appointment is made, and to subsection (1), be determined by the Bank and shall be binding on the licensed institution concerned.
(3) The appointment of a director or directors under section 73 (1) (D) (ii) shall not affect any provision of the constituent documents enabling the licensed institution to have further directors where the maximum number of directors allowed under the constituent documents has not already been reached or exceeded by the appointment or appointments under section 73 (1) (D) (ii).
(4) A person holding any appointment as is referred to in subsection (1) shall not incur any obligation or liability solely by reason of his holding such appointment.
(5) Where a receiver or manager has been appointed in respect of a licensed institution by the High Court under section 73 (2) (b), all proper costs, charges and expenses, including the remuneration, of such receiver or manager shall be payable out of the assets of the licensed institution in priority to all other claims.

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s 74

(1)

A person appointed by the Bank under section 73 (1) (D) (ii), (E), or (2) (a) shall be appointed for such period as may be determined by the Bank, not exceeding, in any case, two years, but may be reappointed for three further consecutive periods not exceeding one year each, and shall, during such period of appointment or reappointment, hold his appointment at the pleasure of the Bank.

(2)

The terms and conditions of an appointment referred to in subsection (1) shall, subject to the order under which the appointment is made, and to subsection (1), be determined by the Bank and shall be binding on the licensed institution concerned.

(3)

The appointment of a director or directors under section 73 (1) (D) (ii) shall not affect any provision of the constituent documents enabling the licensed institution to have further directors where the maximum number of directors allowed under the constituent documents has not already been reached or exceeded by the appointment or appointments under section 73 (1) (D) (ii).

(4)

A person holding any appointment as is referred to in subsection (1) shall not incur any obligation or liability solely by reason of his holding such appointment.

(5)

Where a receiver or manager has been appointed in respect of a licensed institution by the High Court under section 73 (2) (b), all proper costs, charges and expenses, including the remuneration, of such receiver or manager shall be payable out of the assets of the licensed institution in priority to all other claims.