Schedule 11, Part 5, paragraph 58

A property transfer instrument may enable the Bank— to remove a director or senior manager of a specified CCP; to vary the service contract of a director or senior manager of a specified CCP; to terminate the service contract of a director or senior manager of a specified CCP; to appoint a director or senior manager of a specified CCP. Sub-paragraph (1) also applies to a director or senior manager of a relevant CCP group company of the specified CCP. A “relevant CCP group company” means a CCP group company incorporated in, or formed under the law of any part of, the United Kingdom. Appointments under sub-paragraph (1)(d) are to be on terms and conditions agreed with the Bank.

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Source: legislation.gov.uk · retrieved 2026-09-04