Asset Covered Securities Act, 2001
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SCHEDULE 1 | ||
Provisions Applicable to Managers | ||
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Managers to whom this Schedule applies. | ||
1. This Schedule applies to a manager appointed under Part 6 or this Schedule. | ||
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Acting manager. | ||
2. (1) If, because of illness or absence of a manager who is a natural person, the manager is unable to exercise the functions of his or her office, the Authority may, by notice published in Iris Oifigiúil, appoint a person to act in that office during the manager's illness or absence. | ||
(2) The Authority may, at any time, remove from office a person appointed under subparagraph (1). | ||
(3) If a person other than the NTMA is appointed under this paragraph, the person is taken to be a manager appointed under section 72 . | ||
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Vacation of office. | ||
3. (1) The office of manager becomes vacant if the manager (being a natural person)— | ||
(a) dies, | ||
(b) resigns the office by a letter addressed to the Authority, | ||
(c) is removed from office by the Authority under subparagraph (3), | ||
(d) is adjudicated bankrupt or makes a composition with creditors, | ||
(e) is disqualified or restricted from being a director of a company, | ||
(f) is convicted of an offence involving fraud, dishonesty or a breach of trust, or | ||
(g) is convicted in the State of an indictable offence or is convicted elsewhere than in the State of an offence that, if committed in the State, would be such an offence. | ||
(2) The office of manager becomes vacant if the manager (being a body corporate)— | ||
(a) becomes insolvent or potentially insolvent, | ||
(b) resigns the office by a letter addressed to the Authority, | ||
(c) is removed from office by the Authority under subparagraph (3), | ||
(d) is convicted of an offence involving fraud, dishonesty or a breach of trust, or | ||
(e) is convicted in the State of an indictable offence or is convicted elsewhere than in the State of an offence that, if committed in the State, would be such an offence. | ||
(3) The Authority may at any time, by notice published in Iris Oifigiúil, remove a manager from office for proven misconduct. | ||
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Fees and expenses of manager. | ||
4. (1) A designated or formerly designated credit institution in respect of which a manager is appointed is required to pay to the manager— | ||
(a) such remuneration as the Authority determines for performing the manager's responsibilities in relation to managing asset covered business activities on behalf of the institution, and | ||
(b) such expenses as the manager reasonably incurs in carrying out those activities. | ||
(2) The manager may, by proceedings brought in a court of competent jurisdiction, recover as a debt an amount due and payable under subparagraph (1). |