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Special powers of Regulator in relation to operator
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39. (1) Following the revocation of a licence, the Regulator may, if he or she thinks fit, appoint a person (“manager”) to take over the management of the operator and to carry on the operator as a going concern.
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(2) A manager shall have in relation to the operator all such powers as may be necessary or expedient for or incidental to his or her functions in relation to the operator, including the sole authority over and direction of all officers and employees of the operator.
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(3) The functions of a manager may be performed by him or her with the assistance of persons appointed or employed by him or her for that purpose.
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(4) All functions which are vested in the directors or in any committee of management of the operator (whether by virtue of the memorandum or articles of association of the operator or by law or otherwise) shall be performable only by the manager and all such powers of the operator as are exercisable by or with the sanction of a general meeting of the members of the operator shall be exercisable only by the manager.
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(5) A manager shall hold office upon such terms and conditions (including terms and conditions relating to remuneration) and for such term as may be determined by the Regulator from time to time and his or her appointment may be terminated by the Regulator in writing at any time.
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(6) A manager shall have all the powers that he or she would have, and there shall apply in relation to him or her all the statutory provisions that would so apply, if he or she were a liquidator appointed by the High Court in respect of the operator and those powers shall be exercisable by him or her without the control or sanction of the High Court specified in the Companies Acts, in relation to such a liquidator.
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(7) The Companies Acts and any instruments made thereunder and, in particular, the provisions of those Acts and instruments relating to the liquidation of companies shall apply and have effect in relation to the powers aforesaid with any modifications specified in an order under subsection (8) and any other necessary modifications.
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(8) Without prejudice to the generality of subsection (7) the Minister may, for the purpose of giving full effect to the application by that subparagraph of the Companies Acts, and any instruments thereunder, on the recommendation of the Regulator by order modify the provisions of those Acts or any instruments made thereunder or any rules of court relating thereto in their application under and for the purposes of this section if he or she considers it necessary or appropriate to do so to facilitate the performance of the functions of a manager.
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