Credit Institutions (Stabilisation) Act 2010
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Directors’ duties. |
48.— (1) In the performance of their functions the directors of a relevant institution shall have a duty to have regard to the matters mentioned in section 4 (f). | |
(2) The duty imposed by subsection (1)— | ||
(a) is owed by the directors to the Minister on behalf of the State, and | ||
(b) takes priority over any other duty of the directors to the extent of any inconsistency. | ||
(3) The Minister may make and publish guidelines in relation to the duty imposed by subsection (1). A director may rely on any such guidelines in demonstrating his or her compliance with that duty. | ||
(4) If the Minister is of the opinion that it is no longer necessary for this section to apply in relation to a particular relevant institution, he or she may so order. | ||
(5) The Minister shall lay a copy of an order under subsection (4) before each House of the Oireachtas as soon as may be after the order is made. |