Central Bank and Credit Institutions (Resolution) Act 2011
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Directors’ duties where Bank imposes requirements on authorised credit institutions. |
24.— (1) In the performance of their functions, the directors of an authorised credit institution, holding company or subsidiary on which the Bank has imposed a requirement under section 22 (1) shall have a duty to comply with the requirement and to cause the authorised credit institution, holding company or subsidiary to comply with the requirement. | |
(2) The duty imposed by subsection (1)— | ||
(a) is owed by the directors to the Bank, and | ||
(b) takes priority over any other duty of the directors to the extent of any inconsistency. | ||
(3) The Bank 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. |