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47 2001

ASSET COVERED SECURITIES ACT, 2001

SCHEDULE 1

Section 77.

Provisions Applicable to Managers

Managers to whom this Schedule applies.

1. This Schedule applies to a manager appointed under Part 6 or this Schedule.

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 .

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.

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).