Temporary administrator

(1) Where a measure under section 37 would not be sufficient to improve the institution's significantly deteriorated economic situation, the supervisory authority may appoint an administrator for the institution who temporarily either replaces, or works together with, the institution's management body and supervisory or administrative organ (temporary administrator). The temporary administrator must possess the qualifications, abilities and knowledge required for the exercise of his or her functions. There must be no conflicts of interest in the temporary administrator's person. In particular, he or she must be independent of creditors and of the institution. The tasks and powers of the temporary administrator are to be determined by the supervisory authority, whereby the power to convene a meeting of shareholders and to determine the agenda may be exercised only with the prior consent of the supervisory authority. The transfer of the tasks and powers of a manager and of the supervisory or administrative organ to a temporary administrator, and the termination of that transfer, must be entered in the register ex officio.
(2) The supervisory authority may also appoint several temporary administrators under subsection (1) for an institution.
(3) The temporary administrator must report to the supervisory authority on his or her activity at specified intervals.
(4) The temporary administrator is appointed for a period of a maximum of one year. This period may, exceptionally, be extended where the conditions for the appointment of a temporary administrator continue to be satisfied. The supervisory authority may remove the temporary administrator again at any time.
(5) Section 45c of the Banking Act remains unaffected.