Special administration; joint special manager for group entities

(1) Where the resolution authority has issued a resolution order in respect of an institution, it may replace the management and the supervisory or administrative body of that institution, for a period of up to one year, with a suitable special manager. The period may, exceptionally, be extended to a total of up to two years, where the conditions for appointing a special manager continue to be satisfied. The resolution authority may remove the special manager at any time, without stating reasons.
(2) Where the resolution authority is considering appointing a special manager for a group entity, and a resolution authority in another Member State, or several resolution authorities in other Member States, are, at the same time, considering appointing special managers for other undertakings of the same group, the resolution authority examines, together with the other resolution authorities, the appointment of a joint special manager, in order to find a common solution for restoring the viability of the entities. The resolution authority consents to the appointment of a joint special manager only where this makes it predominantly likely that the viability of all the entities will be restored, and the special manager to be appointed satisfies the requirements of this provision.
(3) The appointment of a special manager under subsection (1) ends any existing appointment of a temporary administrator for that institution under section 38, or of a special representative under section 45c of the Banking Act.