Rights, functions and powers of the special manager

(1) The resolution authority may transfer to the special manager under section 87 the functions and powers referred to in section 45c(2) of the Banking Act, the rights of the shareholders, and the functions and powers of the administrative and supervisory body of the institution. In carrying out his or her activities, the special manager is in particular empowered, for the purpose of implementing the resolution actions directed by the resolution authority, to carry out capital increases and other measures that change the ownership structure of the institution, and to sell the institution to an organisationally and financially sound third-party institution, having regard to the requirements applicable to such resolution action under sections 107 et seq.
(2) In exercising his or her rights, functions and powers under subsection (1), the special manager is subject to supervision by the resolution authority and must comply with its directions.
(3) In exercising his or her rights, functions and powers under subsection (1), the special manager must at all times pursue the resolution objectives, and, within the scope of his or her powers, implement the resolution actions directed by the resolution authority in respect of the institution. This duty takes precedence over other duties of managers and of the supervisory or administrative body.
(4) The resolution authority may, at any time and without stating reasons, restrict the rights, functions and powers under subsection (1), or direct that the special manager may exercise them only with the resolution authority's prior written consent.
(5) The special manager must report to the resolution authority in detail and in writing, at the beginning and end of his or her activities, and, in the interim, at regular intervals set by the resolution authority, on the economic and financial position of the institution and on the performance of the functions transferred to him or her and the results achieved. In other respects, the provisions on the special representative in section 45c of the Banking Act apply correspondingly.