[71H Removal of directors and senior executives and appointment of temporary manager: procedure]
[71H Removal of directors and senior executives and appointment of temporary manager: procedure]

[(1)     A requirement under section 71B or 71C(2) or (8) or the appointment of a temporary manager under section 71C(1) may be expressed to take effect immediately or on a specified date only if the appropriate regulator, having regard to the grounds for imposing the requirement or making the appointment, reasonably considers that it is necessary for the requirement or the appointment to take effect immediately or on that date.

(2)     If either regulator proposes to impose a requirement on a relevant firm under section 71B or a parent undertaking under section 71C(2), or imposes such a requirement with immediate effect, it must give written notice—

(a)     to that firm or parent undertaking, and

(b)     to each of the directors or senior executives to whom the requirement relates (“the interested parties”).

(3)     If either regulator—

(a)     proposes to appoint a person to act as a temporary manager under section 71C or to vary the terms on which such a person is appointed, or

(b)     makes such an appointment or variation with immediate effect,

the regulator must give written notice to the relevant firm or the parent undertaking concerned.

(4)     If either regulator proposes to impose a requirement on the directors under section 71C(8), or imposes such a requirement with immediate effect, the regulator must give written notice to each director.

(5)     A notice given under subsection (2) must—

(a)     give details of the requirement,

(b)     identify each of the directors or senior executives to whom the requirement relates,

(c)     give the regulator's reasons for imposing the requirement—