§ 109 — Trustee of resolution fund

109.—(1) The duty of the trustee of a resolution fund is to administer and manage the resolution fund, and in particular —(a)

to make withdrawals from the resolution fund in accordance with sections 110 and 118(1) and to apply the moneys withdrawn for the purposes mentioned in those provisions;

(b)

to collect and recover payments, levies and late payment fees under sections 112, 114, 115 and 116 and pay these into the resolution fund;

(c)

to collect proceeds in relation to the resolution measure and pay these into the resolution fund;

(d)

at the direction of the Minister (being one made on the Authority’s recommendation), to give a guarantee to any person for, or enter into any agreement with any person to share, any liability of the financial institution under resolution, a provisional entity, or a person to whom any asset or business of the financial institution under resolution is transferred;

(e)

to deal with the balance in the resolution fund after the fund is no longer needed for the purposes in section 110(1) or 118(1), in accordance with the regulations made for the purposes of section 118(2); and

(f)

to do any other thing that is incidental or conducive to the discharge of the trustee’s duties under paragraphs (a) to (e).

(2) The trustee of a resolution fund may be paid such fees for carrying out its duties and exercising its powers under this Division as the Minister may determine, and such fees are to be paid out of the fund.

(3) The expenses incurred by the trustee of a resolution fund in carrying out its duties and exercising its powers under this Division are, with the Minister’s approval, to be paid out of the fund.

(4) The trustee of a resolution fund may, with the Minister’s approval and subject to such conditions as the Minister may impose, appoint any person to discharge any part of the trustee’s duties or exercise any part of its powers.

(5) No action, suit or other legal proceedings lie against —(a)

any current or former trustee of a resolution fund;

(b)

any current or former director, officer, employee or agent of the trustee; or

(c)

any person acting under the direction of the trustee,

as a result of anything done (including any statement made) or omitted to be done in good faith in carrying out any of the trustee’s duties or exercising any of the trustee’s powers under this Division.

—(1) The duty of the trustee of a resolution fund is to administer and manage the resolution fund, and in particular —(a)

to make withdrawals from the resolution fund in accordance with sections 110 and 118(1) and to apply the moneys withdrawn for the purposes mentioned in those provisions;

(b)

to collect and recover payments, levies and late payment fees under sections 112, 114, 115 and 116 and pay these into the resolution fund;

(c)

to collect proceeds in relation to the resolution measure and pay these into the resolution fund;

(d)

at the direction of the Minister (being one made on the Authority’s recommendation), to give a guarantee to any person for, or enter into any agreement with any person to share, any liability of the financial institution under resolution, a provisional entity, or a person to whom any asset or business of the financial institution under resolution is transferred;

(e)

to deal with the balance in the resolution fund after the fund is no longer needed for the purposes in section 110(1) or 118(1), in accordance with the regulations made for the purposes of section 118(2); and

(f)

to do any other thing that is incidental or conducive to the discharge of the trustee’s duties under paragraphs (a) to (e).

(2) The trustee of a resolution fund may be paid such fees for carrying out its duties and exercising its powers under this Division as the Minister may determine, and such fees are to be paid out of the fund.

(3) The expenses incurred by the trustee of a resolution fund in carrying out its duties and exercising its powers under this Division are, with the Minister’s approval, to be paid out of the fund.

(4) The trustee of a resolution fund may, with the Minister’s approval and subject to such conditions as the Minister may impose, appoint any person to discharge any part of the trustee’s duties or exercise any part of its powers.

(5) No action, suit or other legal proceedings lie against —(a)

any current or former trustee of a resolution fund;

(b)

any current or former director, officer, employee or agent of the trustee; or

(c)

any person acting under the direction of the trustee,

as a result of anything done (including any statement made) or omitted to be done in good faith in carrying out any of the trustee’s duties or exercising any of the trustee’s powers under this Division.