S.L. 330.9 Art. 72Exercise of the resolution powers.

(1) In order to take a resolution action, the Resolution

Committee may exercise control over the institution under resolution, so as to:

(a) operate and conduct the activities and services of the institution under resolution with all the powers of its shareholders and board of directors; and

(b) manage and dispose of the assets and property of the institution under resolution: Provided that the control referred to in this sub-regulation may be exercised directly by the Resolution Committee or indirectly by a person or persons appointed by the Resolution Committee. Voting rights conferred by shares or other instruments of ownership of the institution under resolution cannot be exercised during the period of resolution.

(2) Subject to regulation 85(1), the Resolution Committee may take a resolution action through executive order in accordance with national administrative competences and procedures, without exercising control over the institution under resolution.

(3) The Resolution Committee shall decide in each particular case whether it is appropriate to carry out the resolution action through the means specified in sub-regulations (1) or (2), having regard to the resolution objectives and the general principles governing resolution, the specific circumstances of the institution under resolution in question and the need to facilitate the effective resolution of cross-border groups.

(4) The Resolution Committee shall not be deemed to be a shadow director or a de facto director.