1. The Authority may appoint a Temporary Director to the Licensed Person to manage its daily operations in the event of the Licensed Person’s breach of financial solvency conditions, non-compliance with prudential requirements, or commission of grave violations pursuant to this Decree by Law or any Relevant Legislation. 2. The Temporary Director, whether a natural or legal Person or a committee, shall be appointed pursuant to the tasks, conditions, and fees specified by the Authority for a period of three (3) months, renewable for additional periods; the Licensed Person shall bear the fees of the Temporary Director as determined by the Authority for the performance of such duties. 3. In order to enable the Temporary Director to perform their duties, the Authority may undertake any of the following measures: a. Dismissal of members of the Board of Directors, or any thereof; b. Restriction of the Board of Directors from exercising certain or all of its functions; c. Requirement to obtain the Temporary Director’s approval prior to any decision. 4. The Authority may amend the tasks, conditions, or fees of the Temporary Director. 5. The Temporary Director shall exercise their duties within the scope of the assigned tasks, and the Licensed Person shall be bound by their decisions; the Temporary Director shall not be addressed with the responsibilities or obligations imposed by applicable legislation in the State. 6. The Temporary Director shall not be liable for any damages resulting from acts or omissions, except in cases of bad faith, fraud, gross negligence, or gross fault. 7. Notwithstanding the foregoing, the Authority may issue any decisions deemed appropriate pursuant to its powers under this Decree by Law and the Relevant Legislation concerning the Licensed Person.
Interpretation and application must be checked against the official text and current version.