84Q. Temporary Administrator
(1) The DFSA may appoint a Temporary Administrator to replace the management of an Authorised Firm.
(2) The Temporary Administrator shall have such powers of the shareholders and management of the Authorised Firm, as are specified by the DFSA in the instrument of appointment.
(3) The Temporary Administrator shall have a duty to take all measures necessary to promote the DFSA’s objectives in relation to that Resolution which duty may, where necessary, override any other duty placed upon a director under DIFC Law and the Authorised Firm’s constitutional documents.
(4) The person appointed to be the Temporary Administrator may be an individual (or one or more individuals acting jointly) or a body corporate.
(5) Before appointing a person to be a Temporary Administrator, the DFSA must be satisfied that the person has sufficient qualifications, experience, and the fitness and propriety necessary to carry out the functions of a Temporary Administrator.
(6) A Temporary Administrator shall not be treated as a director (formally or de facto) of the Authorised Firm.
(7) The instrument of appointment shall specify the date on which the appointment takes effect and the period of the appointment, which shall be for an initial period of not more than twelve months and the DFSA may extend that appointment for a further period not exceeding twelve months.
(8) The instrument of appointment may require the Temporary Administrator to report to the DFSA on any matter specified in the instrument and at the time or at intervals specified in the instrument.
(9) The instrument of appointment may provide for the DFSA to pay the remuneration and costs of the Temporary Administrator or for the remuneration and costs of the Temporary Administrator to be paid by the Authorised Firm, its Parent or another entity in its Group.
(10) The DFSA may vary the terms of appointment of a Temporary Administrator.