Paragraph 27

Section 551 (power of directors to allot shares etc: authorisation by company) has effect as if after subsection (9) there were inserted—

“(10)

In relation to a company which is a company under resolution for the purposes of Part 17 of the Bank Recovery and Resolution (No. 2) Order 2014—

(a)

the maximum amount of shares that may be allotted under the authorisation may be exceeded where necessary for the use of resolution tools, powers and mechanisms (within the meaning given in article 216 of that Order) in relation to the company;

(b)

if the maximum amount is exceeded, the statement of that amount made in the authorisation is deemed to have been increased under subsection (4) by the amount of the excess;

(c)

the authorisation does not expire until it is renewed or revoked after the company has ceased to be a company under resolution; and

(d)

the authorisation may not be revoked or varied while the company is a company under resolution.”.