Paragraph 15

United Kingdom

(1)

For the purposes of the provisions F1of the Companies Act 2006 listed in sub-paragraph (2), neither the Secretary of State nor the Treasury shall be regarded as a shadow director of the Corporation or of a company associated with the Corporation at any time while the Crown continues to hold any special share provided for under the Corporation’s articles of association.

F2(2)

The provisions are—

(a)

section 162 (register of directors);

(b)

Chapter 3 of Part 10 (declaration of interest in existing transaction or arrangement);

(c)

sections 190 to 196 (transactions requiring members’ approval: substantial property transactions);

(d)

sections 197 to 214 (transactions requiring members’ approval: loans etc.).

Annotations

Textual amendments

F1: Words in Sch. 2 para. 15(1) inserted (1.10.2009) by The Companies Act 2006 (Consequential Amendments, Transitional Provisions and Savings) Order 2009 (S.I. 2009/1941), art. 1(2), Sch. 1 para. 177(4)(h)(i) (with art. 10)
F2: Sch. 2 para. 15(2) substituted (1.10.2009) by The Companies Act 2006 (Consequential Amendments, Transitional Provisions and Savings) Order 2009 (S.I. 2009/1941), art. 1(2), Sch. 1 para. 177(4)(h)(ii) (with art. 10)