Article 66 Companies to which Article 453 appliesI1

For paragraph (1)^f1 of section 453 of the 1986 Order (order on application of the Department) substitute—

“(1)

If it appears to the Department that—

(a)

the affairs of a company to which this paragraph applies are being or have been conducted in a manner which is unfairly prejudicial to the interests of its members generally or of some part of its members, or

(b)

any actual or proposed act or omission of a company to which this paragraph applies, including an act or omission on its behalf, is or would be so prejudicial,

the Department may (in addition to or instead of presenting a petition for the winding up of the company) apply to the court by petition for an order under this Part.

(1A)

Paragraph (1) applies to a company in respect of which—

(a)

the Department has received a report under Article 430;

(b)

the Department has exercised its powers under Article 440 or 441;

(c)

the Secretary of State or the Financial Services Authority has exercised his or its powers under Part 11 of the Financial Services and Markets Act 2000; or

(d)

the Secretary of State has received a report from an investigator appointed by him or by the Financial Services Authority under that Part.”.