# The Investment Bank Special Administration (England and Wales) Rules 2011, Rule 129: Proxy holder with financial interest

Extent: E+W

(1) A proxy-holder (‘P’) shall not vote in favour of any resolution which would directly or indirectly place P, or any associate of P’s, in a position to receive any remuneration out of the insolvent estate or the client assets, unless the proxy specifically directs P to vote in that way.
(2) Where P has authenticated the proxy as being authorised to do so by P’s principal and the proxy specifically directs P to vote in the way mentioned in paragraph (1), P shall nevertheless not vote in that way unless P produces to the chair of the meeting written authorisation from P’s principal sufficient to show that P was entitled so to authenticate the proxy.
(3) This rule applies also to any person acting as chair of a meeting and using proxies in that capacity under rule 124 and in its application to the chair, P is deemed an associate of that person.

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Source: https://www.legislation.gov.uk/uksi/2011/1301/rule/129 (the official version)
Page: https://openlegislation.uk/investment-bank-special-administration-england-and-wales-rules-2011/rule-129
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.