Rule 281 Second excepted caseI1

Where a person (“P”) to whom section 216 applies as having been a director or shadow director of the investment bank in special administration applies for permission of the court under that section not later than 7 business days from the date on which the investment bank went into special administration, P may, during the period specified in paragraph (2) below, act in any of the ways mentioned in section 216(3), notwithstanding that P has not the permission of the court under that section.

The period referred to in paragraph (1) begins with the day on which the investment bank goes into special administration and ends either on the day falling six weeks after that date or on the day on which the court disposes of the application for permission under section 216, whichever of those days occurs first.