# The Investment Bank Special Administration (Scotland) Rules 2011, Rule 106: Proxy holder with financial interest


(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, unless the proxy specifically directs P to vote in that way.
(2) Where a P has signed 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 the proxy-holder was entitled so to sign the proxy.
(3) This rule applies also to any person acting as chair of a meeting and using proxies in that capacity in accordance with rule 103(3); and in the application of this rule to any such person, the proxy-holder is deemed an associate of that person.

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Source: https://www.legislation.gov.uk/uksi/2011/2262/rule/106 (the official version)
Page: https://openlegislation.uk/investment-bank-special-administration-scotland-rules-2011/rule-106
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.