Article 18 Shadow directorship, &c.

(1)

Paragraphs (2) and (3) apply while BCo is wholly owned by the Treasury.

(2)

A relevant person is not to be treated as—

(a)

a shadow director of BCo or any group undertaking of BCo for the purposes of the provisions listed in Schedule 5;

(b)

a person discharging managerial responsibilities in respect of BCo or any group undertaking of BCo for the purposes of the provisions listed in Schedule 5 (unless that person has been appointed as a director).

(3)

Nor is a relevant person to be treated as a director of BCo or a group undertaking of BCo by virtue of paragraph (b) of the definition of director in section 417(1) of FSMA 2000 (certain persons in accordance with whose directions or instructions the directors of the body corporate are accustomed to act).

(4)

In this article, a “relevant person” is any of—

(a)

a Minister of the Crown;

(b)

the Treasury;

(c)

the Treasury Solicitor;

(d)

the Bank of England;

(e)

UK Financial Investments Limited;

(f)

a person—

(i)

employed by or under, or

(ii)

acting on behalf of,

any of the persons specified in sub-paragraphs (a) to (e).