114The Secretary of State, the Franchising Director and the Board not to be regarded as shadow directors of certain railway companies etc
(1)None of the following persons, that is to say—
(a)the Secretary of State,
(b)the Franchising Director,
(c)the Board,
shall be regarded for any purpose of the [1985 c. 6.] Companies Act 1985 or the [S.I. 1986/1032 (N.I. 6).] Companies (Northern Ireland) Order 1986 as a shadow director, within the meaning of that Act or Order, of any body falling within subsection (2) below.
(2)Those bodies are—
(a)any publicly owned railway company;
(b)any company which is wholly owned by the Franchising Director;
(c)any subsidiary of the Board;
(d)any franchise company;
(e)any company concerning which a direction (whether of a general or specific character) has been given under section 90 above to the Board with respect to the exercise by the Board of the rights conferred by their holding of interests in that company.