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PART 17E+W+S+N.I.Modified application of company law to banks etc in resolution

Modified application of the Companies Act 2006 (disapplication of other directives)E+W+S+N.I.

220.—(1) This article applies for the purposes set out in paragraphs (2) and (3).

(2) The first purpose is to ensure that—

(a)the Shareholders' Rights Directive,

(b)the Mergers Directive,

(c)in the Safeguards Directive—

(i)Article 10,

(ii)Article 19.1,

(iii)paragraphs 1 to 3 of Article 29.1,

(iv)the first sub-paragraph of Article 31.2,

(v)Articles 33 to 36, and

(vi)Articles 40 to 42,

do not apply in relation to a company under resolution.

(3) The second purpose is to ensure that provisions in the Companies Act 2006 made—

(a)in relation to companies to which the Safeguards Directive does not apply, and

(b)for purposes equivalent to the purposes of any provision of that directive referred to in paragraph (2)(c),

do not apply in relation to such a company which is a company under resolution.

(4) For the purposes of this article the Companies Act 2006 applies with the modifications set out in Schedule 4 and with any other necessary modification.

(5) For the second purpose the Companies Act 2006 (Commencement No. 8, Transitional Provisions and Savings) Order 2008 F1 applies as if in Schedule 2 (transitional provisions and savings) after paragraph 43 (power of directors to allot shares etc: private company with only one class of shares (s. 550)) there were inserted—

43A.  Paragraph 43 does not apply in relation to an existing company or a transitional company which is a company under resolution for the purposes of Part 17 of the Bank Recovery and Resolution (No. 2) Order 2014..

(6) In this article—

Annotations:

F1S.I. 2008/2860. There are amendments, but none is relevant.

F2OJ No. L 184, 14.7.2007, p. 17-24.

F3OJ No. L 110, 29.4.2011, p. 1-11.

F4OJ No. L 315, 14.11.2012, p. 74-97.