TITLE IIISTRUCTURE OF the UK Societas

Section 3Rules common to the one-tier and two-tier systems

Article 47

1.

F1A UK Societas's statutes may permit a company or other legal entity to be a member of one of its organs, provided that F2any enactment or rule of law applicable to public limited-liability companies F3... does not provide otherwise.

That company or other legal entity shall designate a natural person to exercise its functions on the organ in question.

2.

No person may be a member of any F4UK Societas organ or a representative of a member within the meaning of paragraph 1 who:

(a)

is disqualified, under F5any enactment or rule of law, from serving on the corresponding organ of a public limited-liability company F6..., or

(b)

is disqualified from serving on the corresponding organ of a public limited-liability company F7... owing to a judicial or administrative decision F8....

3.

F9A UK Societas's statutes may, in accordance with F10any enactment or rule of law applicable to public limited-liability companies F11..., lay down special conditions of eligibility for members representing the shareholders.

4.

This Regulation shall not affect F12any enactment or rule of law permitting a minority of shareholders or other persons or authorities to appoint some of the members of a company organ.