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2.—(1) In subsection (2) of section 255 of the 1985 Act(1) (special provisions for banking and insurance companies), for the word “may” there shall be substituted the word “shall”.
(2) Subsection (5) of that section shall be omitted.
Section 255 was inserted into the 1985 Act (in place of that inserted by section 18 of the Companies Act 1989) by regulation 3 of the Companies Act 1985 (Bank Accounts) Regulations 1991 (S.I. 1991/2705) (“the Bank Accounts Regulations”).
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