PART 17MISCELLANEOUS RULES

SECTION CLEAVE TO ACT AS DIRECTOR, ETC. OF BANK WITH PROHIBITED NAME (ARTICLE 180 OF THE ORDER)

Preliminary181

Apply rule 4.236 of the 1991 Rules.

Application for leave under Article 180(3) before passing of full payment resolution182

Where an application for leave under Article 180(3) is made before a full payment resolution has been passed, it may only be made with the consent of the bank liquidator.

Consideration of application for leave under Article 180(3)183

Apply rule 4.237 of the 1991 Rules.

First excepted case184

1

Apply rule 4.238 of the 1991 Rules.

2

In paragraph (3)(b)(ii) ignore the reference to administrator.

Second excepted case185

1

Apply rule 4.239 of the 1991 Rules.

2

In paragraph (b), the reference to Article 180(3) of the Companies Order should, after that Article is repealed, be to section 451 of the 2006 Act.21.

Third excepted case186

1

Apply rule 4.240 of the 1991 Rules.

2

In paragraph (a), for “liquidating company went into liquidation” substitute “bank went into bank insolvency”.

Further exception187

The court’s leave under Article 180(3) of the Companies Order is not required in respect of anything done by a person in connection with the exercise of a stabilisation power under Part 1 of the 2009 Act.