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Changes over time for: Section 118
Timeline of Changes
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Status:
Point in time view as at 09/12/2019.
Changes to legislation:
Financial Services (Banking Reform) Act 2013, Section 118 is up to date with all changes known to be in force on or before 06 November 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
Changes to Legislation
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118FMI administratorsU.K.
This section has no associated Explanatory Notes
(1)The FMI administrator of a company—
(a)is an officer of the court, and
(b)in exercising and performing powers and duties in relation to the company, is the company's agent.
(2)The management by the FMI administrator of a company of any of its affairs, business or property must be carried out for the purpose of achieving the objective of the FMI administration as quickly and efficiently as is reasonably practicable.
(3)The FMI administrator of a company must exercise and perform powers and duties in the way which, so far as it is consistent with the objective of the FMI administration to do so, best protects—
(a)the interests of the company's creditors as a whole, and
(b)subject to those interests, the interests of the company's members as a whole.
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