(1)The Secretary of State may by regulations in a statutory instrument extend the provisions of sections 265 and 266 (with or without modifications) to companies whose principal business consists of investing their funds in securities, land or other assets with the aim of spreading investment risk and giving their members the benefit of the results of the management of the assets.
(2)Regulations under this section—
(a)may make different provision for different classes of companies and may contain such transitional and supplemental provisions as the Secretary of State considers necessary, and
(b)shall not be made unless a draft of the statutory instrument containing them has been laid before Parliament and approved by a resolution of each House.