SCHEDULES

SCHEDULE 2 Modification of Companies Act 1985, &c.

Part II Modifications on and after registration

Shadow directors

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1

For the purposes of the provisions listed in sub-paragraph (2), neither the Secretary of State nor the Treasury shall be regarded as a shadow director of the Corporation or of a company associated with the Corporation at any time while the Crown continues to hold any special share provided for under the Corporation’s articles of association.

2

Those provisions are the following sections of the Companies Act 1985—

a

section 288 (register of directors);

b

section 305 (directors’ names on correspondence, &c.);

c

section 317 (disclosure of interests in contracts);

d

section 320 (transactions involving directors);

e

section 323 (prohibition on dealing in share options);

f

section 324 (disclosure of shareholdings);

g

section 325 (register of directors’ interests);

h

section 330 (restriction on loans).