PART 7Companies: Transparency
Shadow directors
90Shadow directors: definition
1
In section 251 of the Insolvency Act 1986 (expressions used generally), in the definition of “shadow director”, for the words from “(but” to the end substitute
, but so that a person is not deemed a shadow director by reason only that the directors act—
a
on advice given by that person in a professional capacity;
b
in accordance with instructions, a direction, guidance or advice given by that person in the exercise of a function conferred by or under an enactment (within the meaning given by section 1293 of the Companies Act 2006);
c
in accordance with guidance or advice given by that person in that person’s capacity as a Minister of the Crown (within the meaning of the Ministers of the Crown Act 1975)
2
In section 22(5) of the Company Directors Disqualification Act 1986 (definition of “shadow director”) for the words from “(but” to the end substitute “, but so that a person is not deemed a shadow director by reason only that the directors act—
a
on advice given by that person in a professional capacity;
b
in accordance with instructions, a direction, guidance or advice given by that person in the exercise of a function conferred by or under an enactment;
c
in accordance with guidance or advice given by that person in that person’s capacity as a Minister of the Crown (within the meaning of the Ministers of the Crown Act 1975)”.
3
In section 251(2) of the Companies Act 2006 (definition of “shadow director”) for the words “on advice given by him in a professional capacity” substitute
—
a
on advice given by that person in a professional capacity;
b
in accordance with instructions, a direction, guidance or advice given by that person in the exercise of a function conferred by or under an enactment;
c
in accordance with guidance or advice given by that person in that person’s capacity as a Minister of the Crown (within the meaning of the Ministers of the Crown Act 1975)
4
In section 1293 of the Companies Act 2006 (meaning of “enactment”) after paragraph (a) insert—
aa
an enactment contained in, or in an instrument made under, a Measure or Act of the National Assembly for Wales,