In Schedule 1 to the Company Directors Disqualification Act 198643 (matters for determining unfitness of directors), after paragraph 5 there shall be inserted the following paragraph—

“5A.

In the application of this Part of this Schedule in relation to any person who is a director of an investment company with variable capital, any reference to a provision of the Companies Act shall be taken to be a reference to the corresponding provision of the Open-Ended Investment Companies (Investment Companies with Variable Capital) Regulations 1996 or of any regulations made under regulation 6 of those Regulations (SIB regulations).”.