38.—(1) The validity of an act done by an open-ended investment company cannot be called into question on the ground of lack of capacity by reason of anything in these Regulations, [F1FCA rules] or the company’s instrument of incorporation.
(2) Nothing in paragraph (1) affects the duty of the directors to observe any limitation on their powers.
Textual Amendments
F1Words in Regulations substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 41(2)