(1) In favour of a person dealing in good faith, the following powers, that is to say -
(a) the power of the directors of an open-ended investment company (whether or not acting as a board) to bind the company, or authorise others to do so; and
(b) the power of such a company in general meeting to bind the company, or authorise others to do so;
are deemed to be free of any limitation under the company’s constitution.
(2) For the purposes of this regulation -
(a) a person deals with a company if he is party to any transaction or other act to which the company is a party;
(b) subject to paragraph (4), a person is not to be regarded as acting in bad faith by reason only of his knowing that, under the company’s constitution, an act is beyond any of the powers referred to in paragraph (1)(a) or (b); and
(c) subject to paragraph (4), a person is presumed to have acted in good faith unless the contrary is proved.
(3) The reference in paragraph (1) to any limitation under the company’s c
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