(1) Unless otherwise appointed as a director, none of the persons to whom this section applies is to be taken to be a shadow director (within the meaning given by section 27(1) of the Companies Act 1990) nor what is known as a de facto director nor as a person discharging managerial responsibilities of -
(a) a company in which the Agency or a Fund investment vehicle has a directed investment, or
(b) any subsidiary or subsidiary undertaking of such a company.
(2) This section applies to the following persons:
(c) a member of the Investment Committee of the Agency;
(d) a member of any committee established under section 5B of the Act of 1990;
(e) any member of the staff of the Agency.
(3) In this section -
"subsidiary", in relation to a company, has the same meaning as in section 155 of the Companies Act 1963;
"subsidiary undertaking", in relation to a company, has the same meaning as in the European Communities (Companies: Group Accounts) Re
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