(1) Where an entity authorised in the State proposes to enter a group financial support agreement and that agreement has been authorised in accordance with Regulation 32, the entity shall submit that proposed agreement to its shareholders for approval.
(2) A group financial support agreement shall be valid in respect of a group entity only where its shareholders have authorised the management body of that group entity to make a decision that the group entity may provide or receive financial support in accordance with the terms of the agreement and in accordance with the conditions set out in Articles 19 to 26 of the Bank Recovery and Resolution Directive, and that shareholder authorisation has not been revoked.
(3) The management body of each entity that is party to a group financial support agreement shall report annually to shareholders on the performance of the agreement and on the implementation of any decision taken pursuant to the agreement.