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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 15 July 2015 - onwards
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69. Effect of appointment of special manager.

(1) While an authorised credit institution, subsidiary or holding company is under special management -

(a) all functions which, but for this paragraph, would be vested in the directors of that credit institution, subsidiary or holding company (whether by virtue of its memorandum of association or articles of association or otherwise) vest in the special manager,

(b) no proceedings for its winding-up shall be commenced without the prior consent in writing of the Bank,

(c) a resolution for its winding-up is of no effect without the prior consent in writing of the Bank,

(d) no petition may be presented for the appointment of an examiner to that credit institution, subsidiary or holding company or to a related company (within the meaning of section 4(5) of the Companies (Amendment) Act 1990) without the prior consent in writing of the Bank,

(e) no inspector may be appointed or an inquiry commenced under the Companies Act 1990 without the prior consent in writing of the Bank,

(f) subject t

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