Article 220(4)

25. In relation to a company under resolution, this Part modifies the application of provisions of the Companies Act 2006 made -

(a) for the co-ordination of safeguards in respect of the formation of public limited liability companies and the maintenance and alteration of their capital; or

(b) for equivalent purposes in relation to companies to which the Safeguards Directive does not apply.

26. Section 550 (power of directors to allot shares etc: private company with only one class of shares) has effect as if -

(a) the existing provision were subsection (1); and

(b) after that provision there were inserted -

"(2) In relation to a company which is a company under resolution for the purposes of Part 17 of the Bank Recovery and Resolution (No. 2) Order 2014, any provision in the company's articles which prohibits the directors from exercising the power referred to in subsection (1) is to be disregarded.".

27. Section 551 (power of directors to allot shares etc: authorisation by company) has effect as if after subsection (9) there were inserted -

"(10) In relation to a company which is a company under resolution for the purposes of Part 17 of the Bank Recovery and Resolution (No. 2) Order 2014 -