Section 262(2)

The regulations may, in particular, make provision— for the incorporation and registration in the United Kingdom of bodies corporate; for a body incorporated by virtue of the regulations to take such form as may be determined in accordance with the regulations; as to the purposes for which such a body may exist, the investments which it may issue and otherwise as to its constitution; as to the management and operation of such a body and the management of its property; as to the powers, duties, rights and liabilities of such a body and of other persons, including— the directors or sole director of such a body; its depositary (if any); its shareholders, and persons who hold the beneficial title to shares in it without holding the legal title; its auditor; and any persons who act or purport to act on its behalf; as to the merger of one or more such bodies and the division of such a body; for the appointment and removal of an auditor for such a body; as to the winding up and dissolution of such a body; for such a body, or any director or depositary of such a body, to be required to comply with directions given by the FCA; enabling the FCA to apply to a court for an order removing and replacing any director or depositary of such a body; for the carrying out of investigations by persons appointed by the FCA or the Secretary of State; corresponding to any provision made in relation to unit trust schemes by Chapter III of this Part.

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Source: legislation.gov.uk · retrieved 2026-09-04