Schedule 10, Part 2, paragraph 7(5)

A majority of the members of the management body of a firm means— where matters are decided at meetings of the management body by the exercise of voting rights, members holding a majority of the rights to vote on all, or substantially all, matters at such meetings; in any other case, members having such rights under the constitution of the firm as enable them to direct its overall policy or alter its constitution.

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