Schedule 4, Part 3, paragraph 26

Section 550 (power of directors to allot shares etc: private company with only one class of shares) has effect as if— the existing provision were subsection (1); and after that provision there were inserted— 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.

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