Credit Institutions (Stabilisation) Act 2010

46.

No resolution required, etc.

46.— (1) No enactment or rule of law, no provision of a relevant institution’s memorandum of association or articles of association, no agreement and no rule or other instrument shall be taken to require the members or directors of a relevant institution to approve by resolution (whether an ordinary, special or other resolution) the taking of any action—

( a) by the relevant institution,

( b) by the directors of the relevant institution, or

( c) where the relevant institution is under special management, by the special manager,

which that institution is directed to take by the Minister under this Act or by order of the Court under this Act or which is required to be taken in order to make effective any order made or direction given by the Minister or the Court under this Act.

(2) Any resolution passed by the members of a relevant institution the effect of which would otherwise be to prevent the taking of any action by—

( a) the relevant institution,

( b) the directors of the relevant institution, or

( c) where the relevant institution is under special management, the special manager,

which that institution is required to take by an order under this Act, or which is necessary to make effective any such order, or any requirement of the Minister under this Act, is of no effect.