49E. (1) When performing a function under this Part, none of the persons referred to in subsection (2) shall be taken, by reason only of performing that function, to be a shadow director (within the meaning given by section 221 of the Companies Act 2014) nor a de facto director nor a person discharging managerial responsibilities of—

(a) any participating institution,

(b) any person that is a debtor, guarantor or surety in relation to a relevant bank asset, or

(c) a person that is an associated debtor of a debtor referred to in paragraph (b).

(2) For the purposes of subsection (1), the persons concerned are—

(a) the Minister,

(b) a member of the Agency,

(c) the Chief Executive of the Agency,

(d) any member of staff of the Agency,

(e) a subsidiary of the Agency,

(f) a director of a subsidiary of the Agency,

(g) a member of any committee established under section 5A or 5B of the Act of 1990,

(h) a member of any subcommittee established under section 5C of the Act of 1990, and

(i) an officer of, a consultant or adviser to, or a person employed by or under or acting on behalf of, any person or body referred to in paragraphs (a) to (h).

(3) For the purposes of this section, a de facto director is a person who is determined to have been a director of a company although not formally or validly appointed to the position.]