SCHEDULE 1CONSEQUENTIAL AMENDMENTS
231
1
Section 45 of that Act (appointment of director by Regulator) is amended as follows.
2
In subsection (3)(b) M1, for “memorandum or articles” substitute “
articles
”
.
3
In subsection (8) M2, for “section 288(2) of the 1985 Act or Article 296(2) of the 1986 Order” substitute “
section 167(1)(a) of the Companies Act 2006
”
.
4
In subsection (9) M3, for “section 288(2) or Article 296(2)” substitute “
section 167(1)(a)
”
.
5
For subsections (11) and (12) substitute—
11
If default is made in complying with subsection (10) an offence is committed by—
a
the company, and
b
every officer of the company who is in default.
For this purpose a shadow director is treated as an officer of the company.
12
A person guilty of an offence under subsection (11) is liable on summary conviction to a fine not exceeding level 5 on the standard scale and, for continued contravention, a daily default fine not exceeding one-tenth of level 5 on the standard scale.