The Bank Recovery and Resolution (No. 2) Order 2014
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Change 1
99 Revocation of authorised agreement
(1) This article applies where a UK group entity has entered into an authorised agreement which has been approved in accordance with article 98. (2) The authorised agreement remains valid in respect of the UK group entity for as long as the members of the entity have not revoked their approval in accordance with this article. (3) Paragraph (4) applies where at least five per cent. of the members of the entity require the directors to— (a) call a general meeting of the entity to determine whether their approval of the authorised agreement should be revoked; or (b) circulate a written resolution proposing that the approval should be revoked. (4) The members' approval of the authorised agreement is revoked if an ordinary resolution revoking it is passed by the members— (a) present and voting either in person or by proxy at a general meeting; or (b) by way of a written resolution proposed by the directors. (5) An ordinary resolution may not be passed unless the directors of the entity make available to its members a memorandum setting out the proposed resolution— (a) in the case of a written resolution, by sending the memorandum to every member at or before the time at which the proposed resolution is submitted to the members; (b) in the case of a resolution at a general meeting, by making the memorandum available for inspection by the members— (i) at the entity's registered office for not less than fifteen days ending with the date of the meeting; and (ii) at the meeting itself.
99 Revocation of authorised agreement
(1) This article applies where a UK group entity has entered into an authorised agreement which has been approved in accordance with article 98. (2) The authorised agreement remains valid in respect of the UK group entity for as long as the members of the entity have not revoked their approval in accordance with this article. (3) Paragraph (4) applies where at least five per cent. of the members of the entity require the directors to— (a) call a general meeting of the entity to determine whether their approval of the authorised agreement should be revoked; or (b) circulate a written resolution proposing that the approval should be revoked. (4) The members' approval of the authorised agreement is revoked if an ordinary resolution revoking it is passed by the members— (a) present and voting either in person or by proxy at a general meeting; or (b) by way of a written resolution proposed by the directors. (5) An ordinary resolution may not be passed unless the directors of the entity make available to its members a memorandum setting out the proposed resolution— (a) in the case of a written resolution, by sending the memorandum to every member at or before the time at which the proposed resolution is submitted to the members; (b) in the case of a resolution at a general meeting, by making the memorandum available for inspection by the members— (i) at the entity's registered office for not less than fifteen days ending with the date of the meeting; and (ii) at the meeting itself.
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