Clause 24

by deleting the words “an advance, loan or credit facility or proposed advance, loan or credit facility from” in subsections (1) and (2) and substituting in each case the words “a credit facility from or an exposure of, or a proposed credit facility from or exposure of,”;

by deleting subsection (3) and substituting the following subsection:“(3) For the purposes of subsection (1), a general notice given to the board of directors of a bank by a director to the effect that he is an officer or a member of a specified company, or a partner or manager of a specified firm or specified limited liability partnership, and that he is to be regarded as having an interest in any credit facility or exposure which may, after the date of the notice, be granted to or acquired in respect of that company, firm or limited liability partnership, shall be deemed to be a sufficient declaration of interest in relation to any credit facility so granted or any exposure so acquired if —

it specifies the nature and extent of his interest in that company, firm or limited liability partnership;

his interest is not different in nature from or greater in extent than the nature and extent so specified in the notice at the time any credit facility is granted or any exposure is acquired; and

it is given at a meeting of the board of directors or the director takes reasonable steps to ensure that it is brought up and read at the next meeting of the board of directors after it is given.”; and

by inserting, immediately after subsection (7), the following subsection:“(8) In this section, “exposure” has the meaning given to it in the Fifth Schedule.”.