Clause 2

by inserting, immediately after subsection (3), the following subsections:“(3A) The managing director may, subject to such terms and conditions as the managing director thinks fit, appoint an officer of the Authority who holds the appointment of deputy managing director or its equivalent, to exercise the power and perform the duty of the managing director under subsection (3), and that officer must exercise that power and perform that duty under the direction and control of the managing director.(3B) To avoid doubt, the managing director —

remains responsible for the exercise of the power, and the performance of the duty, by the deputy managing director (or equivalent) delegated under subsection (3A); and

may continue to exercise the power and perform the duty, despite the delegation under subsection (3A).”; and

by inserting, immediately after the word “signing” in subsection (4), the words “by the managing director or officer appointed by the managing director under subsection (3A)”.