Financial Intermediaries Act 1996

For this Act, director of a society includes a reference to—

a person (however described) occupying or acting in the position of director of the society, and whether or not validly appointed to occupy, or duly authorised to act in, the position; and

a person under whose directions or instructions the society’s directors are accustomed to act.

However, a person is not taken to be a person under whose directions or instructions a society’s directors are accustomed to act merely because the directors act on advice given by the person in the proper performance of the functions attaching to—

the person’s professional capacity; or

the person’s business relationship with the directors or the society.