s 31 Designated institutions conducted by companies.
(1) This section has effect in relation to any designated institution in Wales conducted by a company. (2) The articles of association of the company shall incorporate— (a) provision with respect to the constitution of a governing body of the institution (to be known as the instrument of government of the institution), and (b) provision with respect to the conduct of the institution (to be known as the articles of government of the institution). (2A) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3) The Secretary of State may give to the persons who appear to him to have effective control over the company such directions as he thinks fit for securing that— (a) the articles of association of the company, or (b) any rules or bye-laws made in pursuance of any power conferred by the articles of association of the company, are amended in such manner as he may specify in the direction. (4) No amendment of the articles of association of the company (other than one required under subsection (3)(a) above) shall take effect until it has been submitted to the Secretary of State for his approval and he has notified his approval to the company. (5) Before giving any directions under subsection (3) above the Secretary of State shall consult the persons who appear to him to have effective control over the company.