S.L. 330.9 Art. 21Approval of proposed agreement by shareholders.

(1) Any proposed agreement that has been authorised by the Authority and the European resolution authorities concerned shall be submitted for approval to the shareholders of every group entity that proposes to enter into the agreement. In such a case, the agreement shall be valid only in respect of those parties whose shareholders have approved the agreement in accordance with sub-regulation (2).

(2) A group financial support agreement shall be valid in respect of a group entity only if its shareholders have authorised the board of directors of that group entity to make a decision that the group entity shall provide or receive financial support in accordance with the terms of the agreement and in accordance with the conditions laid down in regulations 19 to 26 and that shareholder authorisation has not been revoked.

(3) The board of directors of each entity that is party to an agreement shall report each year to the shareholders on the performance of the agreement, and on the implementation of any decision taken pursuant to the agreement.