[(1) The Secretary of State may make provision by regulations for cases in which a person who is not a natural person may be appointed a director of a company.
(2) The regulations must specify the circumstances in which, and any conditions subject to which, the appointment may be made.
(3) Provision made by virtue of subsection (2) may in particular include provision that an appointment may be made only with the approval of a regulatory body specified in the regulations.
(4) The regulations must include provision that a company must have at least one director who is a natural person
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