111General duty relating to subsidiaries

1. The Bank must ensure, to the extent that it is reasonably able to do so, that each of its subsidiaries—

2. does not do anything that the Bank itself does not have the power to do; and
3. acts consistently with the Bank's objectives and current statement of intent (to the extent they relate to the subsidiary); and
4. exercises its powers only for the purpose of performing, or assisting the Bank to perform, the Bank's functions; and
5. does not contravene this Act to the extent that it relates to a subsidiary; and
6. complies with a direction given to the Bank (to the extent that it relates to the subsidiary); and
7. does not pay directors of the subsidiary any compensation or other payment or benefit, on any basis, for ceasing for any reason to hold office; and
8. has a constitution and that the constitution contains a statement to the effect that the entity is a subsidiary of the Bank; and
9. complies with the statutory requirements as to employees that apply to the Bank; and
10. does not have a member of Parliament as a member.