[129A Government and conduct of designated institutions]

[129A  Government and conduct of designated institutions]

[(1)     This section has effect in relation to any designated institution, other than an institution conducted by a company.

(2)     For each such institution there shall be—

(a)     an instrument providing for the constitution of a governing body of the institution (to be known as the instrument of government); and

(b)     an instrument in accordance with which the institution is to be conducted (to be known as the articles of government),

each of which meets the requirements of subsection (3) below.

(3)     Those requirements are that the instrument—

(a)     was in force when the designation took effect; or

(b)     is made in pursuance of a power under a regulatory instrument,

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