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Objects and powers of Company.
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12.—(1) The principal objects of the Company shall be stated in its memorandum of association to be—
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(a) to establish and maintain, having consulted the supervisory authority, arrangements for the making of payments to clients of investment firms in accordance with this Act,
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(b) to maintain a fund or funds out of which payments shall be made in accordance with this Act and, where appropriate, the Investor Compensation Directive, and to meet such other payments or expenses as may be paid out of the fund or funds in accordance with this Act,
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(c) to advise the supervisory authority on matters relating to compensation for clients of investment firms, and
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(d) to process claims for compensation by clients of investment firms as expeditiously as possible and to ensure that compensation is paid without undue delay.
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(2) Nothing in this section shall prevent or restrict the inclusion among the objects of the Company as stated in its memorandum of association of all such objects and powers as are reasonably necessary or proper for or incidental or ancillary to the attainment of the principal objects referred to in subsection (1) and are not inconsistent with this Act or with any conditions or requirements imposed on the Company by the supervisory authority.
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(3) The Company shall have power to do anything which appears to it to be requisite, advantageous or incidental to, or which appears to it to facilitate, either directly or indirectly, the performance by it of its functions as specified in this Act or in its memorandum of association.
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