Page:Electricity Act 2001.pdf/51

52 :(c) the addition, deletion or alteration of any provision of the constituent documents.

(2) The requirement under subsection (1) shall be in addition to the requirements prescribed by the Companies Act (Cap. 50) in respect of the matters referred to in that subsection.

(3) Any act done or agreement made in contravention of subsection (1) shall have no effect and be unenforceable at law.

Liability of Market Company

45.—(1) No suit or other legal proceedings shall lie against any director, officer, employee or agent of the Market Company or any person acting under the direction of the Market Company for anything which is in good faith done or not done, in the execution or purported execution of the functions of the Market Company.

(2) Subsection (1) does not relieve the Market Company of any liability to which it would otherwise be subject in respect of a cause of action arising from any act or omission referred to in that subsection.

Market rules

46.—(1) The Authority shall make initial market rules—
 * (a) establishing and governing, amongst other things—
 * (i) any wholesale electricity market; and
 * (ii) agreements and arrangements in connection with trading;
 * (b) governing the activities of the Market Company and market participants in and in relation to any wholesale electricity market; and
 * (c) governing the operation of the electricity system.

(2) Any subsequent modification to the initial market rules shall be made in accordance with subsection (3).

(3) The market rules made under this section, including rules modified in accordance with this subsection, may be modified by the Market Company in accordance with the market rules, by notice published in such manner as will secure adequate publicity.

(4) A modification to the market rules made by the Market Company under subsection (3) is subject to approval by the