21. Power to appoint

(1) The holder of a qualifying charge in respect of a Company's property may appoint an administrator of the Company.
(2) For the purposes of subsection (1) a charge qualifies if created by an instrument which —
(a) states that this subsection applies to the charge;
(b) purports to empower the holder of the charge to appoint an administrator of the Company; or
(c) purports to empower the holder of the charge to make an appointment which would be the appointment of an administrative receiver within the meaning given by Section 152 (Appointment and powers of receivers and administrative receivers).
(3) For the purposes of subsection (1) a person is the holder of a qualifying charge in respect of a Company's property if he holds one or more debentures of the Company secured —
(a) by a qualifying charge which relates to the whole or substantially the whole of the Company's property; or
(b) by a number of qualifying charges and other forms of security which together relate to the whole or substantially the whole of the Company's property.