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(1)A registered community interest has, subject to subsection (4) below, effect for a period of five years from the date when it was registered.
(2)A community body which has registered a community interest may, at any time within six months before the expiry of that period, apply under section 37 above to re register the interest.
(3)On such an application, Ministers may, subject to section 38 above, direct the Keeper to re-enter the interest in the Register.
(4)An interest so re registered continues to have effect as a registered community interest for a period of five years from the date on which the interest would otherwise have ceased to have effect under this section.
(5)A registered community interest does not cease to have effect on completion of a transfer such as is mentioned in subsection (4) of section 40 above.
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Text created by the Scottish Executive department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Acts of the Scottish Parliament except those which result from Budget Bills
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