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Statutory Rules of Northern Ireland
Credit Unions And Co-operative And Community Benefit Societies
Made
28th September 2020
Coming into operation
1st October 2020
Approved by resolution of the Assembly on
3rd November 2020
Laid before the Assembly on
29th September 2020
1. These Regulations may be cited as the Corporate Insolvency and Governance Act 2020 (Coronavirus) (Amendment of Relevant Period for Meetings of Registered Societies and Credit Unions) Regulations (Northern Ireland) 2020 and come into operation on 1st October 2020.
2.—(1) Schedule 14 to the Corporate Insolvency and Governance Act 2020 (meetings of companies and other bodies) is amended as follows.
(2) In paragraph 2(1)(b), in relation to a registered society within the meaning of the Co-operative and Community Benefit Societies Act (Northern Ireland) 1969(3) and a credit union within the meaning of the Credit Unions (Northern Ireland) Order 1985(4), for ‘‘30 September 2020’’ substitute ‘‘30 December 2020’’.
(This note is not part of the Order)
These Regulations amend the Corporate Insolvency and Governance Act 2020 (“the Act”) to extend the temporary arrangements for holding certain meetings of credit unions, co-operatives and community benefit societies.
The Act contains provisions which make temporary modifications to aspects of corporate insolvency and governance law to mitigate the effects of coronavirus. The Act provides for the relevant period during which the temporary arrangements for holding certain meetings to end on 30 September 2020.
Regulation 2 amends paragraph 2(1)(b) of Schedule 14 to the Act so that the relevant period during which the temporary arrangements for holding certain meetings is extended to end on 30 December 2020.
A full impact assessment has not been produced for this rule as no, or no significant impact upon the private, voluntary or public sector is foreseen. An Explanatory Memorandum has been published alongside this instrument at www.legislation.gov.uk.
The Department for the Economy is the appropriate national authority by virtue of paragraph 2(4)(c) of Schedule 14 to the Corporate Insolvency and Governance Act 2020.
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Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Rule and provides information about its policy objective and policy implications. They aim to make the Statutory Rule accessible to readers who are not legally qualified and accompany any Northern Ireland Statutory Rule or Draft Northern Ireland Statutory Rule laid before the UK Parliament during the suspension of the Northern Ireland Assembly.
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