The Co-operative and Community Benefit Societies and Credit Unions (Arrangements, Reconstructions and Administration) Order 2014

[F1 Interpretation U.K.

1.— (1) In this Schedule, and in the provisions applied by this Schedule (“the applied provisions”)—

(a) a reference to Part A1 or any provision of Part A1, 4 or 6 of the 1986 Act is a reference to that Part or provision as applied in relation to a relevant CCBS,

(b) an expression defined in the 1986 Act which is not modified by this Schedule, has the meaning given in the 1986 Act,

(c) a reference to an administrative receiver is a reference to an administrative receiver within the meaning given in Part A1 of the 1986 Act in relation to a relevant CCBS whose registered office is in England or Wales,

(d) a reference to the articles of a company is a reference to the rules of a relevant CCBS,

(e) a reference to a class of creditors includes a reference to a single class of members of a relevant CCBS that consists of the member depositors of the CCBS, but only insofar as the member depositors are owed amounts in respect of deposits,

(f) a reference to a company includes a reference to a relevant CCBS,

(g) a reference to a relevant CCBS’s creditors, or to a company’s creditors, other than in reference to a class of creditors, does not include a reference to a member of a relevant CCBS to whom an amount is owed by the CCBS if, but only in so far as, the amount concerned is owed in respect of the member’s shares,

(h) a reference to the directors of a company is a reference to the members of the committee of a relevant CCBS,

(i) a reference to a floating charge is a reference to a floating charge within the meaning given in Part A1 in relation to a relevant CCBS whose registered office is in England or Wales or Scotland,

(j) a reference to a meeting of a relevant CCBS or of a company, or of the members of a relevant CCBS or of a company, is a reference to a general meeting of a relevant CCBS and, in relation to a CCBS whose rules allow the members to appoint delegates for meetings of the CCBS or its members, includes a reference to a general meeting for which delegates have been appointed,

(k) a reference to an officer of a company is a reference to an officer of a relevant CCBS, and

(l) a reference to the registrar of companies is a reference to the FCA.

(2) An expression used in this Schedule, which is not modified by this Schedule, is to be construed as if this Schedule were contained in Part A1 of the 1986 Act.

(3) Section A54(1) of the 1986 Act has effect as if for the definition of “the court” there were substituted—

““the court” in relation to a relevant CCBS, means a court having jurisdiction to wind up the relevant CCBS;”.

(4) The applied provisions have effect as if they provided that a person appointed for the purpose by the FCA is entitled—

(a) to attend any meeting of creditors of a relevant CCBS summoned for the purposes of Part A1 of the 1986 Act, as applied in relation to a relevant CCBS, and

(b) to make representations as to any matter for decision at such a meeting.

(5) The applied provisions have effect with the modifications set out in this Schedule, and any other necessary modification.]

Textual Amendments

F1 Sch. 1A inserted (30.9.2021) by The Co-operative and Community Benefit Societies (Administration) (Amendment) Order 2021 (S.I. 2021/1048), arts. 1(1), 2(4)